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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
What to Do If You Win the Lottery | Tax Strategy Tips
💭 The Dream vs. the Tax Reality of Winning the Lottery
The Powerball jackpot is grabbing headlines again — now climbing toward $2 billion. Millions are daydreaming about luxury homes, quitting jobs, and generational wealth. But few realize this truth:
Winning the lottery can make you rich — but poor planning can make the IRS even richer.
From a tax advisor’s perspective, a lottery win isn’t just a dream come true — it’s also a complex tax event that can spiral if you're not prepared.
Let me explain through a real story…
🎯 Case Study: From $40K/Year to a $1M Jackpot (and a Major Tax Surprise)
Years ago, a client — a pest control technician earning around $40,000/year — walked into my office with a $1 million winning lottery ticket.
He was ecstatic — until I showed him the math:
Lottery agency withheld: $240,000 (24%)
Actual federal: $370,000+
Surprise tax shortfall: $130,000+
He wasn’t alone. Most lottery winners have no idea how under-withholding works — and the IRS doesn’t care if you’re unprepared. 🧾
🧾 How Much Tax Will You Owe on Lottery Winnings?
Here's what you really need to know:
Federal withholding: 24% upfront
Top federal tax rate: 37%
State taxes: 0–13% depending on location
Example:
PrizeWithholding (24%)Actual Tax Owed (37%+)Shortfall$1M$240,000~$370,000$130,000+$861M (Powerball lump sum)~$206M~$319M+$100M+
💡 Key takeaway: Withholding ≠ full tax bill. You must plan immediately to cover the gap.
🚫 Common Lottery Tax Mistakes (and How to Avoid Them)
Even smart people can make major missteps. Watch out for these tax traps:
❌ Assuming withholding is enough
Most people are shocked come April — always calculate your full liability early.
❌ Giving away too much too soon
Gifts over $19,000 per person (2025) must be reported. Give carefully — and strategically.
❌ Investing without a plan
Funding your cousin’s crypto startup? It's not tax deductible. You may lose both the money and a tax opportunity.
❌ Waiting too long to plan
Once that wire hits your account, you’re on the IRS’s radar. Start tax planning before you claim.
✅ What to Do Immediately After Winning the Lottery
If you win — or receive any windfall — take these actions first:
1. Protect Your Identity
Check if your state allows anonymous claims
Set up a legal entity (like a trust or LLC) if applicable
2. Assemble Your A-Team
✅ Tax Advisor (not just a CPA)
✅ Estate Attorney
✅ Fiduciary Financial Planner
These professionals must coordinate together, not work in silos.
3. Make an Estimated Tax Payment
Pay the IRS early to avoid penalties
Plan quarterly estimates if you delay claiming
4. Use Advanced Tax Strategies
Charitable trusts
Structured payouts or annuities
Estate freezes
Multi-year planning to reduce AGI
5. Think Legacy, Not Just Lifestyle
Fund a college savings plan
Buy rental property or dividend stocks
Set up family trusts or foundations
Build generational wealth, not just short-term comfort
👏 Real Example: The Millionaire Who Kept His Job
Back to my client — what did he do right?
🏠 Bought a modest house in cash
📈 Invested the rest conservatively
💼 Kept his $40K/year job
🧘♂️ Treated the money as security, not a spending spree
Today, he’s not just still wealthy — he’s actually grown his net worth.
💡 Why This Advice Matters (Even If You Don’t Play the Lottery)
Most people won’t win Powerball — but financial windfalls are more common than you think:
Inheritance
Business exit
Real estate sale
Legal settlements
Stock vesting events
All come with similar tax consequences.
Massive income without strategy = massive tax liability.
Planning ahead is how you keep more, grow more, and stress less.
🛡️ Proactive Tax Planning = Financial Peace of Mind
At Tax Sherpa, we help clients:
📊 Legally reduce tax liability
🧠 Optimize financial decisions after big wins
📅 Build long-term strategies for lasting wealth
Whether your “lottery” is selling a business or inheriting assets…
👉 Book a free tax strategy call today to learn how to legally reduce your tax liability and keep more of what you earn.
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
2302 Parklake Dr NE Ste 675
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
2302 Parklake Dr NE Ste 675
Atlanta, GA 30345
Monday - Friday, 10:00 am - 5:00 pm
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