EP 88 - Avoid Costly Misinformation & Tax Myths w/ Tom Gorczynski

The Mark Perlberg CPA Podcast

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Tom Gorczynski, enrolled agent and tax expert, joins us to debunk common tax planning misconceptions and reveal frequently missed opportunities that can cost taxpayers thousands of dollars. We explore how social media oversimplifications of complex tax strategies can lead to compliance issues and missed savings.
• Social media tax advice often omits critical nuance, making strategies seem simpler than they are
• Entity selection requires analyzing numerous factors beyond just income level
• The "family management company" scheme likely violates economic substance doctrine
• Common tax strategies like hiring children are legitimate but frequently misrepresented
• Section 199A deduction remains widely misunderstood and underutilized
• Quality tax preparation often costs more but provides significantly better ROI
• Tax professionals working excessive hours likely produce lower quality work
• Many business tax credits go unclaimed due to lack of awareness
• Reasonable basis standard allows taxpayers to take supportable positions even in gray areas
• Missing tax opportunities can cost hundreds of thousands over time
For more tax insights, subscribe to Tom's newsletter at TomTalksTaxes.com or explore continuing education at Compass Tax Educators.

Chapters

1. Audit Story Introduction (00:00:00)

2. Meet Tom Gerzinski, Tax Expert (00:03:55)

3. Tax Misinformation on Social Media (00:05:22)

4. The S-Corp Dilemma (00:12:30)

5. Family Management Company Scheme (00:17:57)

6. Missed Opportunities and Common Errors (00:29:47)

7. Price vs Value in Tax Services (00:35:37)

8. Overlooked Tax Strategies (00:39:27)