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May 22 •
AI Auditing: the most important coffee break I've ever done.
Today's coffee break livestream was a bit different than what I had planned. I had a whole different show prepared, and then last night, as I was lying in bed, this thought struck me. AI systems are going to be issuing audit notices in the very near future. And we have to build our own AI defense systems starting now. It's way too much for a skool post so go and check out the blog post on the TaxSherpa.com site. Forewarned is forearmed. https://taxsherpa.com/post/audit-by-ai-the-future
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Mar 19 •
Welcome to The Tax Strategy Network!
You’re in the right place if you want to legally reduce taxes, keep more of what you earn, and have ongoing support as you actually implement strategies in real life. How the community is structured We keep things simple with three levels so you always know what you have access to and where to go next. - Free Forever (everyone starts here) – This is the open community where you can join discussions, see updates, and get a feel for how we think about tax strategy for business owners. - Navigators (labeled “Premium” in Skool) – This is for people who want access to all of the tools, trainings, and resources I’ve created (and will create) to help you design and implement tax strategies on your own. - VIP Tax Plans (labeled “VIP” in Skool) – These are clients who have purchased a custom tax plan; they get everything in the lower levels plus classroom resources built specifically to help operate the strategies in their plan throughout the year. What Navigators get If you’re in the Navigators level, you unlock the full Classroom, all current and future trainings, and our weekly live call. - Weekly Navigators Call: Thursdays at 3 p.m. Eastern (already on the Skool calendar). - Deep-dive trainings on specific strategies, tools walkthroughs, and implementation guidance so you can confidently apply what you’re learning. What VIP Tax Plan clients get If you’re in the VIP level, you have a personalized tax plan that lays out the math, what to do, and how to do it. - The Classroom includes step-by-step resources tailored to operating the strategies in your plan—things like accountable reimbursement workflows and other “how do I actually do this?” guides. - As life and business happen during the year, you can refer back to these resources to make sure each strategy is set up and executed correctly. Your first action: Coffee Break with Neal No matter what level you’re in, the best way to plug in is to add our weekly Coffee Break with Neal to your calendar.
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2d •
Accountable Plan Tool Update
https://accountableplan.taxsherpa.com/ The tool for doing your own accountable plan calculations has been updated a little bit. Now we have a single-month view and a 12-month view where you can enter data for multiple months all at once. There's also a function for business owners who are reimbursing employees. That doesn't apply to very many people but I wanted that functionality. For Tax Sherpa accountable plan clients we're working on the latest version in the done-for-you version that is currently in testing. I'll do a separate update on that as it develops. August is super packed for me so at some point I will do a video overview of the new functionality on the Accountable Plan Tool. That will have to wait for now.
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7d •
TheJourney of a dollar
I've been thinking a lot recently about what it is I'm actually trying to do here. There are global purposes and goals, and there are more local purposes and goals. At a big level I'm trying to make the world a better place by defunding the government. The way that I do that, is through business and tax strategy. That dovetails with how I think small business is one of the best things that humanity's ever invented. More and more I find myself trying to help people recognize the three different phases of how money flows with regards to them specifically: 1. Base Camp: This is your active business. Maybe that's you as an employee, maybe that's you in your own business, or it could be lots of different things. Money comes into Base Camp as revenue and then it has to proceed through your business systems to create net profit, seller discretionary earnings, or EBITDA. These are all different ways of describing the same kind of thing: how much is the owner extracting from the business? The most important question is how efficiently that is happening. 2. The Ascent: This starts from Base Camp and goes toward the top of the mountain, where all of the tax strategy comes into play as far as making sure as many dollars make it from Base Camp to the summit. We want to improve the efficiency of these dollars so that you are retaining as much as possible. 3. The Summit: A lot of people think that means money in a checking account, but really the summit is the asset base that supports your lifestyle, or the wealth being generated for you and your family. Ideally you would grow your asset base so large that the yield from that is sufficient to support your lifestyle. When that happens you no longer need Base Camp. You no longer need the Ascent because the summit is keeping you there all by itself. It's a hard destination to reach but that is the actual goal.
Jun 25 •
Real Estate Investors Toolbox Update
New web address: https://reitoolbox.taxsherpa.com/ Fixed some bugs. More updates coming soon!
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