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
@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
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In this episode of the Concierge CPA podcast, Jackie Meyer welcomes Shauna, known as the "Tax Goddess," to discuss advanced tax strategies and the evolving role of tax professionals. Shauna shares her journey from studying astrophysics to becoming one of the top tax strategists in the nation. Her motivation to switch careers was sparked by her desire to help her mother with complex tax issues, leading her to explore the vast opportunities within the tax code. This passion for problem-solving has driven her to specialize in various areas, including tax saving strategies that help clients minimize their liabilities.
Shauna emphasizes the importance of tax advisors who go beyond basic compliance and actively engage in proactive tax planning. She discusses how a skilled tax advisor can apply thousands of tax strategies to fit any client's unique situation, ensuring they achieve optimal tax savings. This approach positions tax professionals as valuable partners in their clients' financial journeys. For those looking to hire the right professional, Shauna advises asking about their expertise in specific tax strategies and their experience in navigating IRS regulations.
The discussion also highlights how business owners can find the right tax accountant or tax advisor to fit their needs. Shauna suggests that choosing an advisor who understands both the broader financial landscape and specific industry challenges is crucial. The conversation covers various advanced tax strategies, such as captive insurance, which can protect against unique risks while providing significant tax benefits if implemented correctly. She warns that using strategies improperly or choosing the wrong advisor can increase audit risks and lead to penalties.
Jackie and Shauna further explore how to find a tax accountant or tax advisor skilled in both compliance and advisory roles. They stress the importance of due diligence, ensuring that your chosen advisor is not only knowledgeable but also up to date with current tax laws and court cases. They recommend asking potential advisors about their strategy repertoire, the extent of their experience, and how they stay informed on the latest tax-saving opportunities.
For taxpayers and professionals alike, the key takeaway is the importance of collaboration among tax professionals, financial planners, and legal experts. By working together, they can offer comprehensive strategies that maximize tax savings while ensuring compliance with the tax code. This episode serves as a valuable resource for understanding the complexities of finding a qualified tax advisor and effectively leveraging their expertise to achieve financial goals.
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