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Show Notes
Many thanks to Larry West III, MBA, EA, a tax planner with Precision Tax Planning, LLC, for joining me on today’s episode of “The Art of Medicine.” Larry was referred by Veena Jetti, an expert in Class B real estate. Veena shared her investment expertise on “The Art of Medicine” a couple of weeks ago. (Episode #46: Veena Jetti)
During this 20-minute episode, Larry explained that tax planning requires a proactive approach. As an “EA,” an “enrolled agent,” he is licensed to represent individuals to the internal revenue service (IRS). Larry has worked as an EA for the last eight years and can serve clients in all 50 states.
According to Larry, tax planning is most important for business owners and investors. Tax strategies can include deductions and employing family members. These family members could also potentially benefit from employer-sponsored retirement plans and other fringe benefits.
When it comes to mounting an effective defense before an audit, documentation is critical. Employed family members must have a job description, records of hours worked, and an appropriate salary for the type of work.
According to Larry, social security and medicare taxes can be avoided for children under 17 when employed under the proper entity such as an LLC.
For additional tips on building wealth and “legal loopholes,” reach out to Larry at
www.pb-strategies.com.
Thanks for listening!
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Finally, this production has been made possible in part by support from “The Art of Medicine's” wonderful sponsor, Locumstory.com, a resource where providers can get real, unbiased answers about locum tenens. If you are interested in locum tenens, or considering a new full-time position, please go to Locumstory.com.
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