After the holiday glow has finally worn off, your clients may be hit with a sinking realization that it’s time to pull together tax information and start working with their CPAs, financial advisors, and tax attorneys on the filings for last year and start checking in on current-year strategies.
Tax time can be stressful for your clients for a number of reasons, and this year is no exception:
–A shifting legislative environment is making it difficult for you and your clients to update financial plans and tax strategies with certainty. It’s hard to instill confidence in your clients when you, the professional, know that so much is up in the air.
–The psychological hit that comes with facing financial realities such as income, debts, and losses–never mind the taxes themselves–can trigger emotional drain. This is sometimes aggravated by a client’s tendency to procrastinate.
–An abundance of readily-available information about tax preparation can complicate your ability to advise clients. Clients may have seen articles and posts that suggest a “wait-and-see” approach, or simply read information that does not apply to them. So, as you set out to counsel your clients, you may first have to overcome the hurdles of misplaced assumptions and misinformation.
Charitable giving is a mood booster!
But, there’s a bright spot! Many advisors find that the topic of charitable giving can lift clients’ spirits, even during a stressful tax season. Philanthropy can draw positive emotions to the surface. As you work with your clients over the next few weeks, be sure to talk about charitable giving. Many of your clients, for example, have already established donor-advised or other types of funds at IECF. Other clients could benefit from getting started with IECF right away.
Please reach out to our team. We are honored to be your first call when you’re immersed in tax and financial planning matters and the topic of conversation shifts to philanthropy. IECF is here for you and your charitable clients during tax season and throughout the year.
Stay up to date on all the good work we’re doing through the power of philanthropy. Sign up for our eNewsletter, Philanthropy Matters, today.
The team at IECF is honored to serve as a resource and sounding board as you help your clients build their charitable plans and pursue their philanthropic objectives for making a difference in the community. This newsletter is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice. Please consult your tax or legal advisor to learn how this information might apply to your own situation.
