July 4th, 2024
NO LAB THIS WEEK
July 11th, 2024
This week's tax lab meeting was productive, encompassing a broad spectrum of topics crucial to refining tax planning and compliance strategies. The team looked at a plan created by Lisa Odeja, examining the effects of the high standard deduction on itemizing, particularly for charitable contributions, and the nuances of retirement planning and residency status for state tax returns. Discussions also touched on customizing client questionnaires to better capture individual needs and the structuring of fees for tax planning and compliance as separate entities. The group also looked at a plan submitted by Erik Blankmeyer. Significant attention was given to tax-saving strategies, including the potential implementation of a captive insurance company and a structured ownership program, which could offer substantial tax benefits. The team delved into the specifics of estimating tax payments, and the calculation of effective and marginal tax rates, discussing the financial implications of investment in these strategies. The lab concluded with plans to further analyze necessary documentation and enhance strategies using additional resources in their next meeting.
July 18th, 2024
During the tax lab session, we reviewed two tax plans submitted by Erik Blankmeyer and Dominique Chapman. The first case involved reviewing a 1040 and 1120 tax returns for a car dealership business. Key areas of focus included maximizing bonus depreciation before it phases out, analyzing business assets and liabilities, and exploring the benefits of charitable contributions and travel expenses. We discussed the importance of submitting both personal and business tax returns for a comprehensive analysis and recommended strategies such as implementing accountable plans and home office deductions to optimize tax savings. The second tax plan submitted by Dominique Chapman involved exploring cost segregation studies for real estate properties, ensuring compliance with self-employment tax rules, and leveraging backdoor Roth IRA contributions for long-term growth. Additionally, we addressed the use of non-cash charitable contributions and car and truck expenses for a realtor's Schedule C. The session concluded with a discussion on the appropriate fees for tax planning services, emphasizing the value of the complex strategies provided.
July 25th, 2024
In this week's tax lab session, Kendall Chavez reviewed a tax plan submitted by Jesse Gleaton. The group delved into multiple facets of tax planning, looking at the capabilities of the Tax Plan IQ software. The discussion encompassed strategies for managing client income and benefits, as well as handling non-compliant clients effectively. They also examined methods for adjusting tax rates and deductions, which are crucial for optimizing tax outcomes for clients. Furthermore, they considered the dynamics of the tax preparation industry, including potential opportunities for client management and sales. Concluding their session, they debated optimal pricing models for their tax planning services and discussed effective ways to present and implement tailored tax strategies to clients.