The Importance of Reviewing Your Tax Return
Cullen Martin explains why reviewing a client's tax return each year is a core part of ongoing financial planning rather than a once-a-year filing exercise. He shares examples of opportunities such a review has uncovered, including a missed donor-advised fund contribution, additional room for a Roth conversion, and a chance to reduce concentrated employer stock while managing capital gains.
Cullen Martin explains why reviewing a client's tax return each year is a core part of ongoing financial planning rather than a once-a-year filing exercise. He shares examples of opportunities such a review has uncovered, including a missed donor-advised fund contribution, additional room for a Roth conversion, and a chance to reduce concentrated employer stock while managing capital gains.
Key takeaways
- An annual tax return review can surface planning opportunities that are easy to miss during filing season alone.
- Examples cited include correcting a missing donor-advised fund contribution and identifying room for additional Roth conversions.
- Reviewing a return can also reveal opportunities to move out of concentrated employer stock while managing capital gains.
- Presilium requests client tax returns each year as part of proactive, ongoing financial planning.
Hello everyone, and thank you for joining me. We want to review your tax return. For many wealthy individuals and families, taxes are one of the biggest expenses, and too often the planning for them is overlooked. That is why we feel it is crucial to review your return each year as part of your ongoing financial planning process.
During this review, our goal is to help you get a better understanding of your tax picture and the planning opportunities that may be available to you now and in the future. For example, in these reviews, we've helped a family avoid a massive and incorrect tax bill by uncovering a missing $600,000 donor-advised fund contribution, assisted a couple with converting an additional $35,000 to a Roth IRA by shifting around cash flow and charitable donations with no impact to Medicare premiums, and guided a family with moving out of $60,000 of employer stock at zero federal capital gains by harvesting unused losses and unused brackets.
In the coming weeks, we'll be reaching out to you for your tax return so that we can do the same for you and your family. Proactively plan. We look forward to having this important conversation with you soon. Thank you.
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