Financial Advisor Magazine-Mining The 1040

Financial Advisor Magazine: "Mining The 1040
By Jeffrey Rattiner

Using the tax form to prospect for client needs.

As a CPA, I find I have an advantage when meeting with clients concerning their financial planning needs. This opportunity lies in the fact that my starting point for client discussions mainly begins with a reading of Form 1040 to uncover various planning needs that often go overlooked.
Although most planners would be aware of a lot of information about their clients that a 1040 reveals (whether they are married, have children or participate in a 401(k) plan, for example), a review of the tax form is a good check to ensure that all aspects of their financial concerns are being addressed.
The best approach is to do a line-by-line analysis as follows:
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