In this episode, I get to sit down with Diane Gardner, a CPA and tax coach. She talks about tax returns, guiding clients in tax law, and how to reduce tax liabilities for loan officers. If you’ve ever had questions about taxes, tune in!
[:26] Jennifer introduces her guest for this episode — Diane Gardner.
[1:35] Who is Diane and what does she do?
[3:00] How can you choose the right tax adviser?
[4:46] It’s important to get a good fit with your adviser, not just someone who matches your personality and is geographically close.
[6:08] What can loan officers do to offset some of their expenses?
[7:34] What type of assets would we have availability to, and earn an income stream off of, but still leave to charity?
[9:11] What is the income threshold for a W-2 employee where it becomes less valuable for them to be doing charity from a tax perspective?
[11:35] Apart from charitable contributions, what else should loan officers do?
[13:44] When looking at tax returns, what else could loan officers be looking for, to determine if the person, be it a client or a W-2 employee, needs additional advice in the tax world?
[16:06] Apart from pulling expenses out of the blue, or purchasing things that they don’t need, are there any other things that can be done?
[17:58] If you’re a single member LLC, you can file a Schedule C. If you’re filing as a Schedule C under the office of an LLC, is there any benefit to that?
[19:27] What else could loan officers be looking at in tax returns, whether they’re self employed or not?
[20:29] Jennifer shares a story from her personal experience with her husband’s medical bills.
[22:40] Moving into real estate — many people who faced difficulties during the credit crunch are employing the Departure Residence Guidelines to turn their properties into rentals. There are implications to having an investment property and not having the double interest write off that they think they’re going to get. Diane elaborates about these guidelines.
[26:55] Let’s talk about gifts! What is allowed, what isn’t? Are there any exclusions or speed bumps that loan officers should be aware of when it comes to gifting?
[29:59] Diane shares a little about the annual and lifetime exclusion for gifts.
[34:11] Are there any other things that loan officers should be thinking about as they look at tax returns? In terms of personal benefits — Make sure you’re capturing all the write off for your miles!
[36:09] Diane leaves us with some parting advice — Be proactive!
[36:57] Diane is offering a copy of her book 10 Most Expensive Tax Mistakes that Cost You Thousands — get it free from her website, and also get a free tax analysis!
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