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Slash Your Tax Rate
After Filing 50,000 Tax Returns I Discovered the Secrets to Tax Savings
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Accounting
They professional, well versed and educated to address my needs. I feel very comfortable moving forward with their services.
Business Accounting Services
Amazing service! Called right away and provided so much information and support!
Tax Sherpa by far is the best in fulfilling your tax needs. They provide top notch customer service and are always willing to help.
Neal is exceptional at the work he does and always looks out for the best interest of his clients. Serena is amazing and keeps communication line open at all time. Thank you Tax Sherpa for your service.
Tax sherpa has been quite good in helping me with my monthly accounting and understand tax saving strategies and has been very low effort on my end compared to tax services I have used in the past.
If you own your own business Tax Sherpas can really switch the extra tax burden on it head for you and save you thousands, while charging very fair fees for service.
The Tax Sherpa Mission
At Tax Sherpa, our mission extends beyond the numbers. We are passionately committed to empowering solopreneurs and small business owners by saving them tens of thousands on their taxes. We firmly believe that prosperity thrives when individuals retain more of their hard-earned money. It's not just about good business sense; it's about fostering a world where people's pockets, not the government's, hold the key to positive change.
Book a Survey Call Now
Hop on a call with one of our tax experts to go over your individual situation.
Personalized tax assessment
Expert strategies tailored for you
Potential to discover significant tax-savings opportunities
Pick any available time on our calendar to start saving today.
Our Services
Learn a little more about the core services we offer:
Tax Advisory
Unlock your path to significant tax savings with our Tax Advisory services. Our experts craft, implement, and consistently update tailored tax strategies that not only align with your unique business needs but also pave the way for maximum tax efficiency.
Tax Filings
Realize your tax savings annually without the hassle. With our Tax Filings service, we meticulously handle the paperwork, ensuring every tax advantage is captured when submitting to the government. Experience peace of mind, knowing that every deduction and saving is realized for you.
Bookkeeping
More than just numbers on a ledger, our Bookkeeping service helps you maintain a clear picture of your revenue and expenses. By seamlessly integrating tax strategies into your books, we ensure that your records not only stay organized but also accurately mirror your financial blueprint, keeping you aligned with your tax-saving goals.
About Us
Neal McSpadden,
Chief Tax Strategist
I went from owing the IRS over $1,300,000 to Zero, and in the process of fixing my own mess I discovered the hidden world of tax planning.
Over the years, I've worked on over 50,000 tax returns covering billions of client earnings and have helped save clients hundreds of millions of dollars.
What I discovered through this whole process is that:
The large companies (that can afford to pay 6-figure fees) get great tax advice.
The simple W-2 earner with no other activities end up filing for themselves or go down to the corner tax preparer office. They generally get mediocre advice, but it's good enough for now.
The people in the middle, solopreneurs and small business owners, can't afford the fees of the big companies and are unable to get good service from the corner preparers.
Those people are who we aim to serve.
Our Core Values
Our Philosophy
Our core philosophy is that the solopreneurs and small business people are the backbone of our entire society. Without them, nothing else works.
The current system that places undue tax burdens on this group needs to be changed and defunded.
Our Promise
Our promise to you is to craft an individualized plan for your individual situation. All taxes are personal, and everyone's life is different.
Our Guarantee
We guarantee you will save multiples of our advisory service fees.
When we create your custom tax blueprint we will show you exactly how much you might save based on your current circumstances.
Our Blogs
Partnerships, Crypto, and More | Tax Sherpa Live - 2024-08-13
In this full episode of Tax Sherpa Live aired on August 13, 2024, Neal McSpadden, the founder, and chief tax strategist at TaxSherpa, discussed a variety of vital tax topics geared toward solopreneurs, small business owners, and independent contractors. This session is filled with valuable insights and actionable advice that can help you optimize your tax strategies and achieve financial freedom.
Key Topics Covered
New Community Launch
I have actually been thinking about this since 2016. Maybe 2017 as far as how to turn, what we do and just the giant masses of information in my head into something that people can actually consume.
Neal discusses the exciting launch of their new community platform, providing a more structured and accessible way for people to consume TaxSherpa's content and tools. He describes the different levels of the new community and shares his longstanding vision for making tax information more accessible.
https://taxsherpa.com/explorer
Understanding 1099-K Changes
Neal delves into the significant changes in the 1099-K reporting requirements and their implications. He explains how the new rules may affect a wide range of taxpayers and the steps needed to ensure compliance.
Common Errors in Form 1065 Filings
There are lots of issues with partnerships
Neal addresses common errors and oversights in Form 1065 filings for partnerships, including issues with self-employment tax, guaranteed payments, and capital accounts. This discussion provides insights into how partnerships can avoid these pitfalls and ensure accurate tax reporting.
Advanced Tax Planning Techniques
Yes, is the answer, but there's all kinds of different tax strategies
Neal confirms the implementation of sophisticated tax planning techniques for high-net-worth individuals and corporations in his experience. He also shares an example of saving a client $6 million with one advanced strategy.
Tax Implications of Divorce
This gets sticky.
Neal discusses the complex tax implications of divorce, especially concerning who should claim a child as a dependent. He outlines the IRS rules, court rulings, and practical solutions for dealing with these situations.
State Tax Filing for Partnerships
Yeah. So there's different methods
Neal explains different methods for state tax filings for partnerships operating in multiple states. He highlights the importance of proper allocation methods based on payroll, profit, and property to ensure accurate tax reporting.
Handling Property Contributions in Partnerships
You contribute property at the contributor's basis.
Neal advises on how to handle property contributions in partnerships, emphasizing correct reporting on tax returns. He explains the concept of basis and how it applies to these situations.
Addressing S Corporation Shareholder Issues
Neal discusses steps to resolve issues when the IRS questions an S corporation due to an ineligible shareholder. He provides a quick overview of eligible shareholders and warns of the consequences of improper structuring.
Understanding Stock Options and RSUs
Stock compensation can get all kinds of squirrely depending on how it's done
Neal clarifies the tax implications of receiving stock options and RSUs from an employer. He explains the difference between ordinary income and capital gains taxation in these scenarios.
Reporting Cryptocurrency Transactions
It's complicated and how it's to be reported depends on what you're doing.
Neal advises on the complexities of reporting cryptocurrency transactions. He outlines different scenarios such as capital gains, receiving payments, and various DeFi activities. He highlights the importance of accurate reporting to avoid IRS issues.
Exploring the Business Design Calculator
Neal reveals a new business design calculator that helps small business owners quickly analyze their revenue targets and expense structures. This tool aims to provide clarity and aid in strategic planning.
Join the Tax Sherpa Explorers Community
Our mission as always is to make more money and to keep it
Neal invites everyone to join the TaxSherpa Explorers community for free. This community provides valuable resources, templates, and tools to help small business owners and entrepreneurs manage their taxes and grow their businesses efficiently.
https://taxsherpa.com/explorer
Join Us Live Next Time and submit your questions in the Explorer community!
Frequently Asked Questions
Q:
What's the difference between tax advisory and just filing my taxes?
Filing your taxes each year is a necessary task, but it is always backwards looking. Tax advisory works with you throughout the year to make sure that you are on the right track when it comes to your taxes and have strategies in place to save money now.
Q:
I've heard about tax write-offs for small businesses. What exactly can I write off, and how does it benefit my business?
Tax write-offs, also known as tax deductions, are expenses that a business incurs that can be subtracted from its revenue to reduce the amount of taxable income. Common write-offs include office supplies, mileage, rent for a business location, and advertising expenses, among many others. By writing off legitimate business expenses, you can significantly reduce your taxable income, which can lead to a lower tax bill. It's essential, however, to maintain proper records and ensure that the expenses are truly business-related.
Q:
What's the difference between a tax deduction and a tax credit?
A tax deduction reduces the amount of your income that is subject to taxation, which in turn can lower your tax liability. Common deductions include expenses like mortgage interest, student loan interest, and business expenses. A tax credit, on the other hand, is a direct reduction of your tax bill. This means if you owe $1,000 in taxes and have a $200 tax credit, your tax due would be reduced to $800. Some popular credits include the Child Tax Credit, the Earned Income Tax Credit, and credits for energy-efficient home improvements.
Q:
I'm thinking of hiring an independent contractor instead of an employee. Are there different tax implications for each?
Yes, there are significant tax differences between hiring an employee and an independent contractor. When you hire an employee, you're responsible for withholding federal and possibly state income taxes, Social Security, and Medicare taxes from their paychecks. You also typically pay unemployment taxes on wages paid to employees. Independent contractors, on the other hand, are responsible for their own taxes. As a business owner, you'd provide them with a Form 1099-NEC (if you pay them $600 or more during the year) instead of a W-2, and they would be responsible for their own self-employment taxes. It's important to correctly classify your workers, as misclassifying can lead to penalties.
Get in touch with us
Have questions? Use the form here and one of our knowledgable staff will get back to you as soon as possible.
(678) 944-8367
office@taxsherpa.com
3900 CROWN RD SW STE 16709
Monday - Friday, 10:00 am - 5:00 pm
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Contact Us
office@taxsherpa.com
(678) 944-8367
3900 CROWN RD SW STE 16709
Monday - Friday, 10:00 am - 5:00 pm
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