Advanced Tax Planning Issues for Advisors

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About This Episode

Today’s episode will focus on advanced tax-planning issues. There are a couple of issues that my guest, Steven Jarvis, says will come as a surprise to advisors.

The first is qualified disaster retirement plan distributions reported on form 8915-E. This was an election that had to be made for 2020 but Steven keeps running into advisors who are caught off guard that their clients' tax preparers made this election and even more advisors that aren't even checking to see if this applies to their clients.

The second is the Augusta Rule. This isn't new but is not widely known. It potentially allows for two weeks of tax-free rental income including business owners being able to rent their personal residence to their business and deduct the expense on the business side without having to include the income on their personal return as taxable.

About Our Guest

Steven Jarvis co-founded Retirement Tax Services to bridge the gap between tax professionals, financial advisors and their mutual clients to help reduce what for most people is their single biggest expense in retirement: taxes.

Show Notes

Here is a link for more information Steven’s firm, Retirement Tax Services.