Navigating the Tax Maze with Scott Hall: Top Three Takeaways

It gives me a ton of joy when I meet someone passionate about what they do, who does it well. Scott Hall, EA, is one of those people. A veritable wizard in the realms of business structuring and taxation, Scott's passion for helping everyday people not just manage but win with their business setup and taxes, resonated deeply with me. With Scott's insightful advice and expert strategies, I've managed to save considerably on taxes. He aims to help ordinary people navigate the complicated world of tax preparation and planning through his business, Rusty Penny. I sat down with him for a discussion last week, and took away a few valuable insights.

1. Tax pros are accessible investment advisors.

Scott Hall's career trajectory from being a financial advisor to a tax professional showed me something I hadn’t considered before. When he worked as a financial advisor, he could only serve people who were relatively wealthy. Now, he gets to serve a wider audience. After all, taxes are inevitable. He masterfully applies complex investment concepts to taxation, helping even those without significant startup capital begin to invest. Scott underscored the view that hiring a tax professional should be seen as an accessible form of investing, a sentiment that echoed my own experience.

2. Who you help is just as important as what you do.

Scott’s perspective on career and calling is a refreshing deviation from the typical focus on 'what' we do. Rather than solely concentrating on required skills or daily responsibilities, Scott pays equal attention to 'who' he helps. He finds fulfillment in assisting people similar to his parents, regular folks navigating the labyrinth of tax laws. It is this altruistic attitude that makes his work deeply gratifying. Scott considers it an honor to be entrusted with people's life savings.

Likewise, in my profession, I’m now thinking about ways to make what I do more accessible to more people. I wholeheartedly believe in the power of the written word, and I’ve seen firsthand what getting one’s thoughts down on paper in the form of a book or blog can do for them and their business. My conversation with Scott inspires me to find more ways to help others.

3. Hiring tax pros gave me a return on investment.

The conversation with Scott shed light on an often-overlooked benefit of hiring a tax professional: return on investment. Despite having a business setup that rarely qualifies for tax refunds, Scott's handling of my financial situation led to a surprisingly smaller tax bill than I expected in 2023. Even if someone has a relatively simple tax situation, there might be benefits they’re missing out on, or worse, penalties they’re unaware of. So, I encourage everyone to think about what it could look like to work with a pro.

In addition to working with Scott for my business, my wife and I also use a CPA for our tax return. Working with two pros in this area has been nothing short of financially rewarding. More than what I paid in fees, the savings in taxes and the peace of mind gained have made this partnership truly worthwhile.

The months following the tax season are an ideal time to start strategizing for the upcoming tax year. Accountants have more time on their hands, and there is ample opportunity to make preparations for the next tax season.

I know it isn’t everyone’s favorite subject, but what could tax day 2024 look like if you started thinking about it right now?