Check the handoffs
Answer each question based on what actually happened in the last 12 months.
How to use the checklist
Mark each question as “yes,” “no,” or “unclear,” then identify who owns the follow-up. A “no” does not prove that a tax opportunity was missed. It shows that the planning process may need a clearer owner, deadline, or handoff.
Compliance and planning are different jobs
Tax preparation generally records what already happened. Tax-aware financial planning looks ahead at cash needs, account types, investment gains and losses, retirement contributions, charitable decisions, and business choices. The CPA, advisor, attorney, and business team may each hold part of the answer; coordination is what keeps the parts from working at cross-purposes.
Three questions to assign before year-end
- What decision must happen before December 31? Name the decision, the data needed, and the responsible professional.
- What does the advisor need from the CPA? This may include the latest return, estimated income, carryforwards, basis information, or entity changes.
- What does the CPA need from the advisor? This may include realized gains, planned transactions, contribution amounts, and withdrawal needs.
The point is to use the numbers to build more freedom, not more financial noise. Continue with why an advisor may need to review your tax return and how CPA and advisor roles differ.
Understand your result
Use tax-literate financial advice, planning for service business owners, business-owner cash-flow planning to put the result in context.
Compare the other tools: Advisor Fee Calculator, 1% AUM Cost Calculator, Portfolio Income Calculator. You can also browse the tools hub or take the Financial Advisor Scorecard.
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