Clients are confused and looking for answers about how the new tax law will affect them… Be their guide.

Now you have a handy reference guide that teaches you everything you need to know about the new law, how it will impact your clients, and what steps you need to take...

FA Guide

The Financial Advisor's Guide to the New Tax Law: Help Your Clients Make Smart Moves

• There were over 20 changes made to the tax code at the end of 2017
• Most changes affect your clients in very real ways: deductions, divorce, child tax credits, and more
• There were a lot of proposals thrown around and debated, and many people aren't sure what actually became law
• You know the basic changes that were made, but you just haven't had time to really sit down and study what they mean
• Tax season 2023 is approaching, and you want a reason to bring clients in for appointments, and help them take advantage of the new law

Solution: The Financial Advisor's Guide to the New Tax Law: Help Your Clients Make Smart Moves is the perfect resource for all the tricky details of the new law.

• 180-page guide lays out all the major changes to the new law
• Each article has a master summary giving you the main points at a glance
• Written by real financial advisors implementing these changes in their own practices
• Information helpfully divided into sections by topic so that you can easily flip to the relevant area
• 30 questions asked by financial advisors like you, answered by our experts

Clients Need Tax Advice

Taxes are at the heart of saving, investing, and planning. Everything you do will be impacted by the new tax changes. And there are a lot of them.

66% of HNW clients want advisors to discuss tax strategies, according to a 1^st Global survey. This guide gives you what you need to be prepared to discuss taxes with them.

This is a once-in-a-generation opportunity to demonstrate knowledge, expertise, and leadership on this critical issue. Frankly, if you aren't talking to your clients about the new tax law, someone else will.

The Financial Advisor's Guide to the New Tax Law covers everything you need to know:

You've got a lot on your plate, and the new tax changes are important but they just haven't come up yet. Now is the time to act. This reference guide gives you a brief overview and teaches you how to interact with your clients' taxes in a whole new way (don't worry, none of it is "tax advice")

• The most important areas to talk to your clients about
• Rules of thumb that you can ignore under the new act
• What's with the new "postcard-sized" 1040?
• How to break down a tax return and gain valuable insights into your clients
• How to get assets from reviewing a tax return
• Why you need to be concerned about chained-CPI

Help Clients Understand New Deduction Rules and Strategies

FA Guide

We know that your clients are confused and maybe a little upset about the loss of so many deductions. They relied on those to keep their tax bill down. Now they're not sure what to do. Should they take the new standard deduction, or is there still a way to itemize? The Financial Advisor's Guide to the New Tax Law: Help Your Clients Make Smart Moves includes guidance on:

• What you can do about the loss of advisor fee deductibility
• Why "bunching" deductions is in style
• 4 ways to defang the new SALT limitation
• New ways to give to charity while getting the best tax breaks
• Charitable giving strategies every advisor should know

Help Families Maximize Their Tax Returns

Chances are most, if not all, of your clients are part of a family in some way. Families were greatly impacted by TCJA, both positively and negatively. This handy guide has you covered with all the key topics you need to address:

• Why everyone needs an estate planning review, and what you need to look at
• Should clients pay off the mortgage instead of investing?
• How the new tax act helps college savers and disabled children
• 5 ways divorce can affect your IRAs
• 4 ways TCJA changes life for divorced clients

Help Pre-Retirees and Retirees Understand New Rules for Retirement

Then there's retirement planning. The Tax Cuts and Jobs Act impacted Roth planning, but perhaps more important was the less-known Bipartisan Budget Act of 2018. Make sure you know how these changes will impact your clients' future plans. They're depending on you to help them make the right decisions:

• Key questions about From 1099-R
• What you need to know about Roth conversions under the new tax act
• Changes to plan loan repayment time frames
• Why it's now easier to get a hardship distribution

Help Business Owners Understand the New Rules That Could Help Them Save Money

One of the most talked-about but perhaps least-understood changes from TCJA is the Qualified Business Income deduction, also known as the pass-through deduction. You might want to know more as a small business owner yourself. And some of your clients are likely small business owners. The Financial Advisor's Guide to the New Tax Law: Help Your Clients Make Smart Moves addresses:

• 4 ways small business owners are impacted by the new tax act
• QBI deduction strategies for high-income financial advisors and other service providers
• What you need to know about the tax act as a business owner

It's complicated…

30 Frequently Asked Questions

Even financial advisors, the ones who should be guiding their clients, are confused by this tax code. That's why we've included an FAQ section with questions asked by advisors and answered by our experts. Learn the answers to questions like:

• How will the loss of Roth recharacterizations affect my clients?
• Is the phaseout for pass-through entities based on AGI or income?
• Are there any changes to deductions for people contributing to retirement accounts?
• How will interest on home equity lines of credit be affected by the new law?
• How can I bunch medical expenses?
• Why can't we use IRA money to pay for Roth IRA fees?
• Is there any change to the step-up in basis for cost of death?
• Can Coverdell education savings accounts  moved to 529 plans have the flexibility to change the beneficiary, or will they be treated like a 529?
• How can I bring this up without giving tax advice? I'm not a CPA.
• How will paying alimony from after-tax dollars hurt my client?
• And more!

"Tax planning has become table stakes for advisors serving clients with complex needs. Increasingly, these advisors are looking at the entire balance sheet and income statement of clients to identify ways to optimize their wealth."

                                                              —Gabriel Garcia, managing director at BNY Mellon's Pershing Advisor Solutions

Take the time and learn

Right now, the Tax Cuts and Jobs Act is your big chance to connect with clients and prospects. And you can't do that unless you're fully informed about all the changes and how they affect your clients.

FA Guide

Table of Contents

The New Tax Act: An Overview

Chapter 1: Key Thoughts on the New Tax Act
Chapter 2: The 4 Most Important Things to Know About the New Tax Law
Chapter 3: 4 Rules of Thumb to Ignore Under the New Tax Act

The Tax Return Form

Chapter 4: The New 1040 Tax Frm: Form Over Function
Chapter 5: Breaking Down a Tax Return: What Every Advisor Should Know

Deductions

Chapter 6: Dealing With the Loss of Advisor Fee Deductibility
Chapter 7: New Rules on Advisory Fees: 3 Tactical Responses
Chapter 8: Bunching Deductions to Take Advantage of the New Tax Law
Chapter 9: 4 Ways to Defang the New SALT Limitation
Chapter 10: Chained CPI: How the Tax Act Raises Taxes on the Middle Class

Charitable Giving

Chapter 11: The Best Ways to Give to Charity While Getting Tax Breaks
Chapter 12: Why Everyone Over 701/2 Should Consider a QCD
Chapter 13: Charitable Giving Strategies for High Net Worth Clients

Estate Planning

Chapter 14: Estate Planning Under the New Tax Act: Everyone Needs a Review
Chapter 15: 7 Steps to a Fully Up-to-Date Estate Plan for Every Client

Family Matters

Chapter 16: Paying Off Your Mortgage Under the New Tax Act
Chapter 17: 3 Important Things To Know About Children and Taxes
Chapter 18: Tax Act Helps College Savers and Disabled Children
Chapter 19: New Tax Act Makes 529 Plans More Useful for Clients

Divorce

Chapter 20: Top 5 Checklist for Splitting IRAs Under a Divorce Settlement
Chapter 21: 5 Ways Divorce Can Affect Your IRAs
Chapter 22: 4 Ways the Tax Act Changes Life for Divorced Clients

Retirement Planning

Chapter 23: 4 Key Questions Clients May Ask About Form 1099-R
Chapter 24: Roth Conversions: What You Need to Know
Chapter 25: How to Cherry-Pick Assets for a Recharacterization
Chapter 26: Changes to Employer Retirement Plans
Chapter 27: 3 Things to Consider When Handling Large IRAs

Business

Chapter 28: Small Business Owners: 4 Ways the New Tax Act Impacts Them
Chapter 29: 3 Things to Know About the New Tax Act If You Are a Business Owner
Chapter 30: QBI Deduction Strategies for High-Income Financial Advisors
Chapter 31: How to Apply the 20% QBI Deduction to Real Estate Investment Trusts

Frequently Asked Questions

Chapter 32: IRAs
Chapter 33: Qualified Business Income Pass-Through Deduction
Chapter 34: Changes to Deductions
Chapter 35: Advisor Fees
Chapter 36: Capital Gains
Chapter 37: Estate/Gift Taxes
Chapter 38: Miscellaneous

FA Guide

The Financial Advisor's Guide to the New Tax Law: Help Your Clients Make Smart Moves what you need. Whether it's in-depth studying of certain topics or a quick brush-up on certain strategies, you'll find it here.

The new tax rules give you the opportunity to demonstrate your knowledge, your insights, and your professionalism by educating clients and prospects about the intersection of taxes and their plans to save, send kids to college, and retire. It shows you as a Financial Educator.

Order your copy of The Financial Advisor's Guide to the New Tax Law: Help Your Clients Make Smart Moves today for just 197! A bargain at any price

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Since 1997, Horsesmouth has been helping financial advisors succeed by providing timely guidance on key topics such as business development, practice management, financial planning and investment strategies.

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