After the holiday glow fades, your clients may face the sinking realization that it’s time to gather tax information and begin working with their CPAs, financial advisors and tax attorneys on last year’s filings, while also checking in on current-year strategies.
Tax time can stress your clients for several reasons, and this year is no exception:
- A shifting legislative environment makes it difficult to update financial plans and tax strategies with certainty. You may struggle to instill confidence in your clients when you, as the professional, know that so much remains uncertain.
- Facing financial realities such as income, debts, and losses, and dealing with taxes, can trigger emotional drain. This is often compounded by a client’s tendency to procrastinate.
- An overload of readily-available information on tax preparation can complicate your ability to advise clients effectively. Clients may have read articles suggesting a “wait-and-see” approach or come across information that doesn’t apply to their situation. As you begin counseling your clients, you may first need to address misplaced assumptions and misinformation.
But, there’s a bright spot! Many advisors find that discussing charitable giving can lift clients’ spirits, even during a stressful tax season. Philanthropy can evoke positive emotions. As you work with your clients of over the next few weeks, be sure to discuss charitable giving. Many clients, for example, have already established donor-advised or other types of funds at the Community Foundation. Others could benefit from starting with the Community Foundation right away.
Contact Us
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. We are here for you and your charitable clients during tax season and throughout the year.
Contact our team to learn more: Marcia Shackelford, Chief Philanthropy Officer, at mshackelford@pacf.org.
