With the ever-changing landscape of taxes, it is growing increasingly difficult to quantify how governmental laws and regulations affect people’s lives and impact their financial future.
As a CPA and financial advisor, I have many tools and resources at my disposal to meet the unique needs of my clients. One such tool is the 1040 Analyst, a sophisticated software program that automatically analyzes the IRS Form 1040 Individual Income Tax Return.
How do we begin?
Once approval is obtained from a client to proceed, I input data from his/her most recent tax return into this program. The resulting report highlights — in a very personalized way — opportunities for planning and summarizes financial areas in which the client might benefit from further examination.
Every situation is different. To prepare for the client meeting, I thoroughly evaluate the main points of this output in order to supplement it with additional educational articles, which are explained during the review meeting. Clients are given the report to study in advance of the meeting.
During the meeting, I ask the client to consider:
- What topic in the report really “speaks” to you?
- What feels most important to you and why?
- What do you want to address first?
- What “money” task(s) have you been putting off?
The 1040 Analyst provides useful insights into optimal ways that can assist in aligning my clients’ wealth management approach with their future goals. This can be a transformational process in the work of refining financial objectives and choices.
Reviewing the current tax return is a great first step in this process, as there is generally a tax impact involved in every financial decision one makes — for better or worse. And, of course, we all want this to be for the better!
For your complimentary 1040 Analyst assessment, just email Sallie Mullins Thompson at email@example.com.