Strategies for Lowering Taxes?

Kenner and Michael discuss a case study where they help a client lower their tax liability. The client had been over-contributing to their 401k and needed assistance in fixing the mistake. Kenner explains that they can go back to 2023 and do an amendment to correct the over-contribution. They also discuss the possibility of setting up a defined benefit plan to further lower the client's tax liability. The conversation emphasizes the importance of compliance and reporting to the IRS. Kenner mentions the resources available on their website, including the Vast Vault membership, which provides valuable information on lowering tax liability.Takeaways• Over-contributing to a retirement account can lead to higher tax liability.• Amending tax returns can help correct over-contributions and lower tax liability.• Setting up a defined benefit plan can further reduce tax liability.• Compliance and reporting to the IRS are crucial for avoiding penalties.• The Vast Vault membership offers valuable resources for lowering tax liability.Sound Bites• We're gonna show this as a true case study.• They've been over contributing... Hence the reason they came to us.• We're gonna have to ask the IRS for a little bit of help there.If you have any questions in general you can reach our office at:VastSolutionsGroup.comPhone: 415-854-6512Email: [email protected] 8:00 AM – 5:00 PM (Pacific)Thank you for listening!