ENG2523. Reviewing 1040s for Financial Planning Opportunities (PFP, PRA)

Filing the tax return should not be the end of tax season! The return represents a unique and powerful engagement opportunity between financial advisors and their clients. And unlike other planning conversations (e.g. estate planning), with tax we get a brand new document to review every year. This session will cover key conversation opportunities arising out of 1040 reviews. Advisors can use time to demystify taxes for clients, review tax planning strategies enacted in the previous year, and set up strategies to be employed in the current year. The session will also cover best practices for creating the processes and templates around building a formal and repeatable tax return review process.

Learning Objectives:

• Identify opportunities and techniques to demystify taxes for financial advisory clients.
• Build a checklist of financial planning opportunities that can be identified directly from Form 1040.
• Explore best practices for building a tax return review process for financial planning purposes.