Barack and Michelle Obama may need some better financial planning advice.

Some clues to the President and First Lady's finances can be found in their 2012 tax return, released this month, and their 2011 financial disclosure report (filed in 2012)—and those reports suggest they should consider changing their investment allocations and their mortgage, as well as other elements of their financial strategy.

Let's start with their income and tax payments. The Obamas earned $662,076 last year. Subtracting out their qualified plan deductions, itemized deductions, and exemptions, their taxable income was $335,026.

After being hit with the AMT, which is partially offset by a foreign tax credit, the Obamas paid $112,214 in Federal taxes. That equates to just over 18.4% of their adjusted gross income. The White House declined to comment for this story.

But digging deeper into their finances, what other planning mistakes should the first couple clean up? Check out the full story at our sister publication, On Wall Street.