If you have a “very affordable” tax pro (CPA/EA) then you might have a tax problem. Client paying $500 for an S-Corp tax return and $250 for bookkeeping/payroll; got hit with a $800,000 TFRP 🤐

BREAKING: Altruist announces a new AI powered financial planning agent. businesswire.com/news/home/2…

Do not switch to an S-corp because of a Twitter post with a referral link. I used to think becoming an S corp was what you had to do because of the sheer amount of people online who talked about. Then I started Sam’s List and ended up talking to 1,000+ accountants and financial advisors. Turns out: no. It is not that simple. An S corp can make a ton of sense for one person and be completely wrong for someone else. You can end up spending MORE money if you make the wrong decision. I almost switched a couple of years ago and thankfully my accountant shut it down for a number of reasons because it didn’t make sense for my business at that time and it would have cost me more money than saving. That’s why an actual accountant should look at your numbers and your situation before you decide. Saying “you NEED to do this” followed by a referral link to the company selling the solution. I’m not anti affiliate links. But your tax structure, accountant, financial advisor, company’s finances? That is where incentives matter a lot more. And this is exactly why Sam’s List was built the way it was. When you take our quiz, we do NOT match you with whoever will pay us the most. There is no firm bidding for your lead. There is no commission waiting for us if you sign. There is no affiliate link attached to your match. We score your answers against the firms available on Sam’s List and show you the options that fit what you told us you need. If you hire one of them, Sam’s List gets $0 from that decision. If we had built this around referral fees, commissions, affiliate links and taking 10–20% of the first year contract every time someone signed with a firm, we would no joke probably be 10x the size we are right now. We intentionally didn’t. Because I never want someone asking: “Did Sam’s List show me this firm because they’re actually a good fit for me, or because Sam’s List makes more money if I choose them?” This tweet is basically reason #8477283738 why Sam’s List exists. Don’t be the person who makes a financial decision because of an affiliate link. (No shade to this person. Not a personal attack 🫶)

New Post: AI should assist advisors, but AI is NOT a fiduciary alphaarchitect.com/llm-fiduc…

3 main reasons I do not like SEPs: 1. Lower contribution limits since you can just do the employer side contributions. This means no $24,500 employee contribution and no $8,000 catch up contribution 2. No mega backdoor Roth: solo allows this to get to $72,000 or 100% of income 3. Triggers the pro rata rule so you cannot do backdoor Roth IRAs Solo 401(k)s or Traditional 401(k)s > SEP IRAs

Choosing a financial advisor based on some version of the sales pitch “I can get you access to ____ product” is a little like choosing a physician based on them pitching you access to “____ medicine” Every good advisor has access to everything Don’t fall for the marketing