Ep #156: Ed Lyon – Navigating the New Tax Reform Bill

Today’s guest is nationally known as one of the top experts on tax planning, and was dubbed by Roseanne Barr as “the funniest tax guy in America.” A graduate of Hamilton College and the University of Cincinnati College of Law, Ed Lyon is a co-founder of TaxCoach™ Software, LLC, as well as the American Institute of Certified Tax Coaches. He has written seven books on tax and financial planning, and has appeared on over 300 radio and television broadcasts, including interviews on CNN, Fox News, MSNBC, and CNBC.

Ed joins us this episode to discuss the opportunities he says the new tax law will create for dentists, as well as the impact it will have on retirement planning, real estate investment, and more. Listen in to learn what you can expect with the tax reform, and what Ed says we should all look for in an accountant.

 Minute Markers:

  • 3:56 – How the new tax law will create opportunities for dentists.
  • 7:25 – Ways to segregate part of your income so that it doesn’t come from a specified service income.
  • 10:27 – How dentists in general will be affected by the new tax law.
  • 14:23 – The impact the tax reform will have on retirement planning.
  • 19:50 – How the new tax law will affect real estate investment.
  • 21:54 – Ideas for structuring partnerships so the income is treated as a co-op distribution.
  • 23:52 – Ed’s frustration with most tax preparers.
  • 26:21 – How to find an accountant who will look for opportunities to interpret the tax code in favorable (and legal) ways for their clients.
  • 28:12 – Common big mistakes accountants make.
  • 30:32 – How Financial Gravity got started, and how they help their clients.

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