David Gill, Jr.

You’re getting ripped off on tax prep fees. Imagine your S-Corp is ready to branch out, and you want to invest in a new business. → You could just set up another LLC or S-Corp, whichever is right. → But there’s a smarter play: the Q-Sub (Qualified Subchapter S Subsidiary). Here’s why: → 100% ownership, single tax return → When your S-Corp owns 100% of a subsidiary, it can elect Q-Sub status. → The Q-Sub files nothing separately – all income, deductions, and credits flow through to the parent S-Corp’s return, save on tax prep fees & less paperwork. → Just check Question 10 on Schedule B of your 1120-S and include all Q-Sub financials on the parent return. → This will pay off if you are in a Q-Sub friendly state, & you have good books, & you have multiple legit qualifying S-Corps, run through one parent S-Corp filing. But not all states play nice → Some states let you consolidate like the IRS. Others want their piece, requiring separate returns. → Friendly States (no separate Q-Sub tax return): FL, TX, SD, WY, WA, NV, AK, MT. → Not So Friendly States (separate returns required): NY, NJ, CA, IL, MA, MN, TN, WI. So before you jump into a new venture, know your state’s rules – or it could cost you. Because here’s the thing: → Setting up a Q-Sub is just the beginning. → If you really want to layer your tax advantages, protect assets, and create a whole new stream of deductible income, there’s an even smarter move almost no one talks about. → In the next post, I’ll show you how self-renting your own property through a layered entity strategy can unlock powerful deductions and keep your money working for you, & not the IRS. Stay tuned. ♻️ RESHARE this post to help others avoid unnecessary tax traps!

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I’ve seen too many advisors treat tax strategy like an afterthought. ​ They maximize deductions, defer income, and move on. ​ But real impact comes from anticipation, not reaction. ​ We build practices that make a difference when we stop thinking like technicians and start thinking like partners. ​ That means: ​ → Structuring wealth to survive policy changes, not just this year’s tax code. ​ → Helping clients keep more over decades, not just save a little today. ​ → Planning for businesses to scale, not just avoid audits. ​ It’s easy to focus on short-term wins. ​ The real value comes from protecting long-term potential. ​ And that requires more than just compliance. ​ It requires vision.

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A common issue for tax pros this week each year...delayed or incorrect brokerage statements! This week marked the deadline for brokerage houses to produce 1099-Bs. Back in 2008, a law change gave the large brokerages houses additional times to do their jobs (lobbyists of course). The companies with the highest budgets and resources receive extra time... However, many of us see "amended" statements come frequently which severely disrupts the process to prepare a tax return. In the past few years, amended 1099Bs have become quite frequent. A few questions for the IRS (and possibly Congress but they could care less): 1) Why did Brokers get an extension to 2/15 to produce their statements yet taxpayers did not get 15 more days to prepare their tax returns? 2) Investment partnerships only have 30 days to prepare their tax returns when the brokers take until 2/15. Sure, let's waste time filing a 7004 for an extension that is also a waste of time (and paper for some). 3) If the brokers produce amended 1099Bs in March, is it fair for taxpayers to have no extended timeline? Of course, you can file an extension, but for most taxpayers they want nothing to do with this, if it can otherwise be avoided. As part of tax reform, Congress should not overlook rather archaic and artificial deadlines for both professionals and taxpayers!

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