by 卡塔尔世界杯常规比赛时间 research
high-income clients have special needs. they want strategic guidance beyond basic compliance and tax preparation.
more listicles here
exclusively for pro members. log in here or 2022世界杯足球排名 today.
for obvious reasons, they deserve the best of care and the utmost attention from their accounting firm. and it’s important to maintain continual contact with these clients. here are 10 things their accountant/tax pro should be discussing with them.
- leverage tax-advantaged retirement accounts. maximize contributions to retirement accounts like 401(k)s, iras or sep iras, taking full advantage of tax deductions. they probably know this, but are they doing it to the max?
- consider roth conversions. wealthy clients often plan their finances for higher income in later years. for future tax-free growth, discuss converting traditional retirement accounts into roth iras, especially in lower-income years.
- optimize charitable giving. use donor-advised funds, appreciated securities donations or qualified charitable distributions (qcds) to reduce taxable income while supporting causes. again, high-income clients know this, but are they using it to maximum potential?
- explore real estate investment opportunities. real estate investments offer tax advantages and potential passive income. investment property owners need to review their portfolios regularly to identify new opportunities as the market changes. review strategies like 1031 tax-deferred real estate exchanges to hold off capital gains.
- utilize health savings accounts (hsas). hsas provide triple tax benefits – tax-free contributions, growth and withdrawals for qualified medical expenses, making them a valuable wealth-building tool. review hsas if a client’s income has shifted significantly.
- evaluate trust and estate planning. implement trusts and other estate planning tools to manage estate taxes and protect assets for future generations. this isn’t done just once. it needs to be reviewed as situations change.
- implement gifting strategies. remind clients of the annual gift tax exclusion to transfer wealth tax-free to heirs or beneficiaries, reducing the taxable estate.
- plan for capital gains. coordinate capital gains with tax-loss harvesting and other timing strategies to minimize tax impact on investments. this needs periodic review. poll clients to learn how their situations have changed or will change.
- consider an executive compensation strategy. for clients with stock options, deferred compensation or restricted stock units (rsus), develop a tax-efficient approach to optimize cash flow. these can be complicated and ever-changing portfolios, so meet with clients for periodic reviews.
- review state residency tax implications. for clients who split time across states, monitor primary residence to reduce state tax liability, especially in high-tax states.
high-income clients tend to experience constant changes in their many sources of income and the condition of their tax shelters, and they are often too busy to keep track of their situations. they expect their accountant to watch out for their interests and to keep them informed.