Importance of Having a Tax Review
Tax returns provide a tremendous amount of information about your financial situation, giving you the chance to identify future planning opportunities. Often times, we find that most people complete their tax return and simply file it away.
Do you ever wonder if you could be doing something different to legally reduce your tax burden now and in the future? Your tax return is a road map to unleashing these potential money-saving breaks and may even allow you to explore future strategies in your investment or financial plan.
There are many planning opportunities that may come up when properly reviewing your tax return, such as increasing 401(k) contributions, tax-deferral options and charitable strategies. By having a tax review done by your financial advisor, you are able to glean the best possible investment planning advice.
For example, we had a client who came into our office and was paying over $30,000 in taxes each year. After reviewing their tax return and putting strategies in place, this individual was able to reduce their tax liability in half to $15,000. This new strategy not only reduced their current tax liability, but also allowed them to pay less in taxes in the future as well.
Has your advisor looked at your tax return to see what financial strategies you may be able to take advantage of? If not, you are welcome to give our office a call (775) 853-9033 and schedule a complimentary, no obligation Complete Plan Review today. As a reminder for our clients, we encourage you to send in your 2015 Tax Return or bring it in with you to your next review meeting with your advisor. Our goal is to help you have a better result next year.