June 5th, 2025
In this Tax Lab session, led primarily by Bobbi Wipperling, CPA, with support from Veronica Herrera, CPA, and participation from Enae Jackson-Atkins and Saad Abbas, the group reviewed and refined a tax plan for one of Enae’s high-net-worth clients—a married couple in California, including a law firm owner and a tech business owner. The session focused on reviewing a 1040 return, updating marginal and effective tax rates based on 2025 projections, and applying multiple tax strategies using TaxPlanIQ. Strategies discussed included pre-tax benefits like 401(k) contributions and employer matches, the Augusta Rule, pass-through entity tax (PTET), entity selection for the Schedule C business, home office deductions, and reasonable compensation calculations. Veronica and Bobbi provided in-depth guidance on strategy implementation, recurring savings logic, fee structuring, and ROI calculation within the software. The session also addressed how to prepare for client presentations and pricing structures for advisory services.
June 12th, 2025
In this Tax Lab session, Lisa Marie Odeja presented a complex client case involving multiple real estate properties, potential capital gains, and a need for strategic tax planning. Lisa and Bobbi collaborated to refine a tax plan that avoids triggering capital gains on a $480K gain from a potential property sale by proposing a refinance strategy instead of a sale, while also considering a 1031 exchange as an alternative. They discussed structuring new and existing short-term rental properties into LLCs, applying bonus depreciation for furnishings, and the client's ongoing flipping strategy. Lisa aimed to present the top five tax-saving strategies while ensuring her service pricing reflected the value provided. The session also addressed how to capture intangible benefits like increased cash flow and future planning needs. Additionally, Lisa explored bundling her services into a flat fee model to streamline client engagement and maximize upfront compensation.
June 19th, 2025
No Tax Lab Today
June 26th, 2025
In this Tax Lab session, Bobbi Wipperling led an interactive discussion with participants including Rebecca Scott, Kathleen Barrett, Beverly Khoury, Melissa, Dahiema Grant, and Michelle. The session focused on reviewing Rebecca Scott’s first tax plan, covering topics such as setting appropriate plan amounts for Roth contributions and Life Insurance Retirement Plans (LERPs), determining cash flow requirements, and addressing rental property depreciation. They also discussed how to price and present tax plans, including strategies for charging implementation and maintenance fees, and managing client expectations around deliverables. Kathleen inquired about generating professional presentations and reports in TaxPlanIQ, while Beverly asked about duplicating strategies for multiple children in wage plans. The group explored best practices for using the ROI method, customizing client presentations, and handling nuanced scenarios like clients with upcoming inheritances or plans to marry. The session concluded with a demonstration of TaxPlanIQ’s reporting features and advice on maintaining professional boundaries and clear communication when offering tax planning services.