Tax Cuts and Jobs Act – The Truth About Wealth

Preparing Tax Strategies for the Upcoming Tax Provision Changes (Ep. 124)

By thetruthaboutwealth | April 3, 2024

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How do the changing tax provisions impact your financial planning?

Today on The Truth About Wealth, John and Michael Parise discuss the implications of the expiring tax provisions from the Tax Cuts and Jobs Act. They underscore the necessity of proactive tax planning and the importance of consulting with advisors to maximize benefits before these provisions lapse.

Their conversation spans estate planning, business tax laws, individual tax brackets, and charitable planning, highlighting the urgency for families to strategize for their financial future in light of these changes.

Talking points include:

Expiring tax provisions from the Tax Cuts and Jobs Act
The need for proactive tax planning
What tax provisions are expiring, and what provisions are permanent
Considerations in estate planning
Updates on business tax laws
Changes in individual income tax brackets
Strategies for charitable planning
And more!

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Increasing Tax Efficiency and Asset Protection Through MSOs with Doug Dickey (Ep. 123)

By thetruthaboutwealth | March 20, 2024

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How can Management Services Organizations (MSOs) enhance tax efficiency and asset protection for businesses?

Today on The Truth About Wealth, John and Michael Parise welcome back Doug Dickey, CPA, CEPA, Manager, and Shareholder at DRDA, PLLC, for a conversation about the intricacies of management services organizations (MSOs).

Doug provides a comprehensive explanation of MSOs, detailing their origins in asset protection and their evolution to include tax efficiency and increased purchasing power. He also emphasizes the importance of proper entity structuring to safeguard assets and avoid piercing the corporate veil.

Key points include:

What are Management Services Organizations (MSOs)
The use of MSOs in tax efficiency and asset protection
IRS’s perspective on MSOs and creative ways clients can use MSOs for tax and cash flow advantages
Advantages of using a C corporation structure for real estate ownership
The importance of working with the right team
Estate planning concepts and transfer of wealth for multiple generations using C corporations
And more!

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Is a C Corporation Right for You? with Doug Dickey (Ep. 122)

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Is a C Corporation Right for You? with Doug Dickey (Ep. 122)

By thetruthaboutwealth | March 6, 2024

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Is becoming a C Corporation the best tax strategy for your business?

Today on The Truth About Wealth, John and Michael Parise speak with Doug Dickey, CPA, CEPA, Manager, and Shareholder at DRDA, PLLC, about the benefits and tax implications of using C corporations for business structures post Tax Cuts and Jobs Act.

They explore the flat 21% tax rate for C corporations, the potential tax savings compared to flow-through entities, and strategies for managing double taxation on dividends.

So, tune in as Doug highlights the importance of entity choice for asset protection, tax planning, and reinvestment opportunities, emphasizing the flexibility C corporations provide for businesses aiming to maximize after-tax profits and growth.

Talking points include:

What’s a C corporation
The use of C corporations after the Tax Cuts and Jobs Act
Tax implications and benefits of C corporations compared to other entities
Comparing the tax burden between C corporations and flow-through entities
The value of considering a C corporation structure for businesses with significant earnings
Tax efficiency and flexibility of C corporations for business growth and capital accumulation
And more!

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