Visuals are a great tool for improving our client's understanding of complicated topics and elevating levels of trust between CPA and client. Unfortunately, although we know visualization is incredibly helpful, many advisors and tax professionals don’t actually know how to use it in their practice. Today, Ross Riskin, Chief Learning Officer at the Investments & Wealth Institute and Chief Creative Officer at visiWealth, will be joining the show to share his knowledge on this topic, specifically why visuals are so much more impactful than just text alone.
If you think about taxes as a season rather than something that is ongoing in your practice as a financial advisor, then you are doing a disservice to your clients. Taxes impact our lives all year long, and preparation is something that should be included in your clients' financial plans. In this episode, Micah Shilanski, CFP, will join the show to share his advice for ensuring your clients are always prepared for their tax bills, regardless of their business type or income level.
Is it irresponsible as a financial advisor not to be involved in tax planning? Our guest today believes so. David Rae, CFP, DRM Wealth Management, has built a successful career developing comprehensive financial plans to meet life goals, retirement, tax planning, estate issues, and more. He's also the go-to financial guy for both mainstream and LGBT print, broadcast, and online media. In this episode, he joins the show to share his thoughts on incorporating taxes into your financial plans as an advisor, as well as the importance of building a solid relationship between an advisor and a CFP.
When it comes to finances, taxes are just one piece of the puzzle. It is important that as financial advisors, you have a trusted CPA who you are in frequent communication with in regard to your clients’ finances. This is where Retirement Tax Services (RTS) can help. RTS provides advisors with everything they need to deliver massive value to retirement-focused clients. In this episode, Steven will be explaining exactly who Retirement Tax Services is, how it began as a company, and how it continues to bridge the gap between tax professionals, financial advisors, and their mutual clients.
As we approach the final few weeks of 2022, it’s an important time to review our clients' documentation and ensure everything is in place for a smooth tax season ahead. So, how can we help our clients prepare for tax season? And what can we do to ensure we’re adding value to their lives rather than extra work or stress? Johnna Long, CPA, is joining the show to share several things you can do to be prepared for the end of the year and tax filing season, including some missteps to avoid along the way.
Taking complicated tax issues and making them simple for clients is essential if you want them to actually take action. So, how can we break down these complex topics in a way that is digestible? In this episode, Steven is joined by Matthew Jarvis to discuss how to help your clients by using plain language and avoiding technical jargon so that they better understand the information being presented to them.
Everyone is expected to pay taxes, but unfortunately, most people are not taught what that process entails. Most of what people know about taxes is that it is a large sum of money they pay off every paycheck, and they are hopeful of getting some of this money back at the end of the financial year. With the constant updates to the tax laws, it can be hard to know where you should even begin. This is where Steven’s new book, Don’t Get Killed on Taxes, comes into play. In this episode, Steven explains the fundamentals of tax planning that are always important to know, as well as some of the tax myths that may end up costing you money.
Several years after the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 brought the first major changes to the U.S. retirement system in over a decade, more updates have been made. The SECURE Act 2.0. has brought largely good news for many people, giving them a better chance for retirement success and helping both employees and employers. So what does this mean for retirement plans and how will this impact your clients? In this episode, Steven will share several highlights of the new law and explain what this means for you and your clients.
Purchasing insurance was once a rigid and unpleasant experience, usually including meeting with an agent and being sold to for the next hour without a clear understanding of what's really needed. But now, in an effort to better serve informed consumers and differentiate their businesses, insurance brokerages are choosing to shift to a customer-centric model, which is becoming more important in order to keep customers happy. So, in this episode, Broc Buckles and Peter Ciravolo from BC Brokerage will be joining the show to share how the insurance industry is changing, how insurance overlaps with taxes, and why your practice should always have your clients’ interest first.
How do we work with business owners to make sure that we’re doing very effective tax planning? The first step is a professional and collaborative effort between advisors and CPAs. So, in this episode, Jamie Shilanski, CFP, will be sharing her experience working with CPAs and how she has created the ultimate tax planning strategy for her clients. Listen in as Jamie describes what the dishwasher rule is and how to ensure you’re providing the most value for your clients every quarter. You will learn the importance of helping your clients draw up a business plan, understanding the different types of businesses that are available (and how they run), and standing up for your client when required.
As a business owner, being proactive with your tax planning can help to maximize returns and minimize liabilities. Unfortunately, many business owners don’t take this into consideration when building and growing their companies. So, in this episode, Jamie Shilanski, CFP, will be joining the show to share what you need to be aware of in regards to taxes as a business owner because a one-size-fits-all approach never works when it comes to tax planning.
Communicating with the Internal Revenue Service (IRS) is not something your clients should ever feel they need to do. IRS agents are prepared to perform their job duties and ask questions that, if answered flippantly by your clients, could lead to incriminating evidence. Because of this, it is essential that tax planners and financial advisors are involved in every conversation with the IRS to avoid any mistakes being made. In this episode, Micah Shilanski, CFP, will be joining the show to discuss this topic in-depth, specifically explaining what to do if your client receives a letter from the IRS.
Sean Mullaney is a financial planner and the President of Mullaney Financial & Tax, where he offers fiduciary, fee-only, and advice-only financial planning. Sean established Mullaney Financial & Tax after a lengthy career in public accounting, and as a CPA himself, he understands the need for tax planning when preparing financial plans for clients. In this episode, Sean explains the importance of education and communication with your clients to ensure they never miss out on tax planning opportunities.
With personal experience on how to build out sustainable lifestyles that offer long-term security, Jacob Turner, founding partner at JL Strategic Wealth, uses the insights he has gained as a former Major League Baseball player to better counsel his clients on their individual life cycles. Today he joins the show to share the importance of communicating to your clients in a way that they understand and why it is essential to coordinate with the other people involved in your client's team, whether that be the CPA or the advisor.
Tax laws are changing frequently, which means a client's financial plan is going to need the ability to pivot throughout their working years and their retirement. This is why comprehensive financial planning should always include a tax planning professional. In fact, to give financial advice without looking at your client's tax returns can be incredibly irresponsible, and even lead to miscalculations or increased uncertainty. Dean Barber, CEO of Barber Financial Group, joins the show to share his experience with including tax planning in his firm and why he believes it is essential for every advisor to consider doing the same.
Financial advisors are generally not qualified to give tax or legal advice when helping out clients. However, these are both important steps in the financial planning process. So, what advice can advisors give without crossing any lines—while still providing the most value to their clients? Micah Shilanski, CFP, and attorney Leila Shaver join us on this episode to discuss what is okay (and what is not okay) to talk about with your clients as an advisor.
For over four decades, Bob Veres has been at the forefront of journalism in the wealth management industry, having written for some of the top financial planning websites and magazines. Now, Bob’s industry-changing newsletter, Inside Information, serves as the go-to for advisors looking to learn, network, and discuss the industry's hottest topics. In this episode, Bob joins Steven to share his thoughts on where the industry is now headed, why things are starting to change, and where taxes fit into the mix.
Despite what many financial advisors and tax planners are made to believe, it is completely possible to live a balanced life, work fewer hours, and still take home the same amount of pay. So, how can you do this? Our guest today, Libby Greiwe, has created this lifestyle for herself and has built a business helping other advisors do the same. In this episode, she shares key insight on what it takes to create this life for yourself.
For many taxpayers, there is no reason to actively think about how their taxes get paid. They get paid a certain amount per week or month, their taxes are taken off of their paychecks, and then they file their tax returns at the end of the year. However, when you transition into retirement and are no longer in your W2 job, it can be quite an adjustment for tax payments. So, in this episode, I will be sharing what you need to understand about paying your taxes in retirement and mistakes to avoid along the way.
State income taxes receive little attention from the general public when compared with federal income taxes but they can make a big difference in how much you do or do not pay. How much you pay depends on where you live, work, own a home, and how much you earn per year. So, in this episode, I will be sharing some real-life issues and situations that my clients have faced when it comes to state income taxes and what mistakes to avoid in the future.