July 5th, 2023
Today we did not have a case study submitted to create a tax plan. Instead, Veronica spent the hour answering questions and offering advice on tax strategies.
We first discussed how to best handle one year of high losses followed by one year of high gains. Next, we discussed the pros and cons of self-employed health insurance. We also spent some time discussing QBI and how to calculate numbers within TaxPlanIQ. Overall we had a great discussion!
July 12th, 2023
Today's tax plan was submitted by Luba Milgram. Luba has a client who is a realtor. We are looking at what tax planning options will best achieve the client's goals of saving for retirement and saving in taxes. Client is single with no dependents. All of her income is from being a realtor (through commissions) and also from a small rental unit she owns. After some back and forth, the group agrees that the best plan is to ask the client if she would be willing to become a broker. This would open up a significant amount of potential tax strategies that could help save for retirement and save on yearly taxes.
July 19th, 2023
This week's tax plan was submitted by Jesse Gleaton. This is Jesse's first time creating a tax plan, so he chose a client with a fairly straight-forward and simple situation. His client is a male, late 40's who is single with no dependents. The client is a business recruiter and recruits workers for large companies. In spite of having the word "consultant" in his company title, an earlier analysis of the work indicated that he would not be classified as a consultant for IRS Tax purposes. The client has a 1040 and an S Corp, and the 2022 Tax Return has not yet been filed. He owns 2 homes - no rental properties. The group decides a good starting place is to look first at what retirement plans the client has in place. Formerly with an SEP, but closed due to a previous audit, we outline some possibilities for retirement. We look at the Defined Benefit Plan, 401k and IRA.
July 26th, 2023
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