September 6th, 2023
We had a very special visitor this week at our Tax Lab...none other than TaxPlanIQ's fearless leader, Jackie Meyer. We did not have a tax plan to review this week, so Jackie spent some time asking for feedback, answering questions and giving beneficial advice to our Tax Lab participants. She shared some great tips on how to get clients to respond in a timely manner, how to create better lead generation, and how to make the most out of your tax planning business. We had a wonderful discussion and a great time together!
September 13th, 2023
Today we reviewed a tax plan uploaded by Courtney Holness. The clients are a married couple, filing jointly with a 9 year old son. The wife is a real estate professional, the husband is a W2 earner. They currently have a partnership where they manage an Airbnb (short term rental). They are hoping to add additional properties in time. The clients are looking for tax savings as they estimate their income will continue to grow from this business in the coming years. First, the team looks at the tax return to glean areas where additional information is needed. Courtney was then able to generate a list of questions to ask the clients for their next meeting. These questions will help bring clarity to additional tax strategies that may be beneficial. Next, the group went through the proposed tax strategies to help redefine and tighten up the tax plan. Once Courtney gains the additional information needed from the clients, she will be able to create an excellent tax plan!
September 20th, 2023
In today's tax lab we looked over a plan submitted by Courtney Holness. This plan is for a client who is a real estate professional who is single with no children. The client has several rental properties that were purchased in 2023, and one property purchased in 2022. His 2022 tax return has not been filed yet, so the group works off of his 2021 tax return. The client also owns and operates a property management company. This company manages his own rental properties, as well as properties for others. He receives income from this business as well. His properties are short term rentals on the New Jersey shore. The summer months are very busy, with the off-season being much slower. The group takes a look at cost segregation, changing rental rules, and retirement options. In addition, there was a great and lengthy discussion on how to structure rental properties individually in an LLC under a Partnership that encompasses all the interests of the LLCs.
September 27th, 2023
Today in our Tax Lab, we took a look at 2 potential tax plans. The first one, was submitted by Courtney Holness. Courtney's client is a man in his 50's, married with 3 children. He is a W2 earner, and has a tremendous income of over $1,000,000 mostly from Stocks (RSU and PSU). The group takes a look at what tax strategies are possible for this client. Some of the strategies discussed were: Employing the Children, Family Limited Partnership, Purchasing Real Estate and qualifying the wife as a real estate professional, Charitable Remainder Trust, Solar Investment, Backdoor Roth, Gifts to Spouse and Gifts to Children.
The next potential tax plan we looked at was submitted by Cyril NeSmith. We didn't spend too much time on this plan, because we were short on time. Cyril has a client who owns a C Corp. They are in a high tax bracket and currently doing nothing to capture tax savings. The team discusses adding a retirement plan and also discusses Captive Insurance.