Strube CPA PC

Investors, consolidate your taxable brokerage accounts! I keep getting prospects that claim they have a "simple" return, yet they have nine brokerage accounts spread across seven custodians!

1) This muddies your true picture of how you are or aren't diversified. 2) This increases your tax prep fee. Each of these requires more error-checking and data validation. 3) This increases your risk of error, whether you pay a tax pro or DIY your taxes.

For people with , a separate brokerage account may make sense or even be required for your and holdings.

But for the rest of your taxable investments, you don't need more than one or two other accounts. Use a third-party app if you want a way to bucket different investment goals.

I love sign-up bonuses myself, so I get the allure of a new account and free money. But have a plan to pick the brokerage you want to stay with, and close out the other accounts. You can transfer positions so that you don't incur a taxable event by selling.

Do the work, start the transfer process. Eat the elephant one bite at a time.

One of the best things you can do to get ahead on your is to have a place to put things before you need a place to put things. Make your 2026 tax folder (a physical one and a virtual one) NOW.

A handful of tax documents or tax related things might come in during the year (vehicle renewal notices, Goodwill drop off receipts, etc.), way before the end of the year. Have your folders ready so that you always know where to put those things ahead of time.