This is the 16th in a series of 23 tax tips that AdvisorOne is publishing on each business day in March as part of our Tax Planning Special Report (see our Special Report calendar for a more complete list of topics to be covered and experts who will deliver their insights).
The tax tip today comes from Andrew Rice (below), vice president and CFO of Money Management Services, Inc., an independent RIA firm in Birmingham, Ala. He is an Accredited Investment Fiduciary, Certified Tax Specialist and Wealth Management Specialist. Rice holds a BS in accounting from the University of Alabama-Birmingham. Rice writes regularly for AdvisorOne about tax planning issues.
The Tip: Organize the Documents
No doubt you’ve already been speaking with clients regarding how to save on 2010 tax returns. Once clients have created a process for gathering their documents, and made it efficient, I’d like to recommend another basic tax-saving strategy, which will serve your clients well this year and for years to come: