In this episode of the Concierge CPA Podcast, Dr. Jackie Meyer talks with Jennifer Baker, a seasoned wealth manager specializing in advanced retirement planning strategies for high-income earners. Together, they cover cash balance plans, how they work, and who can benefit most from them, plus Jennifer’s journey from CPA to Certified Financial Planner, navigating the world of independent financial advising. Don’t miss the in-depth conversation on strategies that can make a significant difference for tax-conscious business owners.

00:01:07 What are the differences between defined benefit plans and cash balance plans?

00:02:04 How did you get into wealth management?

00:02:58 Can you tell me about your firm's services?

00:04:38 How would you describe a cash balance plan?

00:07:20 Why are cash balance plans lucrative for taxpayers?

00:08:32 Can you explain how someone can pre-stack benefits in a cash balance plan?

00:11:26 What are the key parameters for a cash balance plan?

00:13:04 Who are cash balance plans good for?

00:17:16 What makes a cash balance plan flexible?

00:18:20 Why did you start your own company?

00:19:48 How do you manage work-life balance as a business owner?

00:21:16 Who is the ideal client for your firm?

00:22:30 What’s your view on retirement planning for business owners?

00:23:54 What sets successful accounting firms apart?

🔗 Connect with Jennifer Baker

https://www.linkedin.com/in/jennifer-baker-wealth-strategies

https://www.bakerwealthstrategies.com/

🔗 Connect with Dr. Jackie Meyer

Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa

Jackie on Instagram @jackiemeyerCPA

Jackie’s work at https://www.jackiemeyercpa.com

This episode is brought to you by TaxPlanIQ:

https://www.taxplaniq.com

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In this episode of The Concierge CPA, host Dr. Jackie Meyer, CPA, chats with Jennifer Baker, CPA, CFP®, of Baker Wealth Strategies, about wealth management and tax strategies tailored for business owners. They dive into how cash balance and defined benefit plans can serve as powerful tax deductions for business owners, focusing on the best tax deductions for entrepreneurs and strategies to maximize retirement income.

Jennifer highlights her journey from tax to wealth management and shares valuable insights on leveraging cash balance plans. These plans allow high-income earners to make significant, tax-deductible contributions, sometimes over $1 million, resulting in immediate tax savings. The discussion clarifies key distinctions between defined contribution plans, like 401ks, and defined benefit plans, showcasing how cash balance plans offer flexible, high-limit contributions beneficial for those nearing retirement.

A major focus is on Jennifer’s collaborative approach with CPAs to help clients implement tax strategies effectively, working as an extension of the tax advisor team. Her firm’s philosophy prioritizes a seamless client experience, ensuring that tax-saving strategies are executed with precision. Jennifer emphasizes working with qualified intermediaries and actuaries to tailor plans that suit individual client needs.

The episode also addresses the importance of balancing business reinvestment with securing funds for retirement, underscoring tax-efficient planning for high-net-worth clients. Jennifer’s insights offer a practical guide for CPAs and advisors on supporting entrepreneurs in reducing tax burdens while growing wealth.

This episode is a must-listen for those interested in advanced tax deductions for entrepreneurs. For more, Jennifer invites listeners to reach out, specializing in wealth strategies for high-income earners and entrepreneurs.

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#drjackiemeyer #jackiemeyer

1:42 Michael Scherer, tell me a bit about your company and how did you get to where you are today?

2:40 What makes 1031's so complex? Tell us more about that.

3:31 There are certain little tips and tricks that I like to throw out there around 1031 exchanges that people can get trapped in

4:35 There are certain states that don't necessarily recognize like kind exchanges like others. Is that correct?

5:59 What are some other things to kind of look out for and who's a good...how would a tax advisor identify the right clientele for like kind exchanges? 

8:45 The like-kind exchange used to qualify a lot of different types of property. Now it's specific to real estate and investment property. Is that correct?

9:31 Tell us a little bit more about using a Delaware Statutory Trust.

11:38 Now why is it so important for advisors, accountants, etc. to work with a company like your's to do these things?

16:27 Is there talk of any changes to the tax regs around like kind exchanges?

19:41 Talking a little bit more about the accounting profession or what not - is there a particular piece of advice that you may give an accountant if they're looking to start adding more advisory services into their portfolio and to start working for companies like your's?

25:19 I'm curious if there's a particular case with a client that you've worked with that maybe went off the rails, and you got back on track, and you were super excited about it. Or you just had an immense amount of savings. Can you think of an example of something like that where it was really unique or special to you when it comes to the savings involved?

37:25 Rich Dad Poor Dad book by Robert T. Kiyosaki:

https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194

🔗 Connect with Michael Scherer

https://www.linkedin.com/in/michael-scherer-8147504/

https://www.rcxcapitalgroup.com

🔗 Connect with Dr. Jackie Meyer

Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa

Jackie on Instagram @jackiemeyerCPA

Jackie’s work at https://www.jackiemeyercpa.com

This episode is brought to you by TaxPlanIQ:

https://www.taxplaniq.com

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In this episode of The Concierge CPA, Jackie Meyer interviews Michael Scherer, Senior Regional Vice President of RCX Capital Group, discussing the complexities of 1031 exchanges and the best strategies for real estate investors. Michael sheds light on how 1031 exchanges, particularly Delaware Statutory Trusts (DSTs), can provide significant tax savings and portfolio diversification for real estate owners. He emphasizes the importance of working with qualified intermediaries and solution-agnostic advisors to navigate 1031 exchange investment options, ensuring clients maximize their tax benefits.

One of the key takeaways from the conversation is the importance of real estate strategies that help clients defer capital gains taxes. Scherer explains how RCX Capital offers a tailored approach to 1031 exchange investments, focusing on the unique needs of each client. He shares case studies that highlight innovative combinations of 1031 exchanges and Opportunity Zones to optimize outcomes. Additionally, Scherer introduces a zero-cashflow DST strategy, allowing exchangers to refinance up to 85% of their equity, offering greater flexibility and liquidity.

Michael also discusses the broader landscape of real estate strategies, emphasizing that high-net-worth investors with significant capital gains should explore best 1031 exchange investments to ensure long-term wealth building. By working with firms like RCX Capital, clients can access a variety of 1031 exchange investment options, including passive real estate opportunities, which can fit their specific goals.

Throughout the episode, the conversation highlights the growing role of tax advisors in delivering advisory services beyond compliance, especially through the strategic use of tax planning software like TaxPlanIQ. For those looking to scale their accounting practices or enhance their client services, this episode offers practical insights on leveraging 1031 exchanges and other real estate strategies to drive value and growth.

Listeners interested in enhancing their real estate investment strategies should consider the advantages of 1031 exchange investments, including tax deferral and portfolio diversification. As Michael notes, by partnering with knowledgeable advisors and using advanced tools, firms can unlock substantial financial benefits for their clients.

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#drjackiemeyer #jackiemeyer

4:04 Rob Nixon - who coaches accounting firms

6:44 Where are the offices of TOA Global? How did you decide where to put offices?

10:10 In Entrepreneurs' Organization (EO), you can only give advice if you've actually lived that experience before - good or bad. But you cannot give advice if you've never done it.

10:21 With outsourced functions, what all do ya'll provide? What are accounting firms kind of demanding or really needing right now? What's in high demand?

12:17 What are your thoughts around advisory and how much accounting firms - financial advisors...do you help support that transition towards advisory as well?

15:17 In the U.S., you just throw CPA or EA in a bucket and the client just assumes they do everything, and to me I feel like there should be some more oversights

16:34 Why do firms need to outsource, and what is this kind of crisis that we're in right now?

20:02 A lot of the bigger firms are already outsourcing. Some successfully. Some not. Where is it going wrong, versus how you found it to go right?

22:18 Tell me a little more specifics about how your process works. So, I come to you and I say "Hey, I need a bookkeeper." Do you go find that talent that has the experience level that I'm asking for?

23:10 Who would not be a good fit for outsourcing?

30:40 The role of AI: Are the services and work that you're supplying - is it going to change drastically?

32:32 What would you say is the biggest problem that smaller accounting firms face today?

34:10 Dan Martell, Author of Buy Back Your Time - https://www.BuyBackYourTime.com

37:11 Accounting firms need to be inspirational

39:10 Shirley Koss at TOA Global: https://www.linkedin.com/in/shirleykoss

🔗 Connect with Nick Sinclair

https://www.linkedin.com/in/nicksinclair

🔗 Connect with Dr. Jackie Meyer

Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa

Jackie on Instagram @jackiemeyerCPA

Jackie’s work at https://www.jackiemeyercpa.com

This episode is brought to you by TaxPlanIQ:

https://www.taxplaniq.com

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In this episode of The Concierge CPA, Jackie Meyer sits down with Nick Sinclair, Founder and CEO of TOA Global, to explore the benefits of outsourcing and how it can help accounting firms scale efficiently. Nick shares his journey from running his own financial planning firm to founding one of the largest global outsourcing firms for accounting professionals.

Nick discusses how to go global with your accounting firm and why outsourcing accounting tasks can help firms overcome the talent shortage and increase capacity. He emphasizes that outsourcing goes beyond just reducing workload—it frees up time for firm owners to focus on higher-value services like tax advisory.

A significant takeaway from the conversation is Nick’s insight into the cultural nuances of working with global teams, particularly in the Philippines, and the importance of integrating these teams into your firm’s culture. He explains how outsourcing has shifted from simply offloading tasks to developing long-term relationships with team members across the globe.

The episode also delves into strategies for successful outsourcing, including setting clear goals, ensuring effective communication, and creating a leadership mindset that fosters collaboration. Whether it’s bookkeeping, tax preparation, or client advisory services, outsourcing allows firms to leverage global talent to maximize efficiency and growth.

If you’re looking to scale your firm, learn how to outsource accounting tasks effectively, and understand the benefits of a global workforce, this episode offers practical tips on how to navigate the transition.

Tune in to learn more about how outsourcing can elevate your firm’s services and provide a competitive edge in today’s fast-changing industry.

2:33 Tell us a bit about your firm and how you got to where you are.

3:45 What was the best and worst thing that happened when you went fully virtual and remote in your firm?

5:28 Get a little vulnerable with us. What is the hardest thing that happened, and how did you - or are you still working on overcoming it?

7:18 You said you fell in love with tax prep and review. You're one of the few people I've heard say that. What made you fall in love with tax prep?

8:32 What's your favorite thing out of all the activities you do now?

9:29 Client meetings: Did you move that to completely virtual, or is there an in-person option?

10:50 Speaking of tax planning, you mentioned that you recently, within the last year, had your biggest tax plan ever where you saved someone $1 million. Is that right?

14:13 We have a new growth plan at TaxPlanIQ.

18:20 I reached out to my favorite author Gino Wickman who wrote Traction: Get A Grip On Your Business.

19:21 I had Brandon Hall on The Concierge CPA.

21:00 Hopping back over to real estate: The short term rental loophole - tell us a little bit more about that, and tell us about what is going on with legislation there.

25:02 Are ya'll taking new clients, or are you maxed out?

27:43 Earlier you hinted at some unique ways you onboard clients and certain questions that you ask. We talked about this is something that is kind of unique to your firm. Tell us more about what you do.

31:20 People love transparency.

36:13 What do you think the biggest challenge is for small business owners or entrepreneurs, whether accountants or any white collar / blue collar business owner?

40:34 You spent the last year in an RV. Tell us all about that.

44:16 If anyone is interested in the home schooling: You mentioned some online resources. Is there a particular place you recommend people would go to start looking at that?

47:09 How can people reach out, or what is your handle to follow you on LinkedIn and Twitter?

🔗 Connect with Chad Huebsch

https://twitter.com/TheTaxNomad

https://www.linkedin.com/in/chad-huebsch-ea-ctp-5b71aa54

🔗 Connect with Dr. Jackie Meyer

Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa

Jackie on Instagram @jackiemeyerCPA

Jackie’s work at https://www.jackiemeyercpa.com

Outschool:

https://www.outschool.com

This episode is brought to you by TaxPlanIQ:

https://www.taxplaniq.com

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In this podcast episode of The Concierge CPA, host Jackie Meyer interviews Chad Huebsch, a former student of her coaching program and an accounting firm owner who transitioned to virtual work while traveling across the country with his family in an RV. They explore Chad’s entrepreneurial journey, highlighting his shift from a corporate career to running his own firm and how he found his passion for tax prep and advisory services, particularly for small business owners and real estate clients.

Chad emphasizes how going virtual significantly improved his work-life balance and expanded his hiring options, allowing him to recruit talent nationwide, a key benefit for entrepreneurs adapting to virtual work environments. Chad’s firm runs entirely remotely, and he shares how the firm handles the challenges of maintaining human connection and team cohesion with daily huddles, which foster communication and collaboration despite the physical distance.

One pivotal moment in Chad’s journey was when he sold his largest tax plan, saving a client $1 million in taxes. The plan focused on complex strategies like the qualified small business stock exemption and cost segregation. This accomplishment showcases the value of strategic tax planning for entrepreneurs and the confidence it gave Chad to push forward in his entrepreneurial ideas.

Joining us today on The Concierge CPA Podcast is someone truly special, Shauna A. Wekherlien, famously known as ‘The Tax Goddess’. Shauna is a top 1% tax strategist in the United States and the founder of Tax Goddess Business Services, PC, established in 2004. With 24 years of experience, she has saved her clients over $1.47 billion in taxes using more than 1,500 federal, state, and local tax strategies.

Shauna holds a Master’s Degree in Taxation from Arizona State University and is one of only five Certified Tax Coaches in Arizona. Her innovative approach to tax planning has earned her features in Forbes, Entrepreneur, and CNNMoney, and appearances on CBS, NBC, and FOX. Shauna is not only a tax expert but also a dynamic educator and speaker, making complex tax strategies accessible and even enjoyable.

12:01 For those that aren't super familiar with the captive insurance concept, let's expand a bit more on what it is and how it can essentially wipe out a $100k liability each year. There's a lot to it. Why do people put it on a nasty list, and how do you stay away from that?

16:22 What are the basics if someone asks you "I have a tax preparer or I have an accountant...they're already doing all this for me..." and the answer's typically no they're not - and it's because if they're more compliance focused, they're just too freaking busy to be looking ahead at proactive stuff. What are warning signs to ask for if you truly want a tax planner?

21:06 How much do you dabble with estate planning and working with estate attorneys, and that side of things?

25:18 Let's circle back. Give me the elevator pitch of what captive insurance is.

36:55 Is there a particular pricing method that you like to use as a tax strategist that you recommend to others?

🔗 Connect with Shauna A. Wekherlien

https://www.linkedin.com/in/taxgoddess

🔗 Connect with Dr. Jackie Meyer

Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa

Jackie on Instagram @jackiemeyerCPA

Jackie’s work at https://www.jackiemeyercpa.com

This episode is brought to you by TaxPlanIQ:

https://www.taxplaniq.com

We just released a completely automated version that creates client tax plans in minutes! Check it out!

In this new episode of The Concierge CPA Podcast, Dr. Jackie Meyer welcomes Paul G. McManus, Founder of More Clients, More Fun. Paul is an expert in book publishing and shares insights on how to publish a book in as little as six weeks or even a weekend, which he has done himself. Paul explains that his company focuses on helping financial professionals, especially financial advisors and CPAs, to write and publish short books as tools for business development, marketing, and authority positioning. For CPAs and advisors who aim to shine, tune in to this episode, learn, and let your expertise align.

13:26

The Short Book Formula by Author Paul G. McManus

18:00

The Art of Collaboration by Authors Anton J. Anderson & Paul Latham

Forewords by Dr. Jackie Meyer and Jonathan S. Kuttin

22:09

The Tax-Free Business Owner by Author Mark Miller

35:51

How do you become an Amazon best selling author?

36:35

Author Jordan Raynor

40:55

What is the difference between a traditional publisher and hybrid publisher?

51:56

The 4-Hour Workweek by Author Tim Ferriss

52:18

What AI tool is going to save people hours upon hours of time by utilizing it to help them write?

🔗 Connect with Paul G. McManus

https://www.theshortbookformula.com

https://www.linkedin.com/in/paulgmcmanus

🔗 Connect with Dr. Jackie Meyer

Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa

Jackie on Instagram @jackiemeyerCPA

Jackie’s work at https://www.jackiemeyercpa.com

This episode is brought to you by TaxPlanIQ:

https://www.taxplaniq.com

We just released a completely automated version that creates client tax plans in minutes! Check it out!

Today’s new episode of The Concierge CPA for accountants, tax advisor, and entrepreneurs features Jackie Meyer and Gaynor Hardy Meilke debriefing from Scaling New Heights 2024. This episode is sponsored by Business Benefits Consultants lead by David Podell. Gaynor shares practical marketing tips for advisors and accountants along with her journey from Thomson Reuters Tax and Accounting to her own marketing business. They talk about the challenges accountants face in balancing client service with business development, consultative selling, effective marketing strategies, and the importance of clarity on websites and targeting ideal clients. The conversation also covers advisory services, referral marketing, niche branding, tax representation, collaboration with lawyers, and the importance of educational content in building trust.

33:14 Randy Crabtree - Bridging the Cap Conference

35:05 Nayo Carter - Best Wardrobe

35:20 Nominations: https://www.btgconference.com/bridging-the-gap-award-nomination

37:20 Geno Wickman

Connect with Gaynor Hardy (Meilke)

https://www.linkedin.com/in/gaynormeilke

Connect with Jackie Meyer

Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa

Jackie on Instagram @jackiemeyerCPA

Jackie’s work at https://www.jackiemeyercpa.com

Sponsored by David Podell and Business Benefits Consultants:

https://www.BusinessBenefitsConsultants.com

In this exciting episode of The Concierge CPA, host Jackie Meyer invites Alton Bell to the show. Alton, a successful entrepreneur and top coaching student, shares his expertise as a user of TaxPlanIQ software. Together with his sister Andrea, Alton co-founded Bell Tax Accountants and Advisors, a highly regarded firm in Chicago that focuses on providing exceptional small business accounting services. Join us as we dive into Alton's journey and gain valuable insights into the world of accounting and entrepreneurship.

🔗 Connect with Alton Bell

https://www.linkedin.com/in/alton-bell-ii-ea-a738667

https://www.bell-tax.com

🔗 Connect with Jackie Meyer

Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa

Jackie on Instagram @jackiemeyerCPA

Jackie’s work at https://www.jackiemeyercpa.com

Sponsored by TaxPlanIQ:

https://www.taxplaniq.com

Today on The Concierge CPA Podcast, Amber Setter discusses her journey from an accountant to leadership coach. In this insightful interview, she shares her transformational journey, from her early years in accounting to her decision to pursue a master's in leadership studies. She discusses the challenges of finding her 'zone of genius' and how she reinvented herself within the accounting industry. Amber also shares her unique perspective on leadership, emphasizing the distinction between technical problems and adaptive challenges.

🔗 Connect with Jackie Meyer

Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa

Jackie on Instagram @jackiemeyerCPA

Jackie’s work at https://www.jackiemeyercpa.com

🔗 Connect with Amber Setter

https://www.linkedin.com/in/ambersetter

Two book references in this episode:

https://www.amazon.com/Big-Leap-Conquer-Hidden-Level/dp/0061735361/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr=

https://www.amazon.com/Body-Keeps-Score-Healing-Trauma/dp/0670785938/ref=asc_df_0670785938/?tag=hyprod-20&linkCode=df0&hvadid=312142103956&hvpos=&hvnetw=g&hvrand=1724325123473366026&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9026938&hvtargid=pla-436114357585&psc=1&gclid=Cj0KCQjwncWvBhD_ARIsAEb2HW_ErjyI4-f6Po9MNLUlAJS_bxr7Y9b78Tc0mONp6HdLZr4ac-h8x2caAuGOEALw_wcB

Sponsored by TaxPlanIQ:

https://www.taxplaniq.com

Today on The Concierge CPA, Jackie Meyer welcomes Tom Zehentner and Jesse Rubenfeld to the show, exploring their journey from CPAs to software developers. The episode highlights their transition to creating software solutions automating accounting tasks, sharing coding skills born out of frustration with manual processes. They are currently in an exciting transition phase.

🔗 Connect with Jackie Meyer

Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa

Jackie on Instagram @jackiemeyerCPA

Jackie’s work at https://www.jackiemeyercpa.com

🔗 Connect with Tom Zehentner

https://www.linkedin.com/in/tom-zehentner-cpa-a0591b5b

🔗 Connect with Jesse Rubenfeld

https://www.linkedin.com/in/jesserubenfeld

Sponsored by TaxPlanIQ:

https://www.taxplaniq.com

Signup for early access to TaxPlanIQ's exciting new spinoff product:

http://taxsavingsiq.com