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James Lavorgna, Founder of Spencer Advisory Services, Interviewed on the Influential Entrepreneurs Podcast Discussing Tax Mitigation Strategies for Business Owners

James Lavorgna discusses tax mitigation strategies for entrepreneurs.

Listen to the interview on the Business Innovators Radio Network: 

Mike Saunders and James Lavorgna stress the importance of taking a comprehensive approach to tax planning and being proactive in implementing strategies. They clarify that tax mitigation strategies are not loopholes or illegal practices, but rather leveraging the structure of the federal tax code.

James Lavorgna explains that his planning process begins with a discovery and diagnostic meeting with the client to understand their personal and business objectives. He gathers high-level information through a Client Information Questionnaire (CIQ) to assess the client’s tax situation. From there, he explores various tax mitigation strategies, such as structuring expenses and compensation to be paid with pre-tax dollars, arranging assets to appreciate or accumulate with lower or deferred taxation, and potentially converting ordinary income into long-term capital gains.

By conducting this discovery and diagnostic meeting and gathering high-level information, James can tailor his strategies and recommendations to the specific needs and goals of each client. This personalized approach enables him to provide effective tax mitigation strategies and other services to help clients achieve their desired outcomes.

James explained: “We develop a business roadmap to get them to where they want to go and maximize their business potential. We realize nobody understands a client’s business better than the client. To maximize the business potential, they have to focus on it. Before we start making any of these kinds of plans, we take the client through different areas. The areas that we cover are tax mitigation, risk mitigation, wealth management, legal, and business advisory services.”

 James Lavorgna also emphasizes the importance of proactive action on the taxpayer’s part in reducing their tax bill. While accountants can provide information and guidance, it is ultimately the taxpayer who must take the initiative to implement tax mitigation strategies. The guest distinguishes traditional backward-looking, compliance-focused tax professionals from forward-looking, proactive advisory professionals — the former who primarily prepare taxes and defend them in court, rather than actively seeking ways to minimize taxes.

James added: “We make wealth simple for successful business owners and high net-worth families. Through the use of our virtual family office and team-based model, we turn complexity into simplicity. Valuable insights are drawn from years of experience, resulting in streamlined efficient planning that provides innovative wealth management and tax mitigation strategies! Whether you want to grow your business or exit your business, we help make the transition smooth.”

About James Lavorgna

Mr. Lavorgna started in the insurance business in 1976 and has been in the financial services industry for 45 years. He earned his Certified Financial Planning designation in 1984. He also has earned a Bachelor of Science in Finance, Juris Doctor (Litigation), Master of Laws in International Tax and Offshore Planning, and Master of Laws in Wealth Management and Private Banking. He has been in the investment industry since 1979. And is currently an Investment Advisor Representative of Forsyth Wealth Management, Inc. fee-only Registered Investment Advisor and licensed insurance agent.

He is also the Managing Member of Spencer Advisory Services, LLC, and a Certified Team Based Model Consultant.

He has spent his career consulting with successful business owners and high-net-worth families.

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