389: Insights into Tax Planning and Business Growth- with Eugene Marshall

Social Capital

Meet Eugene Marshall

Eugene Marshall is the Founder and CEO of Magnolia Tax Services. He is an Enrolled Agent (EA). Eugene is federally authorized to represent taxpayers before the IRS and, like CPAs and attorneys, has unlimited representation rights. He specializes in advanced tax strategies to reduce his client’s tax liability through effective tax planning. Eugene has several years of tax experience, including preparing taxes for individuals and small businesses.

Eugene is also an avid real estate investor. He owns a real estate investing company that acquires multi-family properties within the inner city of Chicago and has recently expanded to the Milwaukee market. Eugene believes owning real estate and having a small business is the cornerstone of building wealth.

What sets Magnolia Tax Services apart from other tax firms?

Magnolia Tax Services is a tax advisory practice that ultimately specializes in tax planning, tax preparation, tax debt resolution for individuals or small businesses that need assistance with solving a tax problem, and accounting and bookkeeping. What separates us from the average tax practices is that we're actively meeting with our clients periodically throughout the year and most of our client book is all small businesses.

I want to say maybe 90 to 95 percent is all small businesses. We do have some individuals that don't own a business, but have the desire to pick up some rental properties. We do bring them on as clients.

And we also assist and consult them on how to analyze deals, source those deals as well and get the capital to fund those deals, and it creates an opportunity for us to also educate our clients on how to be strategic in markets like today, where the interest rates are higher than they have been.

Fortunately, we're starting to see things climb down a bit. Still, we do introduce other topics such as seller financing, subject to a contract with the seller, wrap-around mortgages, and all these other creative ways to acquire properties that could ultimately benefit our client's tax position. So what separates us apart in short, is that we are actively looking at our client's financial position, and coming up with strategies to ultimately assist them with minimizing their tax bill.

This gives us the opportunities for that business owner to reinvest those savings either back into the business, back into themselves or personal professional development and or into their future.

Can you explain what the difference is between an enrolled agent and a certified public accountant?

Absolutely. So when we look at the tax space, the tax industry as a whole, there's four types of people. You have your tax preparers that do not have to be licensed at all. This could be someone who just understands how to file taxes using a particular software. Don't need a license, do not need a degree, just need to be able to file taxes.

And then we have tax attorneys. And then we have certified public accounts. And then after certified public accounts, we have folks like myself, which are enrolled agents. And so the primary difference between an enrolled agent and a certified public accountant is our specialty is tax. And we get our designation directly from the department of treasury, which houses the Internal Revenue Service. Certified public accountants that get their designation, their license from state boards.

And we actually partner with a ton of certified public accountants because they don't have an interest in tax. And some of them don't know tax. And many of them, their focus is on the accounting portion. And a lot of folks stay co associate accounting with taxes when accounting is nothing more, nothing less, but understanding and being able to read and produce financial statements.

P and L's, balance sheets, cashflow projections, not more so taxes. Now there are a ton of CPAs, of course, that do get a master in tax or do get a focus in tax, but for us, that's our specialty. We're solely designated here to niche down in the tax space.

Connect with Eugene!

LinkedIn

Magnolia Tax Services

1 complimentary 30-minute tax strategy call

[e-mail]

Office: [phone]