The famous adage states, "There are only two certainties in life—death and taxes," and once again, it's time to file taxes. Luckily for all the procrastinators across the country, the tax deadline has been extended from April 15 to April 17. But regardless of the due date, taxes can be a complicated matter.
Over the past 12 months, your client earned a certain amount of income, and now they owe taxes based on that annual income. Unless your client is the rare type of person who files their taxes as early as possible, they are likely getting these affairs in order four months after the income cycle is complete. It's imperative to remember all the taxable aspects of the financial plan you've put in place for your client.
Finances are unique to the individual
Since finances can be as unique as the clients themselves, they might be addressing estate taxes, reviewing whether or not their investments are properly diversified in a taxable or tax-deferred environment or simply paying income taxes. Whatever their situation, one fact remains the same: part of their income will need to be used.
