Are Your Financial and Tax Advisors Talking?

We’re now entering tax season. As you prepare your tax returns, you might be wondering how you could improve your tax-related financial outcomes, now and in the future. One key opportunity is to connect your tax professional with your financial advisor.

This collaboration can benefit you in several ways. For example, your tax advisor, working with your financial advisor, could help you determine if a Roth or traditional IRA makes more sense for you. Your financial advisor can then help you choose the right investments within the IRA.

Also, your tax professional can identify how much you need to contribute to an IRA to possibly lower your taxable income. Your financial advisor can then plug this figure in to your projected retirement savings as part of your total financial picture.

Your tax and financial advisors can also work together to address issues such as capital gains taxes from sales of mutual fund shares.

Your investment and tax pictures have many overlaps. And by ensuring your team of advisors is working together, you can boost your chances of getting the results you desire.

If you have any questions please contact me at 980-859-2549 or by e-mail at Brandon.Monette@edwardjones.com



This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.