Every year, a lot of high-income earners treat taxes as a once-a-year, filing-season problem. Davis Oliver of Taxes Saved joins Chris to make the case for why Q4, not April, is when real tax planning actually happens, and why most CPAs never bring it up. They cover how W-2 employees (not just business owners) can use real deductions the tax code already offers, and what Davis calls a “ticking tax time bomb”: the required minimum distributions built into most 401(k)s and IRAs, which can force a large, forced tax bill on you, or now, thanks to a 2020 rule change, on your heirs within just 10 years of inheriting.
Davis Oliver has spent the last seven years at Taxes Saved, a firm he and his family built after their own frustration with traditional CPAs who, in his words, “failed us here, cost us this.” Taxes Saved works with W-2 earners and business owners to proactively plan around the tax code year-round, rather than simply filing a return each spring.
What you’ll learn
- Why now, heading into Q4, is the right time to start tax planning instead of waiting until filing season
- Why most CPAs never bring up proactive tax strategies: they process 800-1,200 returns a year and their job is compliance, not planning
- How a W-2 employee, not just a business owner, can use real private-business deductions (Section 168K, 179, 181) to legally reduce what they owe
- What a required minimum distribution (RMD) is, why it starts at age 75, and why Davis estimates it can mean roughly a $500,000 tax bill for every $1 million sitting in an unconverted IRA
- Why the SECURE Act’s 10-year distribution rule can force your heirs to pay taxes on an inherited IRA during their own highest-earning years
- A real example Davis shares: a client who invested $70,000 in a depreciable business and, he says, saved over $200,000 in taxes in year one
Resources mentioned:
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- Learn more about Taxes Saved:
- Register for the upcoming live webinar here
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Christopher Larsen is the founder and Managing Partner of Next-Level Income. Since “retiring” after 18 years in the medical device industry he dedicates his time to helping others become financially independent through education and investment opportunities. Chris has been investing in and managing real estate for over 20 years.
While completing his degree in Biomechanical Engineering and M.B.A. in Finance at Virginia Tech, he bought his first single-family rental at age 21. Chris expanded into development, private-lending, buying distressed debt as well as commercial office, and ultimately syndicating multifamily properties. He began syndicating deals in 2016 and has been actively involved in over $500M of real estate acquisitions.
In addition to real estate, Chris has invested in equities, oil & gas, and small business lending, as well as being active in Venture South, one of the nation’s Top 10 Angel Investing groups. Chris lives with his wife and two boys (and Viszla, Lucy!) in Asheville, NC where he loves spending time with them in the outdoors and enjoying the food and culture that the region has to offer.
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