The Efficient Advisor: Tactical Business Advice for Financial Planners

229: Tax Strategy for Your Boring W-2 Clients and Beyond

Oct 22, 2024

Dive into the world of tax strategy with insights on how deeper client conversations reveal unique savings opportunities. Hear how a simple hobby can turn into a business, potentially unlocking substantial tax benefits. Discover the fascinating distinctions between tax strategy and basic preparation, along with mind-blowing examples that challenge conventional thinking. Plus, learn how innovative deductions for influencers and the complexities of global talent can shape effective financial plans. Get ready for an entertaining take on maximizing tax savings!

46:53

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Quick takeaways

Tax strategists offer innovative tax-saving opportunities tailored to individual clients, like converting personal expenses into deductible business costs.

Understanding clients' financial goals enables advisors to craft personalized tax strategies, promoting proactive financial planning and maximizing potential savings.

Deep dives

The Role of a Tax Strategist

A tax strategist goes beyond traditional tax preparation by providing comprehensive tax planning and strategies tailored to individual clients' needs. This involves not only identifying standard deductions but also exploring creative options such as business expenses for personal interests, which can lead to significant tax savings. For example, the podcast highlights a case where a tax strategist helped a client find a way to deduct costs associated with their Starbucks addiction by framing it within a business context. Such innovative approaches exemplify the proactive mindset that distinguishes tax strategists from regular accountants.

Intro

4min

Innovative Tax Strategies for Diverse Clientele

17min

Navigating Tax Deductions for Influencers

15min

Leveraging Global Talent for U.S. Tax Strategy

2min

Maximizing Productivity Through Time Blocking

4min

Maximizing Client Engagement through Creative Tax Strategies

5min

When I was running my practice, I dreamed of having a tax professional who would do actual tax strategy. Like WAY MORE than just getting behind my Roth conversions or more traditional ideas like QCDs, but someone that could actually sit down with my clients and tell them if they should buy their car through their business, tell them what type of entity they should be, help my boring W-2 clients find clever ways to strategize to save tax dollars well in advance of tax season, figure out a way for them to deduct their Starbucks obsession (and she shares this story in this episode), or if doing an AirBnB makes sense for their lake house… you know what I’m talking about a TAX STRATEGIST… not just a CPA.

Enter, Shauna the Tax Goddess. Yes, that’s the name of her company and she’s known as the Tax Goddess because she is one of the most highly credentialed tax strategists in the United States.

In this episode, Shauna gives us a glimpse into the world of tax strategy and how they help advisors’ clients get creative and save boatloads of tax dollars without getting into the gray area of the tax code.

We get into:

How having deeper conversations leads to unique tax savings opportunities
How to turn a hobby into a potential business for your clients
What the IRS considers reasonable… and Shauna shares an example that might floor you as it did me!
How tax strategy differs from tax preparation and basic tax ideas

If nothing else, you will be entertained by this episode!

Schedule a time to learn more about The Tax Goddess and what they can do for your clients!

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Check out more FREE resources and our FREE video library at http://www.theefficientadvisor.com

Looking for all the resources from this episode? Check out this episode’s webpage for show notes, transcripts, downloads and more!

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