Iusually continue my answer by saying "don’t listen to your brother-in-law, yourcousin Manny, your auto mechanic, your neighbor or co-workers, or a guy youride to work with on the train".
ButI also mean don’t listen to a broker, banker, insurance salesman, or other“financial professional”.
Manypeople in the various financial industries may be experts in their particularfield, but know absolutely nothing at all about federal or state income taxes.Well maybe not nothing. They may have a little knowledge about taxes – but alittle knowledge can be truly dangerous.
Iam a tax professional, but I know next to nothing about insurance and would notthink to offer unsolicited advice about what type of policies or how much coverage you should have.
Whenyou are given advice from a so-called financial professional always considerthe source. Remember, an insurancebroker is a salesman, as is a stock broker and, to a degree, a banker. Theymake their money by selling you something. So take anything they tell youregarding taxes with several grains of salt.
Tobe honest, in many cases a financial professional providing tax advice is doingso out of a genuine desire to help you, and sincerely think he/she knows what theyare talking about. But there are those out there who are only interested inmaking a commission by selling you an annuity or other investment and give youfalse tax advice to try to convince you to give them your money.
Anytimeyou are given tax advice from a financial professional, or anybody else, besure to run it by your tax professional before taking any action.
Manytimes I have asked a client, after the fact, why they did something that wastax stupid – and was told “my banker”or “my broker” or “my insurance agent told me to do it”. Or, when asked why they did not do somethingthat was tax smart, they tell me their banker, broker or agent told them theycouldn’t.
So,to repeat - DO NOT ACCEPT TAX ADVICEFROM ANYONE OTHER THAN A PROFESSIONAL TAX PREPARER! TTFN
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