Latest news with #taxstrategies
Associated Press
3 days ago
- Business
- Associated Press
Alec Friel Launches Nationwide Tax Movement Through Three Fast-Growing Companies
MENDON, MI / ACCESS Newswire / August 15, 2025 / Alec Friel, a former Junior Olympic champion turned serial entrepreneur, is making waves in the financial world with a bold mission: helping Americans understand and implement advanced tax strategies through education, empowerment, and accessibility. Through his three growing companies Tax Saving Experts, Cost Seg Masters, and Tax Architect Solutions Friel is leading a national effort to make the tax code work for everyday business owners and investors. He grew up in Mendon, Michigan, a rural town of fewer than 1,000 people and moved from there to the San Francisco Bay Area, and then to Dallas. With his geographical moves and experiences, his wealth of resources have expanded. Today, he runs multiple seven-figure companies and helps others take control of their financial future by teaching them how to reduce taxes legally and strategically. 'Most people overpay because they don't know what's possible,' said Friel. 'The tax code rewards people who understand it, and our mission is to make sure more people do.' Friel's flagship company, Tax Saving Experts, has scaled to over seven figures in just 18 months and is projected to reach multiple 7 figures this year. Now operating as a multiple seven-figure firm, TSE provides hands-on tax strategy coaching to entrepreneurs, investors, and high-income earners seeking to keep more of what they earn. The company offers hands-on tax strategy coaching to entrepreneurs, investors, and high-income individuals seeking clarity and results. His second company, Cost Seg Masters, specializes in engineered reports for cost segregation studies, helping real estate investors accelerate depreciation and reduce taxable income using IRS-approved methods. CSM is currently on track to generate multiple 6 figures this year, positioning it as a multiple six-figure operation within the tax savings ecosystem. The newest venture, Tax Architect Solutions, is a boutique tax filing firm expected to generate nearly seven figures in its first year. With strong client demand and scalable systems already in place, TAS is quickly approaching the seven-figure mark and is projected to cross that threshold in year two. Together, these three companies form a comprehensive tax-saving ecosystem for clients nationwide. Friel's model is unique in that it blends education with implementation. His firms host live coaching calls five days a week, providing clients with real-time support a rarity in the tax industry. Clients not only receive strategies tailored to their financial situation, but they also learn how and why those strategies work. 'My goal is to empower people, not just serve them,' Friel said. 'If someone can understand the rules, they can change their future.' Friel's success is built on personal experience. Every tax strategy he teaches has been tested and proven in his own businesses. His approach is detailed in his 2018 book, 'The Millionaire's Apprentice: From Poverty to Prosperity, " which chronicles his rise from struggle to success. With competitive pricing currently in place and plans to raise rates over the next three to five years, now is a key time for individuals and businesses to take advantage of his services. Friel has previously been featured in Forbes, Entrepreneur, and NASDAQ for his innovative approach to tax strategy and client education. His growing influence on LinkedIn reflects his rising presence in the financial education space. For more information, visit: Alec Friel Tax Return System [email protected] MENDON, Michigan SOURCE: Alec Friel press release
Yahoo
31-07-2025
- Business
- Yahoo
3 Tax Breaks Upper-Class Retirees Take Advantage Of
Wealthy retirees often have a significant incentive to find tax breaks, given that they could face substantial tax bills without careful planning. But it's not about finding secret loopholes. 'The rules in general are the same for everyone. The difference is how you apply them,' said Jay Zigmont, Ph.D., certified public accountant (CFP) and founder of Childfree Trust. See Next: For You: Those with greater wealth often work with a financial professional who helps them stay up-to-date on new tax rules and interpretations — such as with the recently passed One Big, Beautiful Bill Act (OBBBA)– but anyone of any wealth level may still benefit from working with a tax planner to see if there are opportunities to reduce your taxable income. At the very least, you might look to see what others are doing to save money on taxes and consider if you can apply the same strategies. We've compiled some examples of these tax strategies below. Roth Conversions Converting pre-tax retirement savings into post-tax retirement savings via a Roth conversion can save a lot of money in the long run. A traditional 401(k) or individual retirement account (IRA) is funded with pre-tax contributions, meaning you get a tax deduction on the contributed amounts in the year the contributions are made. That lowers your taxable income during your working years, but when you take that money out in retirement, it's taxable. However, Roth distributions are not taxable. Check Out: So, the conversion process involves paying taxes on the amount rolled into a Roth account, waiting at least five years and then being able to withdraw those funds and any gains tax-free. By paying taxes now and then letting the money grow tax-free, your net withdrawals can be way higher than if you were taxed on them like with traditional withdrawals. Ideally, you can make the conversion when your tax rate is low so that you don't owe much then and get the eventual tax break when withdrawing Roth funds. 'Wealthy retirees have a tax plan that minimizes their tax bill across their retirement. The key is to pay the right taxes, at the right time,' Zigmont explained. 'When their income is down, they may do Roth conversions.' Timing Withdrawals To Avoid Large RMDs Another common strategy among wealthy retirees, Zigmont said, is implementing a plan to draw down accounts like an IRA in a way that avoids large required minimum distributions (RMDs). RMDs start at age 73 for traditional IRAs and the amounts you're required to take out depend on the value of your account. The more money you have, the more you have to withdraw and that's considered taxable income. So, if you can minimize RMDs, you can potentially minimize your taxable income. This can tie into Roth conversions, as a Roth account does not have RMDs during the owner's lifetime. It can also involve carefully planning when to take money out of a traditional IRA, like at a time when your income is lower than it would be if taking a large RMD in the future. For example, you might have limited income your first year of retirement if you're living off savings and have delayed taking Social Security. That might be a good time to take some money out of your IRA, such as up to the standard deduction amount — based on some changes from the new OBBBA tax law, that could total as much as $46,700 for married couples ages 65+. By taking that money out when facing low or no income taxes, you then lower the amount that will later be part of RMDs, which can save you money in the long run. Maximizing Capital Gains Exemptions Lastly, wealthy retirees often strategically withdraw investment gains, known as capital gains, to minimize these taxes. 'I believe the single most powerful tax break wealthy retirees can access is the zero-percent tax bracket for capital gains,' said Aaron Brask, principal at Aaron Brask Capital. Capital gains are added to your taxable income, but long-term capital gains, meaning assets held over a year, have a 0% tax rate if your total taxable income is $96,700 or less for a married couple filing jointly. When you add in the higher standard deduction amounts now available to seniors, noted Brask, that can mean receiving over $125,000 in qualified dividend income without paying any taxes. However, you have to plan carefully, as this ties into other areas like IRA withdrawals, which would increase your taxable income and possibly bump your capital gains into the next tax bracket of 15%. But regardless of your wealth level, this type of strategy shows how careful planning can go a long way toward minimizing your taxes. 'This zero-percent capital gains tax bracket also applies to those of us with less wealth. Indeed, prudent financial planning can help many people reduce and possibly eliminate, taxes by coordinating how they extract income from their investments, pre-tax accounts and Social Security,' Brask said. More From GOBankingRates Clever Ways To Save Money That Actually Work in 2025 This article originally appeared on 3 Tax Breaks Upper-Class Retirees Take Advantage Of Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-07-2025
- Business
- Yahoo
9 Secret Strategies the Wealthy Use To Cut Their Tax Bills, According to Preston Seo
If you feel like you're paying way too much in taxes, you're not alone. Even financial pros like Preston Seo, host of 'The Legacy Investing Show,' have ended up owing more than they would have liked. Learn More: Read Next: In a recent YouTube video, Seo shared that he once owed over $30,000 in taxes on top of his W-2 withholdings. But that all changed when he learned how to work within the U.S. tax code to keep more of his income. 'Now my tax bill looks completely different — not because I make less, I actually make more — but because I learned how to legally use the system the way that it was written,' Seo said. Here are nine IRS-approved strategies the wealthy use to pay less in taxes, that you can start using, too. 1. Max Out Your Health Savings Account If you have a high-deductible health plan, you likely qualify for a health savings account (HSA) — and you should be taking advantage of it. 'Most people don't realize how powerful these are,' Seo said. 'You get a tax deduction going in, tax-free growth and also tax-free withdrawals for qualified medical expenses.' To get the full tax benefits, Seo contributes the maximum amount to his HSA every year, but he doesn't use the account to pay his medical bills. 'I pay those out-of-pocket and keep the receipts,' he said. 'That lets my HSA compound untouched, and years from now, I'll be able to reimburse myself, tax-free, with decades of growth on top. It's like a hidden retirement account, only better.' Find Out: 2. Use a Backdoor Roth IRA To Grow Tax-Free Wealth A backdoor Roth IRA is a strategy that allows high-income earners to contribute to a Roth IRA, even if their income exceeds the IRS limits for direct contributions. (For 2025, single filers must have an income of less than $150,000 and joint filers must make less than $236,000 to make a full contribution to a Roth IRA.) To use this strategy, contribute money to a traditional IRA, and then convert it into a Roth IRA. 'Every single year, I max out [my IRA contributions], convert them, and now I have money growing completely tax-free,' Seo said. 3. Open a Solo 401(k) A Solo 401(k) is a retirement savings plan that can be utilized by self-employed individuals or business owners with no full-time employees. You may qualify for this type of account and not even realize it. 'Let's say you have freelance income from consulting, Airbnb or even selling things online — you may qualify for a Solo 401(k),' Seo said. 'I use mine through one of my LLCs, and it's a great way to reduce tax on side income while also building wealth.' 4. Save on Self-Employment Taxes With an S Corp Election If you're currently registered an LLC, you should consider filing for S Corp status to enjoy the tax benefits that come with it. To qualify, you must own a business that makes $50,000 or more in profit. 'This move could be a game changer,' Seo said. 'When you elect S Corp status, you pay yourself a salary and you take the rest of your income as distributions, which aren't subject to self-employment tax.' With the help of his accountant, Seo filed for S Corp status as soon as his business crossed the profit threshold. 'The first year alone, that saved me nearly $20,000 in taxes,' he said. 5. Claim the Home Office Deduction If you are self-employed and have an area of your home that you exclusively use for business, you can deduct a portion of your housing costs, including your mortgage or rent, utilities and even home repairs. 'I use it [for a] 300-square-foot room in my house,' Seo said. 'It's about 6.25% of the house, and that means I can write off over $7,000 per year just for working where I already live. I just keep the documentation, like photos and floor plans, in case I ever get asked.' 6. Hire Your Children To Shift Income Tax-Free If you have children and you have your own business, you can legally hire your kids to work for you. Seo pays his son to help him with content and perform other administrative tasks. 'The key here is the work must be real, age-appropriate and documented,' he said. 'We track the hours, use time sheets and keep everything above board. Since he earns under the standard deduction threshold, he pays no income tax. I get the deduction, and he learns real financial responsibility. It's a great way to shift income into a 0% bracket, and also build wealth inside your family legally.' 7. Use the Augusta Rule To Rent Your Home Tax-Free The Augusta Rule is an IRS rule that allows homeowners to rent out their home for up to 14 days per year tax-free. Seo recommends renting your home to your business. 'If you have any strategy sessions, filming days or internal retreats, you can use your home and have your business pay you,' Seo said. 'I do this several times a year. I receive income without paying a dime of tax on it.' 8. Take Advantage of the Short-Term Rental Loophole If you own a rental property, you'll want to take advantage of this tax break. 'Real estate is one of the few areas of the tax code where the government practically rewards you with deductions,' Seo said. 'If you do own or plan to buy a short-term rental and manage it actively, you can use appreciation losses to offset your other active income, and this is a big deal.' Seo owns several short-term rentals. He keeps guest stays under seven days and puts in over 500 hours per year managing them. 'That lets me treat the income as active, meaning I can use cost segregation and also bonus depreciation to reduce taxes on my other businesses,' he said. 'One year, I wiped out over $50,000 in taxable income using the strategy.' 9. Use a 1031 Exchange To Defer Capital Gains Taxes A 1031 exchange is a tax-deferral strategy that allows a real estate investor to sell one investment property and reinvest the proceeds into another 'like-kind' property without immediately paying capital gains taxes on the profit from the sale. 'That means you defer the tax bill, and you get to reinvest all of your profit,' Seo said. 'I used this when I sold two four-plexes. I rolled the equity into a 24-unit commercial building and paid no tax on the gains. That single move preserved hundreds of thousands of dollars.' More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard Warren Buffett: 10 Things Poor People Waste Money On 5 Types of Cars Retirees Should Stay Away From Buying This article originally appeared on 9 Secret Strategies the Wealthy Use To Cut Their Tax Bills, According to Preston Seo
Yahoo
11-07-2025
- Business
- Yahoo
Here's the Best $200 Retirees Can Spend To Get Their Finances on Track
Retirees are often on a fixed income that may be significantly less than their working days. Without proper planning, finances can spiral out of control, causing chaos and long-term hardship in retirement. Spending a couple of hundred dollars upfront can help retirees create a solid budget and develop a deeper understanding of their financial situation. Up Next: Try This: According to Christopher L. Stroup, MBA, EA, CFP, founder and president of Silicon Beach Financial, here are some of the best things retirees can spend $200 on to get their finances on track. Many retirees are unaware of how taxes can affect their wealth. The wrong type of retirement account could cost a substantial amount of money. Stroup suggested retirees look for a tax professional to help ensure money is saved wherever possible. 'You can spend $200 on a tax consultation with a CPA or an enrolled agent to better understand tax strategies that could save you money in retirement,' he said. Stroup emphasized the importance of this, particularly for individuals with 'complex retirement income sources (like Social Security, pensions and 401(k) withdrawals) or investments that might require advanced tax planning.' He added that some services can help you plan for making tax-efficient withdrawals in retirement. Be Aware: People often underestimate how much healthcare will cost as they age. According to The Federal Long Term Care Insurance Program, the average cost for a semi-private room in a nursing home is $100,740 per year. It is projected to increase to $159,372 over the next 20 years. 'Long-term care can be one of the largest expenses retirees face,' Stroup said. 'A $200 consultation with a specialist in long-term care insurance can help you assess your need for coverage, explore policies and learn about the best options for your financial situation. Many retirees underestimate the importance of this, but it's crucial for long-term financial planning.' Retirees who want a wealth of information can look into local seminars and workshops offered by financial professionals. Retirees can get a broad overview from experienced experts for a minimal amount of money. 'Attending a live or virtual seminar focused on retirement planning can be a great investment. Many financial institutions, credit unions or independent planners offer low-cost workshops to help you understand the nuances of Social Security, Medicare, estate planning and tax-efficient retirement withdrawal strategies,' he said. 'These can be valuable for building confidence as you approach retirement.' For some retirees, $200 is a significant investment. Luckily, there are several more affordable options available that can still help seniors with their finances. Stroup said that for $100, retirees hoping to focus on budgeting and saving can invest in a financial planning software subscription, while those overwhelmed with debt can consider credit counseling services. Finally, all retirees may want to take an online course to become more financially literate or meet with a Certified Financial Planner to get their affairs in order. More From GOBankingRates The New Retirement Problem Boomers Are Facing This article originally appeared on Here's the Best $200 Retirees Can Spend To Get Their Finances on Track Sign in to access your portfolio
Yahoo
26-06-2025
- Business
- Yahoo
Certified Public Accountant Kimberly Furrh of Furrh & Associates Shares Insights as CPA Selection Expert in HelloNation
LAWTON, Okla., June 26, 2025 (GLOBE NEWSWIRE) -- What should I ask a CPA before hiring them for my small business? This is a question many business owners face when seeking reliable financial guidance. In a feature article published by HelloNation, Kimberly Furrh, CPA of Furrh & Associates in Lawton, Oklahoma, addresses this common concern by offering a roadmap for evaluating CPA services beyond basic tax preparation. According to the article, selecting a CPA should not be limited to seasonal tax filing needs. Instead, the process should involve a thorough assessment of year-round planning capabilities, industry-specific experience, and client service responsiveness. Furrh highlights the importance of choosing a CPA who understands the daily operations of a small business, offers proactive tax strategies, and is equipped with tools like QuickBooks to support ongoing bookkeeping and payroll needs. The article also emphasizes the role of accessibility and digital transparency. Business owners are encouraged to inquire about secure digital platforms for financial documents and to review the clarity of billing structures. These factors contribute to a trusted, long-term advisory relationship rather than a one-time service engagement. Furrh's perspective underscores that informed questions can lead to better partnerships. She advises business owners to prioritize alignment in expectations and communication style when selecting a CPA, particularly in a climate of changing tax laws and evolving financial landscapes. This approach is detailed in the HelloNation feature, "What to Do Before Choosing a CPA for Your Business." About HelloNationHelloNation is a premier media platform that connects readers with trusted professionals and businesses across various industries. Through its innovative 'edvertising' approach that blends educational content and storytelling, HelloNation delivers expert-driven articles that inform, inspire, and empower. Covering topics from home improvement and health to business strategy and lifestyle, HelloNation highlights leaders making a meaningful impact in their communities. Patrick McCabeinfo@ photo accompanying this announcement is available at in to access your portfolio
