Drilling It Down Wes Lyon

In this episode, Wes and Tyler explore strategies and tips for navigating IRS audits and maximizing tax deductions. They emphasized the benefits of meticulous documentation for business expenses, including utilizing the Augusta Rule and mileage logs. Clear communication with CPAs and honesty in reporting expenses are highlighted, along with structuring personal activities for tax deductions. The key takeaway underscores the importance of adherence to IRS regulations and proactive planning for optimizing deductions within legal limits.Want to submit a question that will be answered on the next episode? Submit them here (https://www.mcgillhillgroup.com/Contact/Form) or email us newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode, Wes and Tyler debunk myths surrounding permanent life insurance, specifically whole life policies. They tackle misconceptions about using whole life as a retirement investment, the misleading nature of insurance projections, tax implications, and the myth of utilizing whole life for long-term care benefits.If you're not already, subscribe to The McGill Advisory (mcgilladvisory.com) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!mcgilladvisory.comListen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Wes and Tyler discuss the "Green Book" proposal and its possible tax implications for business owners, estate taxes, and expiring provisions of tax acts. They also explore the net investment income tax, potential increases in capital gains taxes, and their impact on individuals and businesses. Additionally, they touch on limits on 1031 exchanges and IRS enforcement of tax laws.They then jump into the disadvantages of permanent life insurance. They also share insights on tax-free income for college-age children, maximizing wealth without permanent life insurance, and the importance of transparency in financial products.Join us for upcoming seminars in Boulder, CO and Napa, CA on retirement planning, tax strategies, and legal considerations!If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Wes Lyon and Tyler Ott cover insights on the net investment income tax, signs of overstaffing in dental practices, and common mistakes in divorces.They emphasize the importance of accurate reporting for investments, balancing staff levels for productivity, tracking assets during divorces, selecting the right tax structure for partnerships,and seeking expert advice to avoid costly errors.If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Wes Lyon and Liam Fitzgerald discuss long-term care insurance. They delve into the history and evolution of long-term care insurance, highlighting key mistakes made by insurance companies such as underestimating policy duration and rising healthcare costs. They caution against buying long-term care insurance due to unsustainable financial models and the potential for high premium increases. The conversation touches on the complexities of surrendering policies, the importance of assessing the policy's value, and the need for transparency from insurance agents.Wes and Liam emphasize the need for individualized financial advice and suggest considering self-insurance or alternative investment options.If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Wes hosts David Matthews, a sell-side representation expert, as they delve into the intricate world of the Employee Retention Tax Credit. They explore the nuances of claiming this credit, emphasizing the significance of staying updated amidst evolving IRS enforcement and regulatory changes. The conversation goes into into eligibility criteria, potential risks of non-disclosure, and red flags that could trigger IRS scrutiny. David and Wes stress the importance of seeking professional advice and participating in the IRS's voluntary disclosure program if discrepancies are suspected.If you're not already, subscribe to The McGill Advisory (https://www.mcgillhillgroup.com/join) newsletter to keep up with the articles mentioned in the episodes. Use code Podcast20 for 20% off!Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.