August 2nd, 2023
No Lab This Week
August 9th, 2023
This week our submission was from Raymond Sawyer. He has existing clients (husband and wife) with two rental properties. One of these properties was the primary home that was converted to a rental about 3 years ago. Currently, these clients do not have any entities formed, and no tax plan in place. The clients have 2 children: a daughter who is 13, and a son who is 21. Currently, they only claim the daughter as a dependent as the son is out of the house and working his own job. They are high W2 earners. The strategies the group looks at implementing are: Income Shifting, Paying the Child, and Selling the home to an LLC to be created and operated exclusively by clients, and real estate professional. We also looked briefly at Investment Tax Credit and the Accountable Plan. It was a great session!
August 16th, 2023
We had a great tax lab today! We got off to a bit of a late start, as participants trickled in. There was no tax plan to review this week, so instead, Veronica featured one of our new tax strategies: The Structured Ownership Program. Veronica answered some questions from the group, we also discussed the onboarding process, and how to best utilize some features within TaxPlanIQ. It was very a very helpful walk -through for many in the group!
August 23rd, 2023
We had a wonderful and lively discussion in the tax lab today! Veronica took the first few minutes to answer questions from the group. Then, we reviewed a plan that Keithie Graham is working on. This plan has a husband and wife who own three businesses. Keithie is suggesting they take the LLC that they currently have and change it to an S Corp. Then she will have the partnership pay fees to that S Corp. The 1065 businesses they operate are a Barber Shop and short term AirBnB Rentals. They are both currently W2 employees for someone else. The participants of the lab weighed in on several issues that arose within the tax plan, offering advice and ideas to help further the savings for the client. It was a valuable discussion!
August 30th, 2023
This week we looked over a tax plan created by Lisa McAllister. We started off the session discussing the logistics of creating a plan, including how to gauge what fees you will charge, how much time to spend creating the initial plan and other pertinent topics to tax planning! In our tax plan, the clients were married filing jointly with no children. The clients have already filed a 2022 tax return, so today we are focusing on 2023. They started a business flipping houses - which introduced many topics and questions about certain qualifications and categories of tax strategies that are applicable. The group had a great discussion on these issues! We spent a lot of time discussing Capital Gains and the strategies that surround them. All in all a great session!