By CPA Trendlines Research
Every tax client is a potential client for other services. Stay busy after busy season by helping with other financial and tax-related services.
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Here are 10 you can offer or adjust for specific clients.
- Amended Tax Returns: If client negligence or erroneous information leads to the need of an amended return, you should be there to help.
- Tax Notice Resolution: Help clients respond to IRS or state tax notices and resolve disputes.
- Audit Support and Representation: Let clients know that you can represent them during IRS or state audits and provide guidance through the process.
- Estimated Tax Payment Planning: Calculate and schedule quarterly estimated tax payments for self-employed or high-income clients. This simple service could be bundled with others.
- Tax Transcript Retrieval: Obtain IRS transcripts to review past filings or address discrepancies. This is of special interest to high-income clients.
- Year-Round Tax Planning: Offer strategies to minimize tax liability for the current and upcoming years.
- Advice for Basic Financial Decisions: For lower-income clients, this might be simple reminders on contributing to IRAs, 401(k)s or other retirement plans to maximize tax advantages. The higher the income, the more advice they can use.
- Tax-Advantaged Investment Planning: Assist with tax-oriented investment, such as municipal bonds or tax-loss harvesting.
- Tax Credit Eligibility Reviews: Identify overlooked credits (e.g., R&D, energy efficiency) for current or future filings.
- Income Shifting Strategies: Propose ways to redistribute income among family members or entities to reduce tax liability.