In this episode of the Taylored Tax Show, Terrence Taylor and Big Al Darnell Jr. delve into strategies that high-net-worth taxpayers can implement before the April 15 deadline to significantly reduce their tax liabilities. Big Al emphasizes the importance of contributing to retirement accounts, such as traditional IRAs, Roth IRAs, 401(k)s, and other business-related retirement plans, which can still be funded up until the tax deadline. He shares a recent client experience highlighting the necessity of specifying that contributions are for the previous tax year. Tune in to learn more about maximizing your tax savings and ensuring that the more you earn, the less you pay!

“Each one could help you to save maybe that little extra that you need to reduce your tax bill or potentially make your tax bill zero.”

Highlights:

[00:01:22] Retirement contributions before April 15.

[00:05:00] Real estate professional status.

[00:10:36] Donor Advised Funds.

[00:12:46] Qualified Charitable Distributions (QCDs).

[00:16:56] Tax strategies for savings.

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In this episode of the Taylored Tax Show, Terrence Taylor and Big Al Darnell Jr. share insights into the strategies they have implemented for their high-profile clients facing various tax challenges. They provide an overview of the types of tax hacks and solutions they offer to help clients save significantly on their taxes legally. The episode also introduces the upcoming Taylored Tax Retreat, a two-day event designed to empower clients with strategies to achieve a 10x or 20x return on their tax savings. Tune in for valuable insights that can help you navigate the complexities of tax planning effectively!

"Imagine this, paying $50,000 to come in and get a plan that saves you a minimum of 10x of that amount."

Highlights:

[00:02:29] Blank slate of opportunity.

[00:05:16] Business investment strategies.

[00:11:31] Jet purchasing strategies for savings.

[00:13:07] Tax strategy retreat for savings.

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In episode the Taylored Tax Show, hosts Terrence Taylor and Big Al Darnell Jr. discuss the current job market and its impact on taxpayers, particularly those in high-profile sectors like big tech and the public sector. With significant job losses reported, the hosts explore the silver lining of job loss: the opportunity to gain control over retirement savings and pensions. They emphasize how this control can lead to improved tax strategies for individuals navigating their financial future after job loss. Tune in for valuable insights on managing retirement savings and optimizing tax outcomes during challenging times.

"You're paying tax on the seed, not on the harvest."

Highlights:

[00:01:17] Job loss and retirement savings.

[00:06:59] Retirement account loan strategies.

[00:10:12] Tax-free income strategies.

[00:12:44] Retirement funds and business opportunities.

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In this episode of the Taylored Tax Show, hosts Terrence Taylor and Big Al Darnell Jr. dive into the topic of Trump and taxes, focusing on two key areas: the potential permanence of the Trump Jobs Act tax cuts from 2017 and the speculative idea of eliminating the IRS. They discuss the implications of making the tax cuts permanent, outlining the benefits and any potential downsides. Additionally, they explore the concept of replacing income tax with tariffs, pondering what such a shift would mean for taxpayers. Tune in for insights and lively discussion on these pressing tax issues.

"That particular act probably did more for taxes and for Americans saving on their taxes than anything else."

Highlights:

[00:01:34] Trump tax cuts and IRS.

[00:07:35] IRS elimination discussion.

[00:09:43] Bonus depreciation benefits for businesses.

[00:14:11] SALT deduction limitations impact.

[00:19:06] IRS Replacement Discussion.

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In this episode of the Taylored Tax Show, Terrence Taylor and Big Al Darnell Jr. celebrate the one-year anniversary of Taylored Tax. They discuss the current tax landscape, sharing insights and thoughts on what highly paid, highly taxed, and high-profile taxpayers need to consider to save on taxes legally. With their combined expertise as enrolled agents and MBAs, Terrence and Big Al aim to empower listeners with knowledge to ensure that the more you make, the less they take. Tune in for valuable tax strategies and reflections on their journey over the past year.

“We had to learn that as we build this into a business, we've got to help, but we also have to help contractually and also financially."

Highlights:

[00:01:41] Taylored Tax's one-year anniversary.

[00:05:57] Podcast consistency and dedication.

[00:09:19] Team collaboration and client strategies.

[00:14:14] Tax strategies retreat potential.

[00:17:06] Co-founder reflections on Taylored Tax.

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In this episode of the Taylor Tax Show, Terrence Taylor and Big Al Donnell Jr. discuss last-minute tax hacks for millionaires, focusing on strategies to save on taxes before the April 15th deadline. They cover various tips including maximizing IRA contributions, health savings accounts, and advanced strategies like capital loss harvesting and opportunity zones. Tune in to learn the importance of proactive tax planning for high earners and offers insights into optimizing deductions and contributions to minimize tax liabilities.

"Take bold actions to save on taxes."

Highlights:

[00:01:03] Last Minute Tax Hacks.

[00:05:34] Optimizing business deductions for taxes.

[00:08:23] Opportunity Zones and tax benefits.

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In this episode of the Taylor Tax Show, Terrence Taylor and Big Al Donnell Jr. discuss the critical topic of layoffs, particularly for high net worth individuals. They provide ten actionable tips for navigating the financial implications of a layoff, including understanding severance packages, planning for health insurance, and utilizing tax strategies to minimize losses. The conversation emphasizes the importance of proactive financial planning and offers insights into negotiating severance and managing emergency savings effectively.

"A three to six month emergency fund is kind of like a one glove fits all, but we got people with Andre the Giant hands and we have people with Willow hands."

Highlights:

[00:01:48] Layoffs and severance packages.

[00:06:00] Emergency fund assessment strategies.

[00:08:24] Health insurance options after layoffs.

[00:11:14] Emergency savings in life insurance.

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In this episode of the Taylored Tax Show, co-founders Terrence Taylor and Big Al Darnell Jr. delve into the strategic use of life insurance for gift giving, particularly for affluent individuals with taxable estates. They explore how life insurance can be leveraged to reduce estate taxes, facilitate wealth transfer, and support loved ones and charitable causes. The episode emphasizes the tax benefits of life insurance as a powerful gifting tool, aimed at helping high net worth taxpayers maximize their financial strategies while minimizing tax liabilities. Tune in for valuable insights on making the most of your wealth through thoughtful planning and strategic gifting.

"Imagine wealth beyond life through the ability of strategically using life insurance."

Highlights:

[00:01:06] Life insurance for gifting strategy.

[00:04:38] Life insurance as a gifting tool.

[00:10:01] Wealth replacement for charitable giving.

[00:12:30] Charitable donations and tax benefits.

[00:19:01] Generation skipping trust benefits.

[00:21:10] Non-financial benefits of insurance gifting.

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In this episode of the Taylored Tax Show, co-founders Terrence Taylor and Big Al Darnell Jr. delve into the strategic use of life insurance for gift giving, particularly for affluent individuals with taxable estates. They explore how life insurance can be leveraged to reduce estate taxes, facilitate wealth transfer, and support loved ones and charitable causes. The episode emphasizes the tax benefits of life insurance as a powerful gifting tool, aimed at helping high net worth taxpayers maximize their financial strategies while minimizing tax liabilities. Tune in for valuable insights on making the most of your wealth through thoughtful planning and strategic gifting.

"Imagine wealth beyond life through the ability of strategically using life insurance."

Highlights:

[00:01:06] Life insurance for gifting strategy.

[00:04:38] Life insurance as a gifting tool.

[00:10:01] Wealth replacement for charitable giving.

[00:12:30] Charitable donations and tax benefits.

[00:19:01] Generation skipping trust benefits.

[00:21:10] Non-financial benefits of insurance gifting.

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In this episode of the Taylored Tax Show, hosts Terrence Taylor and Big Al Darnell Jr. dive into the impactful role of life insurance in wealth management and tax efficiency. As part of their 14-part series on life insurance and taxes, they explore how life insurance can be utilized to build, grow, and protect wealth while minimizing tax liabilities. The discussion highlights little known strategies for leveraging life insurance in estate planning and estate tax management. Tune in for valuable insights that can help high net worth individuals navigate the complexities of life insurance and optimize their financial strategies legally and strategically.

“Change your and your children's lives forever with the right insights and knowledge and best practices that you implement."

Highlights:

[00:01:09] Life insurance and wealth protection.

[00:05:06] Life insurance as wealth building.

[00:11:34] Second to die policy.

[00:13:51] Life insurance as wealth builder.

[00:18:16] Tax advantages of life insurance.

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Follow and subscribe on YouTube and your favorite podcast platforms to join the Taylored Tax community!