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(678) 944-8367

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Your Tax Partner for Growth. Empowering Small Businesses with Expertise, Savings, and Peace of Mind.

Beyond Compliance: Crafting Tax Solutions for Business Success.

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Accounting

They professional, well versed and educated to address my needs. I feel very comfortable moving forward with their services.

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Business Accounting Services

Amazing service! Called right away and provided so much information and support!

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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.

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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:

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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.

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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.

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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

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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:

  1. The large companies (that can afford to pay 6-figure fees) get great tax advice.

  2. 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.

  3. 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

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Senator's Bold Tax Play: A Wake-Up Call for Entrepreneurs?

December 15, 20235 min read

In the shifting sands of tax legislation, a recent GOP bill spotlights the ever-changing nature of tax law and its ripple effects. This proposed legislation aims to levy a 35% tax on the investment income of mega endowments held by elite institutions like MIT, Yale, and Harvard. For solopreneurs and small business owners, this serves as a stark reminder: tax laws are mutable, often reshaped by the hands of Congress with little notice. Understanding this fluidity is not just advisable; it is imperative for anyone navigating the complexities of tax planning and financial management.

Navigating the turbulent waters of tax law is a journey fraught with both peril and promise. Take Bob, the owner of a software development firm, who found himself blindsided by a subtle change in the tax code regarding R&D expenditures. This change meant that despite qualifying for R&D credit, his company faced an unexpected tax on already spent funds.

Contrast this with Alice, a savvy consultant who capitalized on the newly instituted qualified business income deduction, saving a substantial $32,000. These stories underscore a vital truth for solopreneurs and small business owners: tax laws are in constant flux, reshaped at the whim of Congress, with profound impacts on your business's financial landscape. Understanding this fluidity is critical, not just as a best practice, but as a necessary strategy for navigating the complexities of fiscal management and tax planning.

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Background Context

Senator Vance's bill, read twice on the Senate floor, confronts the financial behemoths of the academic world with a substantial tax increase, from a modest 1.4% to a hefty 35%, on endowments exceeding $10 billion. Yet, as the bill encounters a roadblock with its blockage by a Democratic senator, it exemplifies the unpredictable journey of tax legislation. This impasse in the Senate underscores a crucial lesson for the financially savvy: the only constant in tax law is change, and the need for vigilance is paramount.

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Tax law is a landscape of continual change, not just in sweeping reforms but also through subtle, yearly adjustments. These shifts can directly impact your fiscal strategy. Take, for instance, the fluctuating deductibility of mortgage insurance in itemized deductions, a decision that hinges on the annual 'tax extenders' passed or omitted by Congress. Similarly, the Inflation Reduction Act of 2022 introduced a slew of tax credits for electric vehicles, reflecting the ongoing evolution of tax incentives. Our detailed analysis on electric vehicle tax credits is available here.

Criticality of Understanding Tax Law

Tax law forms the backbone of financial planning and strategy for businesses of all sizes. It transcends political boundaries, impacting cash flows, investment decisions, and operational strategies. Historical precedents show that changes in tax legislation, like the Tax Reform Act of 1986 or the more recent Tax Cuts and Jobs Act of 2017, can alter the business landscape overnight. For the solopreneur or small business owner, staying ahead of these changes isn't just good practice—it's a survival skill in a sea of legislative shifts.

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Lesson One: The Need for Vigilance

In the realm of tax regulations, complacency can be costly. Vigilance is not optional; it is a critical component of financial stewardship. To navigate this ever-evolving landscape, solopreneurs and small business owners must engage with a variety of resources. Subscribing to tax law newsletters, attending webinars, and forming relationships with tax professionals are all strategic moves. These resources act as sentinels, alerting you to the shifts that could affect your bottom line long before the tremors are felt.

The bedrock of staying tax compliant is the IRS itself, despite the complexity of its publications. For those who find the jargon daunting, Tax Sherpa's blog offers a more digestible overview of these updates. Our commitment is to distill these changes into actionable insights, so you can focus on what you do best—running your business.

Lesson Two: Planning with Uncertainty

The future of investment growth, tax rates, and retirement needs is a landscape shrouded in fog. Wise financial planning embraces this uncertainty, using historical trends as compass points, not destinations. For the astute business owner, it's crucial to build financial plans that are both robust and flexible, capable of weathering changes and seizing opportunities that arise from the unpredictable ebbs and flows of the economy and tax codes.

We help our clients navigate uncertainty by mapping out various tax scenarios. This strategic forecasting includes all tax categories and allows clients to make informed decisions based on their expectations for their business, potential policy changes, and personal financial needs.

Our clients, like Jane, a consultant earning $150,000 annually, have seen firsthand the benefits of our tailored strategies. Jane utilized our advice on maximizing deductions and strategic income splitting, leading to significant tax savings.

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Practical Tips and Strategies

Engage with a specialized tax team that understands your business. Commit to lifelong learning in tax literacy, ensuring your strategies evolve with the tax code. Balance aggressive savings with prudent risk management.

  1. Maintain Accurate Books: The foundation of effective tax planning.

  2. Create Projections: Use past and current data to forecast your year.

  3. Anticipate Changes: Factor in potential law changes, like fluctuating deductibility rates, into your plans.

Senator Vance's bill serves as a vivid example of tax law's volatility. It's a clarion call to prioritize informed, proactive tax planning as an integral part of your business strategy.

Reflect on this: When was the last time you proactively reviewed your tax strategies, instead of reacting post-factum?

Stay ahead of the curve with Tax Sherpa. Contact us for personalized tax strategies that align with your business goals. Book a free consultation with Tax Sherpa. Let's diagnose your tax situation and uncover ways to enhance your tax position.

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Neal McSpadden

Neal went from owing the IRS over $1,300,000 to Zero and in so doing discovered the world of tax planning. Since 2011 he's helped tens of thousands of clients save hundreds of millions of dollars on overpaid income taxes.

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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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Disclaimer: The content presented on this website is intended for informational purposes only and is not tailored to the needs of any specific individual or entity. It should not be considered as financial, investment, or tax advice. The information provided is general in nature and does not account for individual circumstances or financial positions. Before making any financial or tax-related decisions, we strongly advise consulting with a qualified professional who can provide guidance tailored to your individual situation. All information on this site is provided in good faith, but we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on the site. Use of this site and reliance on its content is solely at your own risk.

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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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