William Lako: Hidden Heroes of Tax Season: How A Financial Adviser Can Help

Many taxpayers spent the last few weeks engaging in discussions with their accountants as they prepared their 2023 taxes. However, one of the most valuable players during tax season can often be your financial adviser, who can assist you in various ways, from providing 1099 forms from your custodian to helping you reduce your tax liability through retirement savings. If this past tax deadline ended with a larger-than-expected bill, consider leaning on your financial adviser for help.

Leading up to the annual April 15 deadline, most people expect difficulty getting a tax preparer to answer the phone. Still, financial advisers have their work cut out for them as well. Often, the financial adviser acts as the intermediary between the investor and the custodian. If your adviser has taught you not to dwell on every statement — because frequently watching the market can cause you to lose sight of the long-term picture — chances are, you may have also overlooked that year-end statement containing your 1099s, reporting your retirement account withdrawals, rollovers, dividends, interest, capital gains, and other taxable transactions made within taxable brokerage accounts. Your adviser can also clarify any questions about capital gains and loss carryovers.