005: Maximizing Your Tax Savings: Expert Tips on Leveraging a Tax Planner for Radical Reductions
Jun 6, 2023
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Learn how Anomaly CPA is changing the game with innovative tax planning strategies, including the benefits of investing in startups under Section 1202. Discover tax incentives for eco-friendly projects and the importance of automation in advanced tax planning. Get insights on taking risks and embracing change in your career journey.
Certified tax planners can help individuals and businesses pay less taxes and build a financial fortress.
High net worth individuals can reduce their tax burden through strategies like investing in Section 1202 stock and becoming a real estate professional.
Proactive tax planning throughout the year with certified tax planners can significantly minimize tax obligations and uncover opportunities to save money.
Deep dives
Understanding the Certified Tax Planner Designation
Certified tax planners are a specific breed of CPAs who have undergone a certification program focused on understanding the tax code. They are skilled at looking at the tax code to help clients pay less taxes and build a financial fortress. By following the strategies and roadmap provided by certified tax planners, individuals can reduce their tax burden and achieve long-term wealth.
Key Strategies for High Net Worth Individuals
For high net worth individuals, there are several strategies to reduce their tax burden. One strategy is investing in startups that qualify for Section 1202 stock, which can potentially result in a $10 million capital gains exclusion. Another strategy is becoming a real estate professional, which allows individuals to offset their W-2 income with losses from real estate investments. Additionally, short-term rentals, such as Airbnb properties, can create non-passive losses that can be used to offset W-2 income. It's important to stay educated on changing tax incentives, such as those related to green energy, electric vehicles, and energy-efficient investments.
The Importance of Proactive Tax Planning
Proactive tax planning can make a significant difference in reducing tax liabilities. It involves strategic decision-making throughout the year, rather than waiting until tax season. By working with certified tax planners who stay on the cutting edge of tax laws and incentives, individuals can uncover opportunities to minimize their tax obligations. It's crucial to take advantage of the roadmap provided by the tax code and explore various strategies that align with personal financial goals.
Recharging with Exercise and Family Time
To recharge, both Greg and John find exercise to be essential. Staying active, working out, and embracing outdoor activities help them maintain mental clarity and sharpness. Additionally, spending quality time with family provides a soul-recharging experience. Balancing physical and emotional well-being plays a significant role in recharging their energy.
Advice for Younger Self: Take Risks and Be Open to Change
The advice both Greg and John would give to their younger selves is to take risks and be open to change. Embracing risk early in their careers allows for growth and opportunity. They encourage embracing new challenges, even if it means leaving the comfort zone. Being open to change and adapting to unforeseen circumstances is crucial for personal and professional development.
Taxes are one of the biggest investments that individuals and businesses make, and often they can take a significant chunk out of your income and profits. But what if there was a way to pay less in taxes and use those savings to invest in your future?
On today's episode of Tech Equity and Money Talk, we sit down with Greg O'Brien and John Malone of Anomaly CPA, who are on a mission to help small businesses and high-net-worth individuals optimize their tax planning strategies. With their combined expertise in accounting and law, Greg and John are able to offer premier tax planning services and leverage technology to streamline the process for their clients.
Join us as we explore how Anomaly CPA is changing the game with their innovative approach to tax planning and helping clients build a financial fortress for themselves and their families. Greg and John enable small businesses and high-net-worth individuals to combine premier tax planning services and leveraging technology to streamline and make the process effortless.
In this episode, you will hear:
The tax code as the book of laws
How to avoid the surprise of taxes
The three types of income
1202 stock: The tax break every startup investor should know about
The gold standard for tax strategy
How to write off short-term rentals
How to qualify as a real estate professional and reduce your tax burden
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