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2024 Tax Client Handbook
Streamlining Your Tax Season At The Retirement Planning Group, we aim to make tax season as stress-free as possible. This handbook is your step-by-step guide to organizing, filing, and completing your tax return, with our team ready to support you throughout.
Our Promise We build long-term relationships rooted in trust and transparency. This handbook reflects our commitment to providing informed support and making tax season simpler for you.
Table of Contents
2024 Tax Client Handbook
Streamlining Your Tax Season At The Retirement Planning Group, we aim to make tax season as stress-free as possible. This handbook is your step-by-step guide to organizing, filing, and completing your tax return, with our team ready to support you throughout.
Our Promise We build long-term relationships rooted in trust and transparency. This handbook reflects our commitment to providing informed support and making tax season simpler for you.
Table of Contents
Contact Your Team
You can easily reach out with any questions or support you may need along the way:
- Tax Line: (913) 906-9898
- Office Line: (913) 498-8898
- Email: [email protected]
Getting Started with Your Tax Process
Important Dates to Know:
TRPG Dates
- Tax Season Kick-Off
We’ll kick off tax season with three helpful overview emails in early November, guiding you through the first steps. - Engagement Letters
Your engagement letter will arrive in mid-January via DocuSign or by mail if requested. This is your go-ahead to start the tax process! - Tax Organizers
By the end of January, you’ll receive a link to your TaxCaddy Organizer. Prefer a physical organizer? We’ll mail one at the same time.
Tax Deadlines
- March 15: Business Returns
- April 15: Individual & Trust Returns
- May 15: Non-Profit Returns
- September 15: Business Extensions
- September 30: Trust Extensions
- October 15: Individual Extensions
- November 15: Non-Profit Extensions
What is TaxCaddy?
TaxCaddy is your online tax organizer for easier document management and filing. Access TaxCaddy via web or mobile app.
- Access and Upload Documents: Access your tax questionnaire and Document Request List (DRL) on TaxCaddy and upload your documents.
- Complete and Notify: Click “Done Uploading” after submitting to alert your tax team.
- Reach Out for Help: If you have any questions along the way, feel free to message our team directly through TaxCaddy.
Need Help Accessing TaxCaddy?
Contact TaxCaddy support:
- Phone: 1 (833) 829-3375
- Email: [email protected]
What is An Engagement Letter?
Your engagement letter serves as a formal agreement between our firm and you, the client, outlining the scope of our services and mutual responsibilities. This important document also includes the fee for your tax return services.
When to Expect It:
Engagement letters will be sent in early to mid-January via DocuSign. If you’ve requested a physical copy, it will be mailed to you during the same timeframe.
Next Steps:
Review the engagement letter carefully and sign it at your earliest convenience to kickstart the tax process. This ensures we can begin working on your return promptly and keep everything on schedule.
Providing Your Tax Documents
Submitting Your Tax Documents
You have three convenient options for submitting your tax documents:
- Electronically via TaxCaddy: Upload and click “Done Uploading.”
- Mail: Send your tax document to our Leawood office at 4811 W 136th St, Leawood, KS 66224.
- In-Person: Drop off your tax documents at your nearest TRPG office.
Choose the method that works best for you to ensure a smooth and timely submission process.
What’s the Tax Quote Process?
Our Tax Quote Process offers clear, transparent insights into our services and associated fees. Here’s how it works:
- Express Interest: Inform us that you’d like a tax quote by providing a copy of your prior tax return.
- Document Review: Our team will thoroughly review your documents to gain an accurate understanding of your tax situation.
- Quote Preparation: We’ll create a tailored tax fee based on your individual needs and the review results.
- Quote Notification: You’ll receive a detailed quote via email, giving you the flexibility to accept or decline at your convenience.
Managing Your Tax Return
150 Return Cap for Each Tax Advisor
We set a 150-return limit for each Tax Advisor to ensure high-quality, personalized service for every client. In the past, relying solely on deadlines led to a last-minute rush of submissions, making it challenging to deliver the detailed, thoughtful service you deserve.
Think of it like planning a large event: Receiving RSVPs steadily over time allows for careful planning and attention to detail. But if everyone responds at the last minute, it creates a stressful scramble to meet expectations. The same principle applies to our tax process.
By capping the number of returns prepared during Tax busy season, we’re able to maintain a consistent, reliable process that benefits you with the attention and care you expect. All returns beyond the cap will be prepared by the extended due date.
What If All 150 Return Spots Are Filled?
If your Tax Advisors 150-return capacity has been reached, don’t worry – there’s still a path forward:
Next Steps:
- Continue to submit your tax documents as usual.
- Your return will be added to our extended queue, and we’ll continue to work diligently to complete it.
- We’ll also handle filing an extension for you, which will extend your filing deadline.
Important to Note:
While an extension provides more time to submit your return and avoids late filing penalties, it does not extend the deadline to pay any taxes owed. To avoid potential penalties and interest, please estimate and pay any taxes due by the original filing deadline.
How to Secure Your Spot in Your Tax Advisor’s 150 Return Limit
To be included in your Tax Advisor’s 150-return capacity, it’s essential to complete a few steps to get started early:
- Submit Your Signed Engagement Letter
- Complete Your Tax Organizer
- Provide 80% of Your Tax Documents
Act fast – spots fill up quickly! You’ll receive email updates and reminders about the remaining availability in your Tax Advisor’s queue, so make it a priority to submit your documents as soon as possible to secure your place.
What Does it Mean if Your Return is Extended?
If your return is extended, it simply means that we’ve filed an extension with the IRS on your behalf, allowing you additional time to submit your tax return without incurring a late filing penalty.
What You Need to Know:
- Extra Time for Filing, Not for Payment: While an extension provides more time to file your return, it does not extend the deadline for paying any taxes owed. To avoid potential penalties and interest, it’s important to estimate and pay any taxes by the original filing deadline.
- Ongoing Support: Our team is here to help you navigate this process, including preparing an extension payment voucher if needed.
Filing for an extension ensures that we maintain accuracy and thoroughness while avoiding last-minute stress. Our goal is to help you meet your obligations confidently and without unnecessary worry.
Should You Request a Tax Projection?
Proactively requesting a tax projection with your Tax Advisor is a smart strategy to help you stay prepared and avoid surprises during tax season. This is especially beneficial if you’ve previously filed for an extension or anticipate owing taxes when you file.
Why Consider a Tax Projection?
- Plan Ahead: A tax projection allows you to understand potential tax liabilities in advance, giving you time to make any necessary financial adjustments.
- Avoid Surprises: Knowing what to expect helps you feel confident and in control of your financial plan.
- Personalized Guidance: Your Tax Advisor can provide tailored advice to help optimize your tax strategy and ensure you’re well-positioned when it comes time to file.
Taking the step to schedule a meeting for a tax projection can make a meaningful difference in your overall tax planning experience.
After Your Tax Return is Completed
What to Do When Your Completed Return Has Been Sent
Once your completed tax return is sent to you, follow these steps to ensure a smooth and timely filing process:
- Review Your Return: Carefully go through your tax return to confirm accuracy. If you have any questions or need clarification, contact us for assistance.
- Pay Your Invoice: If applicable, check your inbox for a FreshBooks invoice. Complete your payment through the invoice or call us at (913) 906-9898 to pay over the phone.
- Sign Your Return: Once you’re satisfied with the review, sign your return. If sent electronically, you’ll find a DocuSign link in your email. Prefer a physical copy? Let us know. If your return is being electronically filed, make sure to sign and date the electronic authorization form(s) so we can submit it on your behalf.
- Final Submission: For electronically filed returns, we’ll submit it once we receive your signed authorization. You’ll get an email confirmation once it’s accepted. If your return requires paper filing, additional instructions will be emailed to you.
Following these steps ensures your return is processed smoothly and on time.
Accessing Copies of Your Completed Tax Returns
You can find all copies of your completed tax returns through Black Diamond, your dedicated tax portal.
Need Help?
If you experience any issues accessing Black Diamond, your Tax Coordinator is available to assist with unlocking your account or resetting your credentials.
Having easy access to your completed returns ensures you have the documentation you need when you need it.
Benefits of Being a Mutual Client: Tax & Wealth Services
When you choose to be a mutual client of both our Tax and Wealth Management services, you gain a seamless, comprehensive approach to your financial needs. Our in-house Tax Advisors and Wealth Managers work closely together to align your financial plan with your tax strategy, ensuring every aspect is optimized for your unique goals.
Key Benefits Include:
- Integrated Planning: Maximize long-term capital gains rates and strategize for tax efficiency.
- Tax-Loss Harvesting: Reduce your taxable income by offsetting gains with losses.
- Qualified Charitable Distributions (QCDs): Plan and execute charitable contributions in the most tax-efficient way.
- Income Optimization: Align income planning to meet ACA qualification requirements.
- Roth Conversion Opportunities: Identify and implement strategic Roth conversions for potential tax savings.
Additionally, our tax team can directly access the necessary tax documents from accounts we manage, saving you time and simplifying the process.
Want to learn more? Ask your Wealth Manager how you may qualify for complimentary tax services as a mutual client.
The Retirement Planning Group, LLC. is registered with the Securities and Exchange Commission and has clients nationwide. We offer retirement planning, wealth management and financial planning services.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
The Retirement Planning Group mentioned in: Ingram’s-Retirement Planning, Forbes-Financial Advisors get qualified leads form SmartAsset, Bloomberg-Consumer Finance, RIABiz-How two Wachovia breakaways broke some rules and grew $23 million AUM to $320 million in seven years, Business Insider-This Startup Aims To Solve A Financial Problem Most People Don’t Even Realize They Have, Business Journal-OP startup Blooom pitches green thumb for 401(k) management
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