March 7th, 2024
This week's tax lab session, led by Veronica, commenced with a check-in with TaxPlanIQ subscribers, offering to address their inquiries. The discussion encompassed various topics including the fee structure for client entity changes, the distinctions between wet and electronic signatures, necessary documentation for Single Member LLCs, and timing for fulfilling these requirements. Additionally, the session featured a review of a tax plan submitted by Angelica Roxas, focusing on a client who is both a real estate investor and an engineer interested in investing in diverse tax credits. The group also explored additional deductions available to the client, enhancing the depth of the tax planning conversation.
March 14th, 2024
No Tax Lab Today
March 21st, 2024
Today in our Tax Lab, the team tackled a variety of issues ranging from balancing children's sports and academics to intricate tax planning and investment strategies, alongside client engagement challenges. They expressed concerns over sports-related injuries, academic impacts, and frustrations with legislative delays affecting tax returns. Discussions included the significance of tax compliance, transparent communication, and the exploration of the Tax Relief for American Families and Workers Act of 2024's implications, such as expanded child tax credits and business incentives. Furthermore, they shared expertise in document redaction via Adobe Acrobat, analyzed depreciation schedules, and reviewed a client's 2022 return to identify tax planning opportunities. The conversation also ventured into business entity tax strategies, considering the advantages of different structures and the strategic use of C-Corps at the individual partner level, highlighting the complexities of entity choice, guaranteed payments, and investor engagement for optimized tax outcomes.
March 28th, 2024
In the Tax Lab this week, TaxPlanIQ subscribers started the discussion with insights on Valur, a preferred vendor within the TaxPlanIQ network. The focus then shifted to a tax return submitted by Mohana Suggula, which provided the foundation for a rich discussion on two investment strategies aimed at offsetting capital gains. This analysis not only highlighted the effectiveness of strategic investments in managing tax liabilities but also led to an insightful conversation on identifying optimal tax planning strategies for individuals with high W2 earnings. The session proved to be exceptionally fruitful, offering valuable perspectives on leveraging investment opportunities to enhance tax efficiency for high earners.