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At Shifflett & Philips, we are always looking for practical ways to reduce taxes without adding risk or complexity. One of the most effective and most underutilized strategies for closely held businesses is the accountable plan. When properly structured, an accountable plan allows a business to reimburse employees (including owner-employees) for business expenses in a way that is fully deductible to the company and tax-free to the employee. No income tax. No payroll tax. Just clean, compliant...

Charitable giving is one of the most powerful and most misunderstood areas of tax planning. When done intentionally, charitable contributions can support causes you care about and significantly reduce your tax liability. When done without planning, you may leave valuable deductions and long-term strategies on the table. Below is a comprehensive overview of the most effective charitable giving strategies we help clients evaluate, from simple cash donations to advanced planning techniques used...

If you have children, or plan to in the future, there is a new federal program that deserves your attention. Known as a Trump Account, this newly created tax-deferred investment account has the potential to become one of the most impactful long-term wealth-building tools ever made available for children. The IRS has released extensive guidance explaining how these accounts will operate, making now an ideal time for families and advisors to understand how they work and how they may fit into a...