When tax time approaches, your clients probably start loading everything into their tax preparation software or send documents to their CPA. But what about items they will likely have a tougher time keeping track of? Here are five tax strategies that are often missed or not reported — and they could be keeping money out of your clients’ pockets.
PLAN CONTRIBUTIONS/DISTRIBUTIONS
Other than your clients’ year-end statement, they may not receive any documentation to send to their accountant that specifically outlines the amount they contributed to 529 plans over the past year. Be sure they track down this important information and pass it along to their accountants in order to confirm they will receive the appropriate deduction on their state income tax returns.
QUALIFIED CHARITABLE DISTRIBUTIONS
If a client is 70.5 years or older, he or she may have contributed to a qualified charity directly from their IRA, which is
