Category: Business
How To Choose A Great CPA (Ep. 11)

How To Choose A Great CPA (Ep. 11)

By |

Why did the CPA cross the road?

To get to the other side of the balance sheet.

In this episode, Adam sheds light on a crucial topic that concerns many individuals and businesses: how to find a GREAT CPA. Adam discusses the questions you should be asking and takes you through eight essential steps that will help you identify and select the right tax professional for you. 

Adam discusses: 

  • The 8 steps you should take to find a great CPA
  • Why it’s difficult to find a great CPA 
  • Why price shouldn’t be your first priority. 
  • How to judge their technical expertise
  • What credentials to look for in a good CPA
  • Why you should know which of the 4 different levels of philosophy your CPA falls under
  • The importance of asking your CPA about their contingency plan
  • And more

Resources:

Connect with Adam Scott: 

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
Top 5 Strategies for Business Owners and Freelancers to Build Wealth (Ep. 10)

Top 5 Strategies for Business Owners and Freelancers to Build Wealth (Ep. 10)

By |

For business owners and freelancers in entertainment, this is an episode you won’t want to miss! CPAs look through the rearview mirror at where you have been. Good Financial Planners help you navigate the route ahead. 

In this episode, Adam Scott, CFP®, provides 5 valuable wealth-building insights and practical tax-saving strategies that CPAs often don’t know or overlook. Listen in as Adam unpacks these strategies to help you achieve greater financial flexibility to pursue your dreams and enjoy your hard-earned money.

Adam discusses: 

  • Four tax-saving strategies for self-employed business people
  • How self-employed individuals can minimize their self-employment tax by electing to be taxed as an S-Corp and paying themselves a lower salary
  • Maximizing the 199 A deduction for business owners, which provides a 20% tax break on profit for S Corporation owners
  • What is a Hollywood Loan Out Corporation
  • What is and what are the benefits of defined benefit pension plans for high-earning individuals in the entertainment industry
  • Examples of how clients were able to reduce their tax liability and achieve financial flexibility through the use of defined benefit plans
  • The California Pass-through entity (PTE) elective tax allows individuals to pay their California taxes through their corporation and receive a federal tax deduction
  • And more!

Connect with Adam Scott: 

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
The Top 10 Sexiest Benefits Of The Secure Act 2.0 (Ep. 9)

The Top 10 Sexiest Benefits Of The Secure Act 2.0 (Ep. 9)

By |

Spice up your retirement planning with the Secure Act 2.0’s hottest benefit strategies.

Retirement planning may not sound like the sexiest topic, but the Secure Act 2.0 is changing that. In this episode, Adam discusses several benefit strategies that employers, retirees, pre-retirees, and even younger employees can take advantage of, and they’re anything but boring.

Adam discusses: 

  • The benefit strategies that retirees and pre-retirees can take advantage of
  • How business owners can take advantage of the secure act 2.0
  • What the benefits are for employees of all ages, not just pre-retirement employees
  • The benefits of 529 plans
  • And more

Resources:

Connect with Adam Scott: 

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
The 10 Biggest Estate Planning Mistakes (Ep. 8)

The 10 Biggest Estate Planning Mistakes (Ep. 8)

By |

Estate planning isn’t a fun topic of conversation, but it’s more important than you might think. Don’t miss these 10 common mistakes.

In this episode, Adam Scott shares 10 of the most significant estate planning mistakes. He explains what they are and how to avoid them! He also drives the lessons home with a few stories about instances of these snafus.

Adam discusses: 

  • What the 10 biggest estate planning mistakes are
  • Why some of these mistakes are easily overlooked
  • Why the most important mistake to avoid is not having a trust
  • The pros and cons of B trusts
  • And more

Connect with Adam Scott: 

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
10 Important Questions To Ask Your Financial Advisor (Ep. 7)

10 Important Questions To Ask Your Financial Advisor (Ep. 7)

By |

Finding a financial advisor can be difficult. Just because they are likable doesn’t mean they will be excellent at taking care of you. How can you tell the difference?

In this episode, Adam shares 10 of the most important questions everyone should ask their financial advisor, especially if they are in the interview process, to find out if the financial advisor will actually help them, how they’ll help, or if the advisor will put their own interests first.

Adam discusses: 

  • Why it’s important to ask if the advisor has any customer complaints or abuses on their record, and how to find the answer before asking them
  • The different fee structures and how they can determine if an advisor will put your needs first
  • Why outsourcing investment management matters
  • Why your advisor should specialize in your niche
  • And more

Resources:

Connect with Adam Scott: 

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
The Top 8 Tax Oversights That CPAs And Their Clients Make (Ep. 6)

The Top 8 Tax Oversights That CPAs And Their Clients Make (Ep. 6)

By |

Taxes are something everyone could save money on by properly implementing tax strategies, but many of those strategies can easily be overlooked.

In this episode, Adam highlights the top 8 tax oversights CPAs and clients make. He explains how these overlooked strategies can save clients tons of money unnecessarily spent on taxes and he emphasizes the importance of having tax returns double-checked by a financial advisor before submitting them.

Adam discusses:

  • What itemized deductions are, but why you may be wasting time and money itemizing.
  • Ensuring charitable contributions are structured correctly to be a tax write-off
  • How to optimize retirement contributions
  • The importance of reducing Medicare tax and how to do it for self-employed business owners.
  • And 4 more tax-saving strategies CPAs often overlook

Connect with Adam Scott: 

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
Top 10 Year-End Tax Tips (Ep. 5)

Top 10 Year-End Tax Tips (Ep. 5)

By |

The end of the tax year is rapidly approaching, and we have 10 tips to help you minimize your taxes.

In this episode, Adam shares his Top 10 year-end tax tips as the end of 2022 nears. He talks about Roth conversions, why and when it’s a great strategy to reduce taxes, and how it works. Adding to Roth conversions, Adam shares a few stories about putting Roth conversions into practice and finishes with a speedy roundup of nine other great year-end tax strategies.

Adam discusses: 

  • What a Roth conversion is
  • Why a Roth conversion is a great tax-saving strategy and how it works
  • Using Roth conversions can go wrong if you do not know what you are doing, as described in a few examples
  • And more

Resources:

Connect with Adam Scott: 

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
Our 90-10 Investment Process™: Part 2 (Ep. 4)

Our 90-10 Investment Process™: Part 2 (Ep. 4)

By |

We help reduce risk, enhance returns and create more certainty with our 90-10 Investment Process™ and our 5 Investment Pillars. Previously, we talked about pillars 1-3. Today, we wrap up our philosophy with pillars 4 and 5.

In this episode, Adam Scott, CFP®, elaborates on the 90-10 Investment Process™ with a recap of pillars 1-3 before diving into pillars 4 and 5. Adam unpacks the bucket investment strategy and shares a story explaining how the different types of buckets can be utilized. Adam then talks about the significance of tax efficiency in navigating your financial journey.

Adam discusses: 

  • A recap of pillars 1-3 from the previous episode of Red Carpet Retirement™
  • Pillar number 4, the bucket investment strategy, and 5, tax efficiency
  • A client’s story detailing how investment buckets are set up and what each type of bucket is for
  • How important tax efficiency is in navigating your financial journey
  • And more

Resources:

Connect with Adam Scott: 

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
Our 90-10 Investment Process™: Part 1 (Ep. 3)

Our 90-10 Investment Process™: Part 1 (Ep. 3)

By |

Many intelligent people invest inefficiently, or worse, they make catastrophic investment mistakes. They don’t know what they don’t know. At WellAcre, we help minimize risk, enhance returns and create more certainty with our patented 90-10 investment Process™ and our 5 Investment Pillars.

In this episode, Adam introduces WellAcre Wealth Management’s 90-10 Investment Process™, goes over the 5 Investment Pillars, and elaborates on the first three in-depth. Don’t hesitate to contact Adam Scott, CFP®, for more information or subscribe to Red Carpet Retirement™ for our upcoming episode about the last two pillars of our investment strategy.

Adam  discusses: 

  • Why investors should solve for the reliability of income as opposed to the return on investment
  • How we use evidence-based investing in reducing the risk of running out of money
  • How we use psychology and behavior to help navigate investment bubbles and black swan events
  • And more

Resources:

Connect with Adam Scott: 

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
Making Work Optional with WellAcre Wealth Management, LLC (Ep. 2)

Making Work Optional with WellAcre Wealth Management, LLC (Ep. 2)

By |

What is it like to work with WellAcre Wealth Management, LLC, and how do they make work optional?

In this episode, Adam Scott, CFP®, describes the Red Carpet Experience of working with WellAcre Wealth Management. Adam covers the significance of being a fee-only financial planner and the importance of their patented Lunar Landing Wealth Management Formula™.  Adam goes over what someone can expect when they call the office to arrange a meeting with him and describes the Lunar Landing Formula, designed to make work optional. This includes a description of four of the main pillars of Advanced Financial Planning.

Adam discusses: 

  • A recap of what it means to be a fee-only financial planner from the previous episode
  • What to expect when you phone WellAcre Wealth Management and set up a Visions and Values meeting with Adam
  • WellAcre’s formula for smooth-sailing financial management 
  • The four main pillars of advanced planning
  • And more

Resources:

Connect with Adam Scott: 

Phone: 310-220-4946

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Archives

Categories