Tax Strategy for Small Businesses with Eugene Marshall | Know your why #265

EPISODE SUMMARY:

Harness the power of tax planning and reduce your audit risks with insightful strategies from Eugene Marshall, CEO of Magnolia Tax Services. This episode guarantees a wealth of knowledge designed specifically for single member LLCs and real estate investors. Eugene’s journey from property investment to becoming an enrolled agent - licensed to represent taxpayers before the IRS - is as fascinating as it is inspiring. This episode not only demystifies the world of taxes but also introduces you to the key players - CPAs and enrolled agents.

We explore their distinct roles in tax preparation, representation and how they might best serve your business needs. You'll come away with a clearer understanding of these professionals, their specializations and why having someone federally authorized to represent you before the IRS can be a game-changer. Eugene also unravels the misconceptions around LLCs and anonymity, highlighting the significance of setting up entities in the state where your property is located. Our conversation culminates in understanding the real essence of tax planning - it's not just about the tax season. It’s about crafting strategies throughout the year, having regular quarterly meetings, and staying proactive rather than being reactive.

Eugene's personal growth journey, his 'why' and his passion for cooking and constant learning pepper our discussion, adding a touch of warmth and relatability. Whether you're a seasoned real estate investor or a single member LLC business, this episode is a treasure trove of actionable tax planning insights.

EUGENE'S BIO:

Eugene Marshall is the Founder and CEO of Magnolia Tax Services. He is an Enrolled Agent (EA). Eugene is federally authorized to represent taxpayers before the IRS and, like CPAs and attorneys, have unlimited representation rights. He specializes in advanced tax strategies to reduce his client’s tax liability through effective tax planning. Eugene has several years of tax experience, including preparing taxes for individuals and small businesses.

Eugene is also an avid real estate investor. He owns a real estate investing company that acquires multi-family properties within the inner city of Chicago and surrounding suburbs. Eugene believes owning real estate and having a small business is the cornerstone of building wealth.

GET IN TOUCH WITH EUGENE:

magnoliataxservices.com

https://www.linkedin.com/in/eugene-marshall-ea-4a531267/

EPISODE CHAPTERS:

(0:00:00) - Tax Planning Strategies for LLC Businesses Nature's tax strategies for single member LLCs, real estate investing benefits, reducing audits, and the role of an enrolled agent.

(0:05:35) - Differences Between CPAs and Enrolled Agents" CPAs and enrolled agents have different roles in tax preparation and representation, with specialization and federal authorization to represent taxpayers before the IRS.

(0:19:15) - Tax Planning Strategies for Clients Understanding roles and parameters of real estate businesses, creating effective tax strategies, and the importance of year-round tax planning.

(0:26:36) - Quarterly Tax Checkpoints and Personal Growth Meeting with clients quarterly for proactive tax strategizing, having a strong "why" for motivation, and constantly learning and improving.

If you want to know more about Dr. Jason Balara and the Know your Why Podcast: https://linktr.ee/jasonbalara

Audio Track: Back To The Wood by Audionautix is licensed under a Creative Commons Attribution 4.0 license. https://creativecommons.org/licenses/by/4.0/

Artist: http://audionautix.com/