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Ever wondered how a misunderstanding with the IRS can lead to a $1.3 million tax debt? Meet Neal Mcspadden, a tax advisor whose incredible journey from engineering student to saving small business owners thousands on their taxes will leave you inspired. Discover the pivotal moments that shaped Neil's career, including a corporate award ceremony that changed his path and the invaluable lessons he learned from facing and overcoming a massive tax debt with the help of a Wall Street mentor.
This episode is a treasure trove for small business owners and solopreneurs looking to navigate the complexities of tax planning. We discuss real-life experiences with IRS wage garnishments and emphasize the importance of meeting tax filing deadlines to avoid penalties. Neil shares the benefits of proactive tax planning and working with a tax advisor year-round. For those on a tight budget, we break down a four-step process to assess situations and implement cost-saving strategies that can save more than the service costs.
Neil also brings crucial insights into structuring businesses for tax efficiency, especially for entrepreneurs and real estate developers. Learn the advantages of S-Corps, LLCs, and the powerful strategy of cost segregation. We wrap up with year-end tax planning tips and a valuable worksheet available at taxsherpa.com/freedom to help you avoid financial surprises. Tune in and transform your tax approach with actionable advice from one of the best in the business.

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