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Offering Tax Preparation As A Solo Advisor: How To Attain Designations And Create A Schedule By Next Tax Season

Nerd's Eye View

Traditionally, financial advice and tax preparation have existed as 2 related, but separate, services. CPA, EA, or JD) to prepare tax returns and represent clients before the IRS, there has also been the impression that there is simply not enough time for one person to do both.

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Weekend Reading For Financial Planners (May 6-7)

Nerd's Eye View

Also in industry news this week: Legislation working its way through Congress would allow for electronic delivery of documents to clients of advisors and other financial services firms by default, though it has been met with some opposition While RIAs have outpaced wirehouses in terms of client asset growth and headcount, industry consolidation has (..)

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How to Recognize and Protect Yourself Against Tax Identity Theft  

James Hendries

But another common type of identity theft involves the use of someone’s Social Security number to unlawfully intercept their income tax refund. Unfortunately, this fraud often isn’t discovered until the victim tries to file their taxes.

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How Long to Keep Important Financial Records

MazumaBusinessAccounting

Remember, the IRS recommends keeping tax-related documents for at least six years. Whether you’re keeping the record for one month or 10 years, record-keeping best practices dictate you should store documents electronically (go paperless when you can), and always backup your files by saving them in the cloud.

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Weekly Market Insights – January 8, 2024

Cornerstone Financial Advisory

Choose the correct option (electronic filing software can prevent mistakes). The interactive tax assistant tool can also help to determine your filing status and any relevant credits you should (or should not) claim. Consider using electronic filing software that does the math automatically to avoid mistakes. What is it?

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Financial Record Keeping: How Long To Keep Financial Records?

Clever Girl Finance

IRA contribution statements for non-deductible contributions to prove that you paid taxes. Having this documentation is necessary to avoid tax implications due to errors or misfiling. Your social security card, with your social security number, is extremely important to have. Property tax records. Divorce decrees.

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TD Ameritrade / Charles Schwab Transition FAQ

Tobias Financial

Will I get a new account number? Schwab will automatically transition your TD Ameritrade Institutional account to a Schwab account, and you will receive a new eight-digit Schwab account number to replace each TD Ameritrade nine-digit account number. Please watch out for it. Will my cost basis come over during the transition?