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      TaxPlanIQ Case studies Lab - July 2022

      Tax Strategist Sharla reviews tax plans with coaching students of yourcca.com and taxplanningmasterclass.com and TaxPlanIQ Professional Subscribers

      Wednesday, July 6th, 2022

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      Discussion about IRA/Backdoor Roth, putting interest from properties in an LLP, and the best way to file with the information above.

       

      Wednesday, July 13th, 2022

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      • We did not create a full tax return as we need to nail down entity selection. We want to make sure that the entity selection is optimized in terms maximizing retirement contributions while minimizing salaries required across their entities, as well as setting them up for a 1202, if applicable
      • 1202 may not be possible because of healthcare exclusions. Tina to research using the article I sent over as a jumping-off point. 
      • This is the link to the Excel Org Chart I started https://www.fisher401k.com/blog/types-of-401k-profit-sharing-plans

       

      Wednesday, July 20th, 2022

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      1. Trust/Insurance Agency
        1. Wife is agent
        2. Husband is beneficiary of trust
        3. Ages 31 & 50
        4. Kids are 3 and 1
        5. Suspended RE Losses in trust
        6. Pretty substantial retirement contribution
        7. 3 Sched Cs
          1. Mass Mutual piece that will not ever convert to an entity $25K loss
          2. Brokered Insurance and Advisory Fees $444,000 - Will LIKELY convert to an entity
          3. Property management $8,838 Comes from spouse managing trust properties
        8. Capital gain - unusual item. DIY loss harvesting to get cash for house
        9. One personally-held rental, but they are selling in 2022. Not a previous residence
        10. HRA in spouse Sched C $8,000
        11. Already maxing a H S A

      One idea is to identify which property in the trust is throwing of the most losses and sell it to be able to use those losses. Might want to do this in years of higher income

       

      Charity

      HRA in spouse Sched C $8,000

      Backdoor Roth - Louise is reluctant because they both have other IRA balances

       

      One Time: Phase I Implementation Fee $5,000

      Recurring: Monthly Advisory & Compliance $500

      One Time: Monthly Advisory & Compliance $3,000

      Strategy: Accountable Plan/Home Office Deduction

      Strategy: Backdoor Roth

      Strategy: Choice of Entity

      Strategy:  Health/Medical Expense Reimbursement

      Strategy: Maximize Employer Retirement Match

      Strategy: Minimize Self-employment (SE) Tax

      Strategy: Pre-Tax Benefit: 401K

      Strategy: Rent Home for Business Gatherings (Augusta Rule)

      Strategy: Roth IRA Contributions

      Strategy: Wages: Hiring kids

      Year One ROI: 340%

      Year Two ROI: 461%

       

      Wednesday, July 27th, 2022

      Watch this lab - it's a great case study for non-business owners

       

      Great case study showcasing the great tax savings that can be done for non-business owners and for retirees!!

       

      Link to little spreadsheet

       

      One Time: Capital Gain Strategies Planning $4,950

      Strategy: Capital Gain Offsets

      Strategy: Charitable Donation of Appreciated Assets

      Strategy: Qualified Charitable Distributions (QCDs)

      Strategy: Qualified Opportunity Zone Reinvestment

      ROI: 1440%

       

      Strategy: Accountable Plan/Home Office Deduction

      Strategy: Health Savings Account optimization (HSA)

      Strategy: Health/Medical Expense Reimbursement