May 2nd, 2024
In this week's Tax Lab meeting, the team discussed reporting challenges for small businesses, legal and liability concerns, and explored industry-specific tax planning strategies. We emphasized collaboration across firms, clarity from insurance carriers, and legal guidance for comprehensive financial services. Key topics included multi-state pass-through entity strategies, optimizing retirement plans, minimizing self-employment taxes through S-Corp payments, and the importance of bookkeeping. The team highlighted the evolving tax landscape and the need to adapt pricing strategies accordingly.
May 9th, 2024
In this week's Tax Lab meeting, we reviewed a tax plan submitted by Nelson Aguilar. Discussions around several tax planning strategies, including transitioning a client's business to an S Corp, optimizing deductions, and contributing to a Roth IRA for the owner's children. The team emphasized careful planning and practical implementation, highlighting the importance of templates, checklists, and tasks. Jackie Meyer presented a new growth plan subscription level that is coming soon, and the team discussed technical challenges with the AI API, expanding financial planning support, and improving tax strategy search functionality. The meeting emphasized portraying tax engagements as investments with a 200-300% ROI, and aligning fees with long-term business goals.
May 16th, 2024
During a productive Tax Lab meeting, Veronica Herrera and Jose Ortiz delved into effective tax strategies for Florida-based clients, focusing on leveraging an S-Corp structure to enhance tax savings through optimal entity selection and reasonable compensation. Discussions extended to the benefits of incorporating health insurance and fringe benefits into compensation packages, advocating for a high deductible plan paired with an HSA to maximize tax deductions. Additionally, they explored the potential of a blanket business deduction for unforeseen expenses and evaluated client engagement complexities and intangible benefits. New hire Sharron Dent received guidance on leveraging the company’s resources for real estate investor clients, particularly in establishing estates and transitioning properties into an LLC, ensuring comprehensive support for client needs and tax liabilities.
May 23rd, 2024
In our recent tax lab session, we kicked off with a Q&A segment and discussed the new subscription levels at TaxPlanIQ, particularly the Growth Plan. Veronica Herrera and ShaRon Dent reviewed a tax plan developed by ShaRon for a client who has complex financial circumstances, including a W-2, a capital loss, and ownership of an LLC along with five rental properties, none of which are housed under the LLC. With the client having four children and displaying significant disorganization in financial matters, Veronica advised ShaRon on strategies to untangle the financial details, such as verifying the real estate activity and considering whether the client qualifies as a real estate professional. Veronica also suggested implementing an accountable plan and exploring cost segregation, emphasizing the importance of thorough documentation to protect ShaRon from potential compliance issues and the necessity for filing an amended return if the client’s income has not been reported accurately.
May 30th, 2024
The Tax Lab meeting, led by Veronica Herrera, showcased an interactive session where participants prioritized client case discussions on a first-come, first-served basis. Key discussions included Qiara Johnson presenting a client's situation involving three properties and a new S Corp, exploring cost segregation and fringe benefits through a C-Corp structure to enhance tax savings. Veronica guided newcomers Ricardo and Claudia on initiating tax planning, setting a review session for further discussion. Detailed strategy talks covered topics like retirement plans, opportunity zones, and adjusting business structures for tax optimization, with Veronica and Christina Messer examining various planning strategies including depreciation and employing family members for further tax benefits. The session also addressed client retention strategies, emphasizing personalized value demonstration through annual meetings.