August 1st, 2024
During our last tax lab meeting, Veronica Herrera and the group conducted a detailed exploration of tax planning strategies for a specific client brought by Courtney Holness, covering considerations like home office deductions, retirement accounts, and health savings accounts. The group reviewed the client's diverse income sources, including W-2 earnings and potential profits from a YouTube channel dedicated to home improvement. The financial review extended to the client's medical expenses, investments, charitable contributions, retirement savings, and unreimbursed partnership expenses to thoroughly understand their financial situation. Further discussions centered on the pricing and service structure, particularly focusing on the fees for tax planning and tax return services. The team aimed to balance the client's needs with the potential return on investment, considering factors such as the client's business size and the necessity for monthly accounting. They stressed the importance of clearly defining included services and preemptively addressing potential client queries regarding bookkeeping.
August 8th, 2024
In the latest Tax Lab meeting, the group engaged in a comprehensive discussion covering a variety of topics central to tax planning. These included a client’s plan brought by Angeleen Herrera to implement a donor-advised fund strategy and the inherent limitations of charitable deductions, as well as strategies specifically tailored for nonprofit organizations. Additionally, the team explored operational improvements, such as the development of a new template designed to meticulously track sources of income, alongside another template aimed at streamlining the overall tax planning process. They also deliberated on methods for accurately calculating after-tax investment figures, enhancing their approach to providing precise financial advice.
August 15th, 2024
This week's tax lab, led by Veronica Herrera, covered a tax plan created by Terry Lamb, focusing on a comprehensive discussion of software usage, tax planning strategies, and the financial nuances of various businesses, emphasizing retirement and cash flow plans. They delved into the tax implications of different business structures, state tax savings techniques, and the intricacies of LLC registration. The session also covered how to price services for new tax clients by considering factors like risk, meeting frequency, and strategy complexity. The discussion continued with a review of a client case involving Christy, who manages two businesses, highlighting ownership details and suggesting strategic payroll additions and usage of a home office for business purposes. Additionally, they tackled updating fees for proposed tax strategies and addressed challenges related to Restricted Stock Units (RSUs) and Performance Stock Units (PSUs). A practical component included assigning tasks through the client portal and resolving document upload issues.
August 22nd, 2024
During the tax lab session this week, the group discussed various tax planning strategies and implementation challenges, focusing on the bottleneck effect experienced by firm leaders when managing tax return reviews. Veronica Herrera emphasized the importance of using detailed checklists and leveraging AI tools like ChatGPT to streamline the preparation and review processes. A significant portion of the discussion was dedicated to exploring the application of a tribal tax credit strategy, which offers a dollar-for-dollar reduction in tax liability. Veronica and Al Devji reviewed how to present and calculate savings using this strategy, noting the potential for significant tax credits, provided the credits are still available. The session also introduced new features in the TaxPlanIQ software, such as the ability to upload tax returns directly, which can automate strategy suggestions and streamline client management.
August 29th, 2024
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