Certified Tax Specialist®

Call one of your clients' CPAs and introduce yourself. Ask: "What do you wish financial advisors understood better about taxes?" The answer will shape how you approach this entire program, and strengthen a professional relationship.

Calculate a client's effective tax rate (total tax divided by taxable income) and compare it to their marginal bracket. Most clients do not know their effective rate; showing them builds credibility and opens planning conversations.

Review a client's 1099 forms from last year. Identify which income was ordinary, which was qualified dividends, and which was capital gains. Understanding the character mix reveals optimization opportunities.

Check whether your high-income clients in high-tax states are using the Pass-through Entity Tax (PTET) workaround if available. Many are not, and they may be paying unnecessary federal tax as a result.

For clients with children under 17, verify they are receiving the full Child Tax Credit. Income phase-outs begin at $200,000 (single) and $400,000 (married filing jointly), but some high-earners still qualify.

Review a client's taxable account for wash sale risk. If they sold a position at a loss and the portfolio rebalanced within 30 days, they may have inadvertently triggered the rule.

For clients approaching age 59-1/2, discuss the penalty-free withdrawal age. For those who need access earlier, review the substantially equal periodic payment (72(t)) option.

For business-owner clients, calculate their QBI deduction eligibility. Many do not realize they qualify, or do not realize they are limited due to Specified Service Trades or Businesses (SSTB) rules or income phase-outs.

Check if any clients have estates approaching the state threshold in your state (if applicable). Many advisors focus only on the federal exemption and miss state exposure.

For clients with existing irrevocable trusts, ask whether the trust is a grantor or non-grantor trust for tax purposes. Many clients (and some advisors) do not know, and the distinction drives entirely different tax outcomes.

Audit where your clients hold bonds. If they are holding bonds in taxable accounts while stocks sit in IRAs, they may have it backwards. Present the math; the difference over 20 years can be substantial.

Identify clients with unrealized losses in taxable accounts. If they are not harvesting systematically, propose a year-end review to capture losses before they disappear.

Identify clients in their 60s who have not started Required Minimum Distributions (RMDs) yet. This is the Roth conversion window: potentially five or more years of lower-income time to convert strategically.

For a client approaching Social Security claiming age, calculate their provisional income at three or four different claiming scenarios. Show them how the tax impact changes at each threshold, and use the comparison to inform the claiming decision alongside longevity and cash flow projections.

For clients age 73+, verify they have taken their Required Minimum Distribution (RMD). The penalty for missing it is severe. For clients approaching 73, discuss the first-year election (April 1 deadline creates potential double RMD).

Ask a business-owner client: "Is your company a C corporation or S corporation?" Many do not know, and if it is an S corp, they may be missing Qualified Small Business Stock (QSBS) benefits that require C corp status. The conversation could change their exit planning entirely.

For a client age 70-1/2 or older who gives to charity regularly, calculate the Qualified Charitable Distribution (QCD) benefit versus taking the Required Minimum Distribution (RMD) and deducting the gift separately. For most clients the QCD wins, especially for non-itemizers who receive no deduction at all.

For a client considering retirement relocation, model the state tax difference between their current state and two target states. A move from a high-tax state to a no-income-tax state can save hundreds of thousands of dollars over a 20-year retirement; show them the projection.

For a client approaching Medicare enrollment age, calculate the IRMAA impact of any planned Roth conversions or large capital gains over the next two years. Show them the premium surcharge at each IRMAA bracket so they can decide whether to accelerate or delay income events.

Schedule an annual tax planning review with your top three clients before year-end. Use a checklist covering loss harvesting, Roth conversion opportunity, Required Minimum Distribution (RMD) status, Qualified Charitable Distribution (QCD) eligibility, charitable giving timing, and estimated tax payments. Bring the checklist to the meeting as a leave-behind for the client.