This is the 18th in a series of 23 tax tips thatAdvisorOne will publish 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: Hire a Qualified Expert
You would think that every taxpayer would try to take as many deductions as possible, yet because the tax code has become so complex and complicated, many would rather just “file the basics and pay the rest,” instead of spending their free time trying to learn the tax code in order to have a chance of saving more money. (Although I doubt most folks have that much free time!)