FAQs

For Brio Clients: What You Need to Know

Tax season is here, and we’ve got your back. Here’s what you need to know to make this as painless as possible.

Your documents are ready (or will be soon). Log into BrioFG.com and navigate to the Document Vault to access your 1099 and 5498 tax reports. Remember that 1099s may be updated throughout February, so if your tax situation is complex, consider having your preparer file after March 1st to avoid amendments.

Need us to connect directly with your tax preparer? Just intro us via email and we’ll send everything they need.

We’re here to help. If you have questions about contribution limits, need help understanding your equity comp situation, or just want to double-check that you’re maximizing your tax strategy, reach out. That’s literally what we do. Tax planning isn’t a once-a-year thing; it’s woven into every financial decision we make together.

Tax Time FAQs: The Basics

When is the tax filing deadline?

The federal tax filing deadline is typically April 15th, or the next business day if April 15th falls on a weekend or holiday.

However, you can file for an automatic six-month extension, which moves your filing deadline to October 15th.

Critical detail: An extension to file is not an extension to pay. You still need to estimate and pay any taxes owed by April 15th to avoid penalties and interest.

What documents do I need to file my taxes?

Start by collecting:

• W-2 forms from your employer(s)
• 1099 forms if you have other income such as freelance work, interest, or dividends
• Receipts for deductions you plan to claim

If you’re a Schwab client, documents will be mailed and posted online throughout February. You can access them using your Schwab user ID and password.

How do I access my tax documents on BrioFG.com?

After logging into BrioFG.com, navigate to the Document Vault to view folders for “1099 Tax Reports” and “5498 Tax Reports” if applicable.

Sometimes the easiest way to gather documents is to connect us with your tax preparer directly. Feel free to introduce us via email and we can forward along the information they need.

Important timing note: 1099s may be updated throughout February, so it could be beneficial to have your tax preparer submit after March 1st to avoid needing amended returns.

Why didn’t I receive certain tax forms?

You won’t get forms for everything, because not all transactions are taxable events. Here’s what typically does not generate forms:

• Donor Advised Funds (DAFs): DAFs don’t send out tax forms at year end. Instead, they send confirmation of the donation at the time you made it. Those confirmations are what you provide your tax preparer. If you initiated a grant from your DAF, that isn’t tax-deductible, so there won’t be tax-related documents for that.
• Retirement accounts: These only generate a 1099 if you took a distribution during that calendar year. If you didn’t take money out, you won’t receive a form.
• Brokerage accounts: These only generate a tax form if there’s more than a certain threshold, typically $10, of interest, dividends, or capital gains during the year.
• Form 5498 for IRA contributions: This form typically isn’t generated until May, well after the April tax filing deadline. The good news is that you don’t need Form 5498 to file your taxes. Just let your tax preparer know what type of contribution you made, or ask Brio to inform your accountant.

Should I use a tax preparer and how do I find one?

Do you need a tax preparer? It depends on your situation. If you have straightforward W-2 income and take the standard deduction, you might be fine filing yourself.

However, if you have equity compensation, own a business, live in a high-tax state like California, or have more complex financial situations, working with a tax preparer can save you money and stress.

If you’re planning to continue with the same tax preparer as last year, reach out early to book an appointment and avoid the April rush. Don’t wait until March or April.

Need a recommendation? Just ask. We’d be happy to send along some of our preferred professional peers.

What is the standard deduction and should I itemize?

The standard deduction is a fixed dollar amount that reduces your taxable income. It’s adjusted annually for inflation.

You should itemize deductions if your itemized deductions, such as mortgage interest, state and local taxes, charitable contributions, and medical expenses, exceed the standard deduction amount.

For most taxpayers, taking the standard deduction is simpler and more beneficial. However, if you live in a high-tax state like California, own property with a substantial mortgage, or make significant charitable contributions, itemizing might save you money.

Want to know which makes sense for you? That’s exactly the kind of thing we help with. Learn more on our Services page.

What about California state taxes?

California has some of the highest state income taxes in the nation, with top rates over 13%. Key California considerations include:

• State income tax is not fully deductible on your federal return because of the SALT cap
• No special treatment for long-term capital gains, which are taxed as ordinary income at the state level
• Strict residency rules if you split time between states
• High property taxes may make itemizing beneficial even if you wouldn’t itemize elsewhere

Living in California makes strategic tax planning even more valuable. The state’s high tax rates mean that smart planning around timing of income, Roth conversions, charitable giving strategies, and equity compensation can have an outsized impact.

How can Brio help with tax planning and preparation?

At Brio Financial Group, we integrate tax planning into your comprehensive financial strategy:

• Year-round coordination: We think about tax implications with investment decisions, equity compensation, charitable giving, and retirement contributions
• Proactive planning: We help you model tax scenarios before major financial moves
• CPA coordination: We work directly with your tax preparer to ensure everything works together seamlessly
• Equity comp: We help you untangle complex tax situations with RSUs, stock options, and ESPP
• California tax strategy: We understand this state’s unique and expensive tax landscape

Our goal: Taxes don’t drive your decisions, but they are strategically managed as part of your financial life. We run the numbers so you can make confident decisions and stop spiraling at 3am about whether you’re doing it right.