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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.
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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
Think Twice Before Filing Your 2024 Taxes
Why You Should Think Twice Before Filing Your 2024 Taxes: Big Changes Could Put More Money in Your Pocket
A Surprise Tax Bill Could Mean More Money for You—If You Wait
Think Twice Before Filing Your 2024 Taxes
What’s Changing and Why It Matters
1. A Fast-Tracked Tax Bill Could Pass Soon
2. Trump’s 2017 Tax Cuts Could Be Extended—Or Expanded
3. Retroactive Tax Changes Could Work in Your Favor
4. Business Owners Could Benefit from 100% Bonus Depreciation
5. Software Development Costs Could Be Deducted Immediately
6. The $10,000 SALT Deduction Cap Could Be Eliminated
Filing Early Could Mean Filing Twice
Who Should Consider Waiting to File?
The Bottom Line: Patience Could Pay Off
1. When is the deadline to file 2024 taxes?
2. What if I already filed my 2024 taxes?
3. Will the IRS automatically adjust my return if the tax laws change?
4. How do I know if I should wait to file?
Imagine rushing to file your taxes, expecting a refund, only to find out a few weeks later that new tax laws could have put even more money in your pocket. Now you’re stuck filing an amended return—or worse, missing out on savings altogether.
With former President Donald Trump back in office and House Speaker Mike Johnson pushing for a new tax bill before the April filing deadline, big tax changes could be coming soon. And if they do, they’ll likely apply retroactively to 2024, which means waiting to file your taxes could be a smart financial move.
Let’s break down what’s happening, what’s changing, and how you can take advantage of it.
What’s Changing and Why It Matters
Lawmakers are considering a major tax overhaul, with potential updates to deductions, tax rates, and credits that could impact your 2024 tax return. Here’s what you need to know:
1. A Fast-Tracked Tax Bill Could Pass Soon
What’s Happening?
Congress may use a process called budget reconciliation to pass a tax bill with a simple majority, avoiding the usual 60-vote Senate hurdle. If successful, these tax changes could go into effect before the April filing deadline.
Why It Matters:
If the bill passes, new tax rules could mean bigger deductions, lower tax rates, and other financial benefits. Filing early could mean missing out on these perks, forcing you to file an amended return later.
2. Trump’s 2017 Tax Cuts Could Be Extended—Or Expanded
What’s the Deal with the TCJA?
The Tax Cuts and Jobs Act (TCJA) lowered tax rates and increased the standard deduction, but many of its benefits are set to expire. Lawmakers may vote to extend or modify these cuts, which could mean lower taxes for you.
Why It Matters:
If you wait to file, you could benefit from a lower tax rate or an extended deduction that increases your refund. Filing early could mean missing out.
3. Retroactive Tax Changes Could Work in Your Favor
What Does Retroactive Mean?
If Congress passes new tax laws in early 2025, they could apply retroactively to 2024, as if they were in place all along.
Why It Matters:
This means you could take advantage of new deductions or tax breaks—even though they weren’t official when 2024 started. But if you file too early, you might miss out and need to go through the hassle of amending your return.
4. Business Owners Could Benefit from 100% Bonus Depreciation
What’s Changing?
Under the TCJA, businesses could deduct the full cost of eligible equipment and property upfront instead of spreading it over several years. But in 2023, this perk started phasing out.
Why It Matters:
Lawmakers might bring back 100% bonus depreciation, which would be a huge win for business owners, real estate investors, and anyone who made big purchases in 2024.
If you file before this change is official, you might miss out on extra tax savings.
5. Software Development Costs Could Be Deducted Immediately
What’s Section 174?
Currently, businesses must spread out software development costs over multiple years. But new legislation could change that, allowing companies to deduct these expenses right away.
Why It Matters:
If you’re a tech entrepreneur or software developer, this could mean a massive tax break—but only if you wait to file until the new rule is official.
6. The $10,000 SALT Deduction Cap Could Be Eliminated
What’s the SALT Cap?
Right now, taxpayers can only deduct $10,000 in state and local taxes (SALT) on their federal return. This cap has hit homeowners in high-tax states like California, New York, and New Jersey especially hard.
Why It Matters:
If Congress lifts or removes the SALT cap, you could deduct more of your state and local taxes, lowering your overall tax bill. But if you file early, you won’t get this benefit.
Filing Early Could Mean Filing Twice
Some taxpayers may choose to file now and amend their return later if tax laws change. But here’s why that might not be the best idea:
Amended Returns Take Time: Processing Form 1040-X can take months, delaying any extra refund.
Mistakes Happen: Amended returns are more complex, increasing the risk of errors.
The IRS Might Not Fix It for You: Unlike past automatic corrections (like in 2020 for unemployment income), these tax changes are more complicated. That means you’ll likely have to fix your return yourself if you file too soon.
Who Should Consider Waiting to File?
You may benefit from holding off on filing your taxes if you:
✅ Own a business or invest in real estate (Bonus depreciation could save you big money)
✅ Develop software or invest in tech (New tax breaks could let you deduct costs immediately)
✅ Pay high state or local taxes (Lifting the SALT cap could mean a bigger deduction)
✅ Earn a high income (Possible changes to tax rates or deductions could lower your bill)
Waiting just a few extra weeks could mean hundreds or even thousands of dollars in extra savings.
What to Do While You Wait
Even if you hold off on filing, you can still get ready:
✔️ Gather Your Documents: W-2s, 1099s, and receipts for deductions
✔️ Use Tax Software to Estimate Your Return: This can help you see what your refund (or tax bill) might look like under current laws
✔️ Talk to a Tax Professional: A CPA or tax expert can help you decide the best time to file based on your situation
The Bottom Line: Patience Could Pay Off
Tax laws are changing fast, and filing too soon could mean missing out on valuable deductions and credits. If you own a business, have significant deductions, or pay high state taxes, waiting to file until the new tax bill is passed could put more money in your pocket.
Stay informed, stay prepared, and don’t rush to file—it might just be the smartest financial move you make this year.
FAQs
1. When is the deadline to file 2024 taxes?
The deadline is April 15, 2025, but you can request an extension until October 15, 2025 if needed.
2. What if I already filed my 2024 taxes?
If new tax laws pass, you may need to file an amended return (Form 1040-X) to claim additional deductions or credits.
3. Will the IRS automatically adjust my return if the tax laws change?
Probably not. Unlike past cases where the IRS made automatic corrections, these potential changes are more complex, so you may need to amend your return yourself.
4. How do I know if I should wait to file?
If you could benefit from bonus depreciation, software development deductions, or SALT cap changes, waiting might be in your best interest.
5. Where can I get updates on the 2024 / 2025 tax bill?
Check the IRS website, financial news outlets, or consult a tax professional like Tax Sherpa for the latest information.
Relevant Links
IRS Newsroom: https://www.irs.gov/newsroom
Form 1040-X: https://www.irs.gov/forms-pubs/about-form-1040x
Want more expert tax tips? Stay tuned for updates as new tax laws unfold! 🚀
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.
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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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