It takes a special kind of brain to fully understand taxes but that’s why we’ve partnered with Michael Fussell at Tax Law Associates LLC. Their website boasts that they save their clients 20-40% off their full tax year outlays! We had Michael and Laura on to talk tax law strategies and answer questions from viewers. These are the questions:

1. Q: Can you share an example of a business you’ve worked with to optimize their entity within statutory limits of tax advantages? What sort of blind spots were they missing?
2. A: 28:26
3. Q: This is all well said, and your services are needed. Especially if you understand our industry. But in a perfect world we had team in conjunction with you supporting bookkeeping as well for seamless tax returns. My bookkeeper is mediocre at best and doesn’t understand our industry... Do you have resources to provide a total holistic service?
4. A: 32:36
5. Q: I’ve been told to use an S Corp as that is what most advisors do. Are you referencing that this really isn’t a one-size-fits-all and we should connect with you to learn how we best build our structure?
6. A: 34:14
7. Q: What information would you need for a team that just came over (3 months ago), so no tax returns done yet?
8. A: 36:13
9. Q: What are some of the other primary dispositions you’ve seen people base their entity on other tax optimizations?
10. A: 37:41
11. Q: What is the minimum income that makes sense to reach out? I am actively trying to minimize the size of practice to just run a lifestyle practice.
12. A: 39:24
13. Q: If the entity structure is right, do you provide guidance on deductible expenses like, home office, depreciating vehicle, hiring a 1099 contract person, etc..
14. A: 41:34
15. Q: How do we get started?
16. A:43:26

(Contact Laura at laura@taxlawassoc.com or call/text at 865-776-0654)

There you have it! Your tax questions asked and answered. If you have any more questions, please reach out to Tax Law Associates directly!