September 5th, 2024
In this Tax Lab session, the team tackled complex tax issues related to clients with multiple rental properties, S Corporations, and high W-2 income. Key discussions involved tax minimization strategies, including the possibility of moving properties from an S Corp back to a Schedule E, paying children through a Schedule C business, and leveraging short-term rentals for cost segregation benefits. There was an exploration of passive income generators, capital loss offsets, and the correct grouping of rental activities for tax purposes. The team also addressed amending previous tax returns and how to handle suspended losses and unreported carryover losses. The session concluded with recommendations to avoid unnecessary amendments and red flags that could prompt IRS scrutiny, while also ensuring proper reporting for 2023 and beyond.
September 12th, 2024
In this week's Tax Lab session, Courtney Holness presented a tax plan for a client whose projected revenue increased significantly. The session focused on strategies such as maximizing retirement contributions, incorporating health insurance into payroll, and exploring the potential benefits of forming an S-Corp. The discussion also covered deductible expenses, tax savings through different business structures, and the possibility of an S-Corp for better tax management. Participants explored potential savings from retirement contributions and pass-through entity taxes. ShaRon Dent also presented a tax plan for a young content creator whose income is expected to nearly double, reaching $400,000. The conversation included evaluating her business entity structure, potential tax savings through forming an S-Corp, and maximizing contributions to a Solo 401(k). They also discussed the use of the Augusta Rule for potential business deductions. The session emphasized careful tax strategy implementation based on the client’s projected income and business activity.
September 19th, 2024
In the Tax Lab this week, Veronica Herrera led a discussion covering various strategies and challenges presented by multiple participants. Keithie Graham presented a tax plan for a financial advisor with a significant income increase, discussing strategies like the S-Corp election, solo 401(k), and health insurance considerations. Courtney Holness shared a case involving a real estate client with numerous properties, focusing on handling multiple LLCs and tax planning across entities. Jesse Gleaton discussed challenges around client management, such as enforcing deadlines and implementing tax planning strategies, including the real estate professional status and short-term rental rules. Key points revolved around tax advisory services, client boundaries, and streamlining processes. We had a great discussion!
September 26th, 2024
In this TaxPlanIQ lab meeting, Veronica Herrera reviewed a tax plan submitted by Simon Sabir, focusing on strategies for a YouTube business earning substantial revenue through a C Corporation. Key topics included utilizing accountable plans, optimizing pre-tax employer benefits, shifting income to family members, and exploring advanced strategies like corporate-owned life insurance and captive insurance. The conversation also touched on moving the business to a tax-free state and potential real estate investments through the C Corporation. Veronica and Al Devji contributed insights on maximizing deductions and exploring tax-advantaged investments. An excellent session!