June 7th, 2023
We started off answering a few questions today - like how to change your company's logo and name within TaxPlanIQ, the particulars of the Client Questionnaire, and the presentation view of your potential tax plan. Then we reviewed a tax plan submitted by Jose Ortiz. We discussed rental properties, how to take a loss, requirements for cost segregation and other items to be considered with DIY, rehabilitation of properties and Air BnB's.
June 14th, 2023
Today, our case study was submitted by Lisa McAllister. She has a client who is married, filing jointly, who owns 2 businesses with her husband. The income is low, so the team looks at whether tax advisory services will render a high enough ROI for the client. The group looks at several strategies such as medical expense reimbursement, cancellation of debt strategy, and changing the setup of the current companies. Ultimately, it is decided that this particular client may not receive a high enough ROI for tax planning purposes.
June 21st, 2023
We began today’s session with introductions. We had a large group present with several new faces, so we took the time to share our tax experience and what everyone is hoping to do through the use of the TaxPlanIQ software.
Our tax plan was submitted by Tunde Akinrinmade. Tunde had already begun to create a tax plan for this particular client. He started by walking through the tax return and discussing how he chose several of the tax strategies he had already applied to the plan.
In this plan, the client is married filing jointly. He has three children. His wife does not work. The household has $369,000 of income from an S Corp Export business.
We see on the tax return that he has bought some properties this year. He already has several properties in Africa. These are not revenue producing properties at this time. The properties he bought this year are in America. He wants to keep these as a long term investment. He won’t have the time to use these as short term rentals because he travels a lot for work. The tax strategies we looked at were: Accelerated Depreciation, Accountable Plan, Cost Segregation, Renting home for business gathering, Roth IRA Contribution, and hiring the children.
June 28th, 2023
We had two case studies today. The first case study was submitted by Kristin Kippen. The clients came to Kristin as a referral from a financial planner. She did their tax return for 2022 and amended the return for 2021. The clients have 4 rental properties that they want to transfer to their 4 children and for the kids to take over the operations of running these properties. The clients are close to retirement and are looking to have their children purchase the properties (not just an outright gift). We take a look at strategies that would best suit this situation, including a 1031, installment sale, self cancelling estate documents, and the use of an estate planner.
Our second case study was submitted by Courtney Holness. The client is a contractor who typically works alone. His wife is a W2 earner and they have one son. We look first at whether or not to change this client from a Schedule C to an S Corporation. We also take a look at how the different rates impact the clients. We discussed the marginal rate, effective rate, and custom rate. In addition, the tax strategies discussed were the Accountable Plan, Non-Cash Charitable Donations, Roth IRA for the child, Employer Contribution to a 401K, and Hiring the Child.