PS. Whenever you're ready, here are some ways we can help with reducing your taxes...
Ready to slash your tax bill? Schedule your free consultation and let's strategize your tax savings together! Book now at: https://www.prosperlcpa.com/apply Or, if you still need more time, here are some other ways to begin winning the tax game...
Take our free Tax Planning Checklist & learn about what tax savings may be available for you in our minicourse at https://taxplanningchecklist.com
At the very least, get on our newsletter to gain access to free live events and exclusive insight you won't find anywhere else: https://www.prosperlcpa.com/newsletter-subscription
Unlock the secrets to saving big on taxes for high earners—join our FREE live Tax Q&A calls Wednesdays at 3pm EST Reserve your spot now at: https://www.prosperlcpa.com/live-qa
Get your FREE Personalized Tax Planning Video at: https://www.prosperlcpa.com/5minutetaxplan
Make the most of the available tax strategies for real estate investors and gain access to reliable guidance, expense templates and workpapers with our Essential Tax Planning for Real Estate Investors Course
Tom Gorczynski, enrolled agent and tax expert, joins us to debunk common tax planning misconceptions and reveal frequently missed opportunities that can cost taxpayers thousands of dollars. We explore how social media oversimplifications of complex tax strategies can lead to compliance issues and missed savings.
• Social media tax advice often omits critical nuance, making strategies seem simpler than they are
• Entity selection requires analyzing numerous factors beyond just income level
• The "family management company" scheme likely violates economic substance doctrine
• Common tax strategies like hiring children are legitimate but frequently misrepresented
• Section 199A deduction remains widely misunderstood and underutilized
• Quality tax preparation often costs more but provides significantly better ROI
• Tax professionals working excessive hours likely produce lower quality work
• Many business tax credits go unclaimed due to lack of awareness
• Reasonable basis standard allows taxpayers to take supportable positions even in gray areas
• Missing tax opportunities can cost hundreds of thousands over time
For more tax insights, subscribe to Tom's newsletter at TomTalksTaxes.com or explore continuing education at Compass Tax Educators.
