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Art Werner: Tax-Savvy Compensation with Smart Fringe Benefits | Quick Tax Tip
Manage episode 486869750 series 2907093
"Pseudo compensation” can reduce taxable income and optimize client outcomes.
Quick Tax Tip
With Art Werner
CPE Today
In this episode of Quick Tax Tip, tax planning authority Art Werner makes a compelling case for rethinking how accountants approach compensation—shifting the focus from traditional deductions to strategic use of fringe benefits.
“What are we really trying to accomplish?” Werner asks. “We’re trying to create what I call pseudo compensation—benefits that meet a client’s needs and reduce, or even eliminate, taxes.”
The key, he explains, is designing tax-efficient strategies that align with today’s post-Tax Cuts and Jobs Act environment. With many itemized deductions reduced or eliminated and the standard deduction nearly doubled, relying on deductions to save on taxes has become far less effective.
Originally published July 17, 2024.
396 episodes
Manage episode 486869750 series 2907093
"Pseudo compensation” can reduce taxable income and optimize client outcomes.
Quick Tax Tip
With Art Werner
CPE Today
In this episode of Quick Tax Tip, tax planning authority Art Werner makes a compelling case for rethinking how accountants approach compensation—shifting the focus from traditional deductions to strategic use of fringe benefits.
“What are we really trying to accomplish?” Werner asks. “We’re trying to create what I call pseudo compensation—benefits that meet a client’s needs and reduce, or even eliminate, taxes.”
The key, he explains, is designing tax-efficient strategies that align with today’s post-Tax Cuts and Jobs Act environment. With many itemized deductions reduced or eliminated and the standard deduction nearly doubled, relying on deductions to save on taxes has become far less effective.
Originally published July 17, 2024.
396 episodes
All episodes
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