The Influential Advisor

109: The Zero Tax Strategy: Legally Eliminating Taxes with Jeremy Lederer, CPA

In this episode, Gabe McManus sits down with Jeremy Lederer, CPA and founder of XIT CPA, to explore what separates a tax preparer from a true tax strategist. Jeremy brings more than 16 years of experience working with entrepreneurs, business owners, and high-income professionals to zero (yes, zero) out their federal tax liability using legal, government-backed strategies. From film financing deductions to healthcare software investments, Jeremy breaks down the frameworks he writes about in his book The Zero Tax Strategy. He makes the case that implementation, not information, is the missing ingredient for most people. This is one for any financial advisor whose clients are paying more to Washington than they have to. About Jeremy Lederer Jeremy Lederer, CPA, is the founder of XIT CPA, a tax strategy firm that landed on the Inc. 5000 list of the fastest-growing private companies in America in 2023. With over 16 years of experience, Jeremy specializes in helping entrepreneurs and high-income professionals legally reduce or eliminate their federal tax burden through personalized, audit-proof strategies. A former professional golfer and winner of the 2008 San Juan Open, he brings the same precision and competitive drive to tax planning that he once brought to the fairway. Jeremy is also the author of The Zero Tax Strategy and a former certified mastery-level strategist within Tom Wheelwright's WealthAbility Network. What We Cover * Why Jeremy quit his firm in 2014, and the $100,000 savings opportunity his managing partner refused to pursue for a client * Why the average age of a CPA today is close to 70, and what that means for the quality of advice most business owners are getting * The fundamental premise of the U.S. tax code: 99.9% of its 80,000 pages are about how to avoid tax legally, not how to pay it * How W-2 earners can use Section 181 film financing to create a $400,000 deduction from a $100,000 cash investment * The Amanda case study: a $2 million-per-year biotech founder who zeroed her tax with a $300,000 healthcare software investment * What "to change your tax, you have to change your facts" actually looks like in practice * The audit that went perfectly: a $500,000 deduction, a nervous client, and a "no change" outcome Resources Mentioned * The Zero Tax Strategy [https://zerotax.com/book] by Jeremy Lederer, CPA — available at zerotax.com/book [http://zerotax.com/book] * Vivid Vision [https://www.amazon.com/Vivid-Vision-Remarkable-Aligning-Business/dp/161961877X] by Cameron Herold Connect with Jeremy Lederer * Website & book: zerotax.com/book [https://zerotax.com/book] * XIT CPA: xitcpa.com [https://xitcpa.com] * LinkedIn: linkedin.com/in/jeremy-lederer-6128691b [https://www.linkedin.com/in/jeremy-lederer-6128691b/] Support the show [https://www.milliondollarproducershow.com]

108: Rob Bedinghaus on the $10 Million Tax Bill Nobody Saw Coming

A couple had done everything right — dual income, debt-free, millions saved in tax-deferred accounts — and they were on track to hand $10 million to the IRS. Not because they made bad decisions, but because nobody had ever shown them what "doing everything right" actually costs without proactive planning. In this episode, Gabe sits down with Rob Bedinghaus, Ph.D., CFP® — founder of Bedinghaus Wealth Planning and author of Beyond the Numbers — to dig into the retirement planning conversations most advisors never have. Rob brings a teacher's instinct to every client meeting, and this episode reflects that: clear frameworks, real scenarios, and a perspective on legacy that goes well beyond the balance sheet. Listeners will walk away with a clearer picture of the income gaps retirees face, a practical mental model for surviving market volatility, and a compelling case for why tax planning and retirement planning are the same conversation. About Rob Bedinghaus Rob Bedinghaus, Ph.D., CFP® is the founder of Bedinghaus Wealth Planning, an independent practice in Lebanon, Ohio affiliated with Raymond James. A second-generation financial advisor, Rob spent six years in higher education at Indiana University before joining his father's practice in 2015. He has worked with hundreds of families navigating retirement transitions, previously overseeing more than $130 million in client assets at Edward Jones before building his own independent firm. He is the author of Beyond the Numbers: Your Smart Guide to Retirement Income, Tax Efficiency, and Lasting Legacy. What We Cover * Why the shift from saving to spending is harder than most retirees expect — and how Rob helps clients break a 30-year saving mindset * The bucket framework: how organizing money by time horizon keeps clients from panic-selling during market downturns * How one couple's disciplined 401(k) savings had them on track for $700,000 in annual required minimum distributions and a projected $10 million lifetime tax bill * The Roth conversion strategy that cut one couple's projected tax bill from $10 million to $2 million * What "living a legacy" means: giving while you're alive, seeing the impact, and passing values alongside wealth * Why qualified charitable distributions are one of the most underused tax tools for charitably-minded retirees Resources Mentioned * Beyond the Numbers: Your Smart Guide to Retirement Income, Tax Efficiency, and Lasting Legacy [https://www.amazon.com/Beyond-Numbers-Retirement-Efficiency-Lasting/dp/B0GMYB4KDF] by Rob Bedinghaus, Ph.D., CFP®  Connect with * Website: bedinghauswealth.com [https://www.bedinghauswealth.com] * LinkedIn: linkedin.com/in/robbedinghaus [https://www.linkedin.com/in/robbedinghaus] Support the show [https://www.milliondollarproducershow.com]

107: The Investor's Coach — The IRA Tax Trap Nobody Warned You About with Ira Work

Imagine going into business with a partner who tells you upfront: at the end of every year, I'll decide how much of the profits I keep. You'd never agree to that. But Ira Work says millions of Americans already did the day they opened a traditional IRA. That's one of several hard truths Ira Work, a 42-year financial industry veteran, addresses head-on in his new book and in this conversation. After 17 years working for firms like Smith Barney and Shearson Lehman Brothers, Ira walked away from the traditional brokerage model — not because he failed, but because he saw how it was failing clients. In this episode, Ira breaks down four persistent myths that quietly erode investor wealth, explains why tax-deferred retirement accounts may carry more risk than most people realize, and makes the case for financial coaching over traditional advising. Listeners will walk away with a clearer picture of what questions to ask, what costs to watch for, and what it actually means to have a financial plan built around their life and not just their portfolio. About Ira Work Ira Work is an Investor Coach and founder at First Financial Coaching, Inc., with over 42 years of experience in the financial industry. He holds multiple advanced designations including ChFC, RFC, AIF, AAMS, CASL, and CRPS. After spending his first 17 years at major wirehouses, Ira transitioned to independent financial coaching focused on investor education, behavioral science, and evidence-based investing. He is the author of The Investor's Coach: How You Can Rise Above Wall Street's Myths and Build Real Wealth. What We Cover * Why stock picking and market timing feel logical in the moment but fail investors over time * The real reason 10-year fund track records are nearly meaningless for picking investments * How hidden trading costs inflate what investors actually pay beyond the stated expense ratio * The IRA tax trap: why deferring taxes today could mean paying far more tomorrow if rates rise * The one question Ira asks every new client that most advisors never think to raise * The difference between a financial advisor and a financial coach, and why one asks about your life while the other asks about your money Resources Mentioned * The Investor's Coach by Ira Work [https://www.amazon.com/Investors-Coach-Above-Streets-Wealth/dp/B0G2KCSRSC] — available on Amazon * Come Back America by David Walker (U.S. Comptroller General) — referenced in the tax trap discussion * Navigating the Fog of Investing — documentary film featuring Morningstar's CEO on fund ratings Connect with Ira Work * Website: irawork.com [http://irawork.com] / firstfinancialcoach.com [http://www.firstfinancialcoach.com] * Email: irawork@firstfinancialcoach.com [irawork@firstfinancialcoach.com] Support the show [https://www.milliondollarproducershow.com]

106: Scott Leibfried: What Climbing Wealth Taught Me About the Retirement Red Zone

Scott Leibfried's grandfather sold the family business at 60 with more money than he'd ever seen. He was generous, he lived long, and he ran out. That story is why Scott has spent 28 years in wealth management — and it's why he wrote Climbing Wealth. Episode Summary In this episode, Gabe sits down with Scott Leibfried, a Midwest-based financial advisor with 28 years of experience, to explore the parallels between mountain climbing and financial planning. From the moment Scott summited Long's Peak without a guide and couldn't wait to get back down, to guiding clients through the retirement red zone, this conversation is full of practical lessons about what it takes to navigate the second half of your financial life. Listeners will walk away with a clearer picture of what a real advisory team looks like, what triggers people to finally get serious, and why the descent matters just as much as the climb. About Scott Leibfried Scott Leibfried is a financial advisor and wealth manager with 28 years of experience, based in the Midwest. He grew up in eastern Iowa working in his family's agricultural business and attended the University of Northern Iowa before entering the financial services industry. Over his career, Scott has built a multi-generational, multi-specialist advisory team focused on financial planning, investment management, tax strategy, and estate planning. He is the author of Climbing Wealth, which draws on his experiences summiting mountains including Mont Blanc, the Grand Teton, and Grand Paradiso to illustrate the decisions that define financial success. What We Cover * How Scott's grandfather selling the family business became the origin of his entire career — and what two small decisions would have changed everything * The shift from a commission-driven industry to a planning-first model, and why it matters for clients today * What happened on Long's Peak without a guide that convinced Scott to never climb — or advise — alone again * The retirement red zone: the five years before and after retirement when the most consequential financial decisions get made * Why a real advisory team is built across generations and specialties, not just people sharing a copier * The story of a client who retired at 58 against one advisor's advice — and used those five years before his death to live fully Resources Mentioned * Climbing Wealth by Scott Leibfried — available on Amazon [https://a.co/d/0clGfFN1] Connect with Scott Leibfried * Email: scott@climbingwealthbook.com [scott@climbingwealthbook.com] Support the show [https://www.milliondollarproducershow.com]

105: Jason Wendt: Beyond the Numbers — Why Your Retirement Number Isn't Enough

Most successful people have a retirement number. Very few have a retirement reason. That's the gap Jason Wendt has spent 15 years closing. After watching client after client arrive with a solid portfolio and a hollow plan, he wrote a book about it. And now, fresh off an Amazon bestseller ranking and a feature segment on NBC Chicago, he's bringing that message to a wider audience. Episode Summary In this episode, Gabe McManus sits down with Jason Wendt, a Chicago-based financial advisor and author of Beyond the Numbers, to explore what it really means to build a financially efficient life. Jason shares why he starts every client relationship with the question "What's important about money to you?" rather than a statement of assets. He talks about the three phases of financial life most advisors forget to address, how childhood money narratives quietly shape the decisions of even the wealthiest clients, and why he considers himself the CEO of his clients' financial lives. Jason walks through the specific frameworks, client stories, and planning tools he uses to help people move from saving for a number to building a life around what actually matters to them. About Jason Wendt Jason Wendt, AIF®, APMA®, CEPA®, is a financial advisor at Ameriprise Financial in Chicago, Illinois, with over 15 years of experience serving high achievers, business owners, and professionals navigating complex financial lives. He holds the Accredited Investment Fiduciary, Accredited Portfolio Management Advisor, and Certified Exit Planning Advisor designations. Jason is the author of Beyond the Numbers: A High Achiever's Guide to Financial Freedom Without Sacrifice, an Amazon bestseller in the financial services category. He recently appeared as a financial expert on NBC Chicago and has been invited to speak at universities in the Chicagoland area. What We Cover * Why Jason's first question to every new client is "What's important about money to you?" and how that one question changes the entire planning process * The three phases of financial life: accumulation, distribution, and enjoyment, and why most financial plans never address the third one * How childhood money narratives keep wealthy clients from enjoying what they've built * What financial paralysis looks like for high-earning professionals and business owners, and how to break through it * Why Jason positions himself as the CEO of his clients' financial lives, with a network of 17 specialists across insurance, estate planning, taxes, and investment management * Proactive vs. reactive tax strategy: asset location, Roth conversions, and why timing matters more than most people realize Connect with Jason Wendt * Website: beyondthenumbersbook.com [https://www.beyondthenumbersbook.com] * LinkedIn: linkedin.com/in/jasonwendt [https://www.linkedin.com/in/jasonwendt/] * Email: jason@beyondthenumbersbook.com [jason@beyondthenumbersbook.com] * Book: Beyond the Numbers on Amazon [https://www.amazon.com/Beyond-Numbers-High-Achievers-Financial-Sacrifice/dp/B0GDHFYBDG] Support the show [https://www.milliondollarproducershow.com]