November 7th, 2024
In this Tax Lab session, Kendall Chavez, Courtney Holness, and Lisa Odeja focused on developing tax strategies and pricing models for clients. Discussions included entity restructuring, reasonable compensation analysis, and maximizing Qualified Business Income (QBI) deductions. Lisa sought advice on combining bookkeeping oversight into tax planning while maintaining tax compliance and tax savings projections. Kendall guided Courtney on using ROI calculations effectively, refining pricing strategies, and dynamically adjusting strategies based on income changes, emphasizing personalized value and tax savings within realistic, compliance-friendly parameters. Additional topics covered were considerations for pass-through entities, Roth contributions, charitable planning, and tax-efficient entity structuring.
November 14th, 2024
In this session, Veronica Herrera and Lisa Marie Odeja delved into complex tax planning strategies for a client with a mix of U.S. and international vacation rental properties. Key points included examining the client's Schedule Cs, understanding ownership structures, and addressing cross-border tax implications, especially regarding rental properties in Mexico. Veronica emphasized the importance of structured planning, such as implementing an accountable plan, considering the Augusta Rule, and optimizing QBI deductions.
Lisa and Veronica also discussed pricing strategies. Lisa expressed her preference for collecting a larger implementation fee upfront, especially for clients receiving significant tax savings, to ensure compensation even if clients discontinue services early. They explored structuring fees based on projected savings, bundling tax preparation and planning, and offering optional ongoing maintenance fees.
November 21,2024
Today's Tax Lab session, led by Veronica Herrera, featured discussions with Courtney Holness, and Lisa Odeja. Topics covered included the tax implications of retroactive S elections, reasonable compensation assessments, New Jersey-specific tax strategies, and the potential for cost segregation on international properties. Courtney presented a tax plan involving various strategies, such as health savings accounts, accountable plans, and retirement contributions, for a client with a complex business structure and significant income growth. Lisa focused on a client managing properties in Mexico and Phoenix, emphasizing the need for accurate property depreciation methods and handling unique income reporting challenges. The group collaboratively explored the application of the SECURE Act, solo 401(k) options, and employer benefit structures, highlighting the importance of thorough analysis and strategic implementation for tax savings.
November 28th, 2024
No Lab this week