Tax Planning Strategies with Tony Pescatore, CPA

Over the past 20 years or so, we’ve observed many doctors making common mistakes at all stages of their careers. We have taken our observations, as well as enlightening discussions with well-established professionals in wealth preservation spaces to bring you our Asset Protection Series: Interviews dedicated to bringing awareness to various risks that can affect your wealth. Every Friday, Anthony Williams and our guest of the week will discuss critical questions to consider and provide tips on how to work towards obtaining comprehensive asset protection.  This week we are excited to present our interview with our long-time colleague, Tony Pescatore, CPA.

Tony Pescatore specializes in income tax and business consulting for both individuals and small to medium-sized businesses. He also consults and leads his firm in the estate and trust tax planning arenas. He is a 1991 graduate of Purdue University with a B. S. degree in Accounting and a licensed CPA in both Arizona and Illinois. He serves as a member of the American Institute of Certified Public Accountants, the Arizona Society of CPAs, and the Illinois CPA Society. Tony has also served on the Finance Committees for various associations, non-profit groups, and on the board of Paradise Valley Country Club, holding the positions of Treasurer and President. 

Our hope in providing these interviews is to continue our mission of helping doctors and their families grow their net worth tax-efficiently while minimizing exposure to litigation, loss of wealth, and detrimental career risks. Enjoy!

Interview Questions & Topics

1) What are some of the things, some of the mistakes that people are invariably making that you see every year that’s effectively costing them money?

  • Saving for Retirement
  • Maximizing IRA & 401 k Contributions
  • Providing Proper Documents

2) What are some ways people are putting themselves in the spotlight of the IRS, unnecessarily?

  • Discrepancies
    • Sabbatical Reporting
    • Computer Analyzation
    • “Intent to make a profit” Flag

3) What are some of the best practices to consider in regard to rental properties?

  • Combing & Separating LLCs
  • When to Insure

4) What should people know about gifting? Are there specific strategies?

  • Individual vs. Charity gifting
    • Fair Market Value considerations
  • Indirect Cash
    • “The popular thing has been loaning kids money and then each year reducing the loan by the gift exemption each year. So, they’re giving their children money, but in lieu of paying it back, they’re saying ‘You know what, over time we’ll reduce the loan amount by the gift exemption each year.’ So it is an indirect gift.'”

Tax Consequences of Giving Gifts to Employees

Gifts to Charity – Know the Facts

5) From a tax perspective, what should people be mindful of with respect to estate planning?

  • Probate & Proper Titling
  • Changing Tax Codes

5 Estate Planning Topics to Talk About with Your Family

6) Considering the CARES Act and small business loans, what are some COVID-19 tax tips you recommend?

  • Taxable Unemployment
  • Payroll vs. Self Payments
  • Loan Forgiveness Expectations
    • Upcoming policy expectations

New PPP Loan Forgiveness Applications Released

Additional PPP Forgiveness Guidance

5 Reasons to not Rush the PPP Forgiveness Application

 

Watch the full interview with Tony Pescatore:

Contact Tony today to learn more about how proper tax planning can help preserve your wealth.

Be sure to check out our other informative interviews here.

Securities and investment advisory services offered through NEXT Financial Group, Inc. Member FINRA/SIPC. None of the named entities are affiliates of NEXT Financial Group, Inc. Neither NEXT Financial Group nor its Representatives give tax or legal advice. Reference code: 2020-2984.