February 6th, 2025
In this Tax Lab session, Veronica Herrera and Jeff Wolf discussed a complex tax case involving a high-income doctor with significant deductions, late tax filings, and financial planning challenges. Jeff presented the case, highlighting concerns about aggressive deductions, questionable consultant payments, and the client's reluctance to file due to tax liabilities. The team examined strategies such as penalty reduction, income shifting, home office deductions, and the Augusta Rule to optimize the client's tax position. Additional discussion focused on financial advisory collaboration, retirement planning, and structuring income more effectively through payroll or a C corporation. The session concluded with an assessment of whether taking on the client was worthwhile given compliance risks and the potential for increased tax liabilities.
February 13th, 2025
The Tax Lab session, led by Veronica Herrera, focused on reviewing tax planning case studies submitted by Courtney Holness and Lisa Marie Odeja. Courtney sought guidance on balancing individual and business tax returns while also exploring strategies for converting rental properties held in a solo 401(k) to a Roth. Lisa presented a case involving an S-Corp owner with a significant tax liability from previous years, looking for potential tax strategies to mitigate the impact. The discussion covered key tax planning strategies, including the Augusta Rule, retirement contributions, payroll considerations, Qualified Business Income (QBI) deductions, and cost segregation. The session also addressed estate planning implications and the role of custodians in self-directed retirement account conversions. The meeting concluded with troubleshooting development issues and plans to continue Lisa’s case review in the next session.
February 20th, 2025
Today's Tax Lab session covered tax planning strategies for clients with varying income levels, focusing on determining the feasibility of tax planning based on projected earnings and tax savings. Discussions included strategies for business transitions, effective tax bracket evaluations, alternative investments, and leveraging deductions. The group also reviewed approaches to pricing tax plans, ensuring value for both the client and the advisor. Case studies submitted by Lisa Marie Odeja and Paresh Shah highlighted real-world scenarios involving business structure changes, passive losses, and retiree planning considerations.
February 27th, 2025
In this Tax Lab session, Veronica Herrera reviewed a tax plan for Lisa Marie Odeja and Courtney Holness. Lisa presented a case involving a real estate construction client who was considering tax planning services alongside bookkeeping and tax preparation. The discussion focused on strategies such as a defined benefit plan, net investment income tax adjustments, donor-advised funds, and maximizing itemized deductions. Veronica emphasized the importance of understanding cash flow availability before implementing certain strategies. Courtney presented a case involving a U.S. citizen living abroad in Honduras with a transition from W-2 employment to an independent contractor structure. The team examined the foreign earned income exclusion, self-employment tax implications, and tax planning strategies for his new LLC, including hiring his children and potential business deductions. Pricing strategies for tax planning services and how to distinguish tax planning from tax preparation were also discussed.