Financial advisor who does taxes: what to look for
Short answer: Some advisory firms prepare and file your tax return as well as manage your plan. That can make it easier to act on Roth conversions, withdrawal order, charitable giving, and capital gains decisions, because the same team sees both the plan and the return. Ask who actually prepares the return, what credentials they hold, and how tax work is priced.
Why combine them
- Decisions like Roth conversions and withdrawal order depend on your bracket, which the preparer sees first.
- Fewer handoffs between your advisor and a separate CPA.
- Tax projections can be updated during the year, not just at filing time.
Questions to ask
- Who prepares and signs the return, and are they a CPA or enrolled agent?
- Is tax prep included in the advisory fee or billed separately?
- Which returns are in scope: individual, trust, business, state?
- Will they represent you if the IRS sends a notice?
- Is the firm a fiduciary, and how is it paid? See 7 questions to test fiduciary status.
Where it helps most
The years just before and after retirement have the most moving parts: the last paychecks, pension and Social Security choices, Roth conversions, and the first required distributions. Bull Oak’s profile describes building tax strategy directly into the financial plan and lists tax planning, tax prep, and filing among its services.
Related: Roth conversion calculator, pre-retirement checklist, financial advisors who offer tax preparation.
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Frequently asked questions
Can a financial advisor do my taxes?
Some firms include tax preparation. Ask who prepares the return and what credentials they hold.
Is it better to have one firm for taxes and investments?
It can reduce handoffs and help with timing decisions. Some people prefer a separate CPA. Either can work if the two coordinate.
What does tax planning cover?
Projecting your tax for the year and timing decisions such as conversions, withdrawals, gains, and charitable gifts.
How are combined services priced?
It varies. Some include tax prep in an advisory fee, others bill separately. Get it in writing.
Bull Oak is a fee-only fiduciary advisor, helping high-net-worth individuals and families navigate the transition into retirement through financial planning, investing, and tax planning and filing.
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