An excerpt:

Barse said that prudent financial planning starts and ends with the tax bill in mind. “Many of the CPAs out there are reactive tax filers, not strategic tax planners, and it really takes some expertise to understand which of the two you have in the tax world,” he said.


According to Barse, “Ultimately, the problem with thinking about tax season around tax filing deadline is that the real tax season for the current year is an all-year process.” October 1 through December 31 are the times when most advisors need to be making the proper tactical moves to ensure the best outcomes for their clients. “By the time we’re in tax filing season, for the previous year, many of the tax alleviation and tax reduction strategies for which a financial planning client is eligible are often off the table,” Barse said.

See Hidden Challenges and Opportunities in Tax Season in VettaFi.