While virtually every advisor has a baseline understanding of the IRS code and how it impacts the financial decisions their clients make, very few are bona fide tax experts. And, quite frankly, that's fine -- they don't need to be.
But as yet another tax season ramps up, it's never a bad idea to review what every advisor should be looking for on their clients' Form 1040s and what potential opportunities it may reveal.
Perhaps nothing provides a clearer line of sight into a client's full financial picture -- and, by extension, gives the advisor better understanding of clients' needs and how to address them.
Page through to see the full list of takeaways from IRS Form 1040, or click here
to view it as a single page. -- Chad SmithChad Smith is wealth management strategist at HD Vest Investment Services.