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!

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Intro

00:00 • 4min

Innovative Tax Strategies for Diverse Clientele

03:35 • 17min

Navigating Tax Deductions for Influencers

20:26 • 15min

Leveraging Global Talent for U.S. Tax Strategy

35:30 • 2min

Maximizing Productivity Through Time Blocking

37:02 • 4min

Maximizing Client Engagement through Creative Tax Strategies

41:31 • 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!

Learn more about the Group Coaching & Mastermind HERE!

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Learn more about Asset-Map financial planning software HERE!

Learn more about our sponsor Beemo Automation HERE!

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Connect with Libby on LinkedIn HERE!

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