The Challenge: A Complex and Stressful Tax Filing Process

A new client came to us frustrated by the stress and confusion of tax season. They were not working with a tax professional and the process of gathering documents, understanding their investments’ tax implications, and ensuring accuracy in their return felt overwhelming. The client wanted a way to streamline their annual tax filing without spending excessive time tracking down paperwork or worrying about costly mistakes.

How We Helped: Coordination, Organization, and Translation

Although we don’t file taxes for our clients, we specialize in making the process smoother by working alongside their tax professionals. With the client’s permission, we took the following steps:

Helped to Find a Qualified Tax Advisor - We paneled our peers (fiduciary financial planners) to get referrals for tax firms that specialize in BigLaw attorneys, because for Partners, in particular, tax decisions are complex and you need expertise.
Gathered and Organized Tax Documents – We compiled all relevant financial documents we had direct access to, such as investment account tax forms. Additionally, we helped the client securely upload other necessary documents to our financial planning Vault.
Generated a “Tax Letter” for Clarity – To simplify communication with the tax professional, we created a customized summary explaining key investment account activities and tax-relevant details from the prior year.
Resolved a Potentially Expensive Tax Issue – In reviewing the client’s accounts, we identified a pre-tax IRA with a balance of $14,000, but no documentation showing whether taxes had been previously paid. Without proof, the IRS would assume the entire amount was taxable upon withdrawal.
Uncovered and Verified Cost Basis Information – We suspected that much of the $14,000 balance had already been taxed, but the client needed to provide proof. By requesting specific historical documents, we confirmed that over $11,000 had already been taxed—reducing the taxable portion to just $3,000.
Potentially saved the Client Thousands in Taxes – Because the client was in the highest federal tax bracket and lived in a high-tax state, this verification likely saved them thousands of dollars in unnecessary future tax payments.

The Outcome: A Smoother Tax Filing Experience

We compiled all findings into a well-organized document set and uploaded them to the tax professional’s secure portal, along with explanatory correspondence directly with the tax firm. As a result:

The client’s tax return preparation became significantly easier.
Their tax professional had clear, accurate documentation to work from.
Their official tax records were corrected, preventing future tax overpayments.
The client gained peace of mind knowing that their financial details were properly managed.

By integrating tax-filing support into our financial planning services, we helped this client avoid overpaying taxes, reduce stress, and make their tax filing process seamless.

Get in Touch: Contact@ConcertPlanning.com

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