Christmas Trees + Taxes
In the episode of Tax Strategy Digest featuring Andrew Bosserman, the conversation dives deep into various tax-related topics, from navigating IRS audits to specific tax strategies for business owners.
About Andrew: Andrew, a tax attorney with a focus on helping businesses resolve tax disputes. Starting from his early interest in tax law during his undergraduate studies, he went on to working as an IRS agent and eventually becoming a tax attorney. His unique experiences allow him to provide valuable insights into how businesses can handle tax audits, understand IRS processes, and even explore niche tax benefits like those available to Christmas tree growers.
Check out this weeks episode on all major podcast platforms now!
IRS Audits and Red Flags: Andrew explains that while the IRS uses a secret algorithm to select returns for audit, common issues like car and truck expenses, travel, meals, and entertainment often get scrutinized. He emphasizes the importance of understanding IRS notices and thoroughly preparing for audits.
Tax Transcripts: A recurring theme in Andrew's advice is the importance of regularly reviewing your IRS tax transcript. He shares a cautionary tale about a client who paid significant penalties due to a CPA's negligence, highlighting why business owners should keep an eye on their tax accounts.
Special Tax Strategies: Andrew discusses Section 122 of the IRS code, which offers significant tax savings for certain small businesses, especially in the tech sector. He also touches on a unique area of his practice, advising Christmas tree growers and timberland owners on tax strategies, a passion rooted in his own experience running a Christmas tree farm.
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Entrepreneurial Journey: Andrew recently made the leap from working at a large law firm to starting his own practice, Boss Tax Law. He reflects on the challenges and rewards of entrepreneurship, balancing the demands of running a business with providing expert legal advice.
Advice for Young People: Towards the end of the episode, Andrew offers advice to younger listeners, encouraging them to pursue their passions and trust their instincts. He shares that every time he has followed something he truly wanted to do, it has led to positive outcomes.
Contact Andrew:
Website: www.bosstaxlaw.com
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This information is for educational purposes. Engineered Capital Gains Solutions, Inc. does not provide legal, tax professional services, or advice. Each transaction and individual circumstances vary widely and participants are strongly urged to seek independent legal, tax, and professional advice.