David Bergmann and Kent Noard: Using Form 1040 to Generate Planning Opportunities

Rattiner, Jeffrey H.
April 1996
Journal of Financial Planning;Apr96, Vol. 9 Issue 2, p46
Academic Journal
This article presents an interview with Certified Financial Practitioners David Bergman and Kent Noard, who are the strong believers that tax planning can play a viable part in developing a successful financial planning practice. Bergman, a sole practitioner from Northridge, California, serves the financial and tax planning needs of around 175 clients, half of whom come from the airline industry. Noard is responsible for the tax department of Reinhardt Werba and Bowen, a San Jose, California-based financial advisory practice. He handles around 350 upper-end tax returns annually. In this interview they advocate the use of Internal Revenue Service Form 1040 as an effective guidepost for future planning opportunities. They suggest tax planning strategies for clients in various life stages and comment on competition from tax return chains and do-it -yourself software providers. Form 1040 is the basic tool for clients to recognize transactions for the previous year. The average person who prepares a return is going to use a check register or Quicken program. They still need the planners to understand the tax effects of a particular transaction. In addition to understanding some of the individual and family demographics of the client, Form 1040 can trigger questions such as appropriateness of personal liability, homeowner's, and life insurance coverages.


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