Tag: Taxes
Avoid CPA Mistakes: Why you Should Check your Tax Return (Ep. 23)

Avoid CPA Mistakes: Why you Should Check your Tax Return (Ep. 23)

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Avoid costly CPA mistakes on your current or next tax return!

Today on Red Carpet Retirement, Adam talks about common but unintended mistakes CPAs make. Our discussion isn’t about pointing fingers but rather about uncovering common oversights in the filing process, how they happen, and, most importantly, how you can avoid being caught by surprise with unnecessary tax hits.

Adam’s Key Takeaways: 

  • Ensure all 1099 forms, especially revisions, are communicated to your CPA to avoid overpayment
  • Be aware of Roth conversion reporting and ensure it’s reflected accurately to prevent unjust taxation
  • Qualified Charitable Distributions (QCDs) can be mistaken for taxable income if not reported correctly
  • Reviewing your tax return, or having a financial advisor review it, is crucial for catching and correcting any overlooked errors
  • And more

Make sure your path to a seamless retirement isn’t derailed by avoidable tax mishaps. Stay tuned for our next episode where Adam discusses some of the opportunities missed by CPAs.

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How To Choose A Great CPA (Ep. 11)

How To Choose A Great CPA (Ep. 11)

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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

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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)

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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!

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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)

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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

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