Financial Freedom & Tax Strategies with CPAs Shane Clark & Devon Coombs

In this episode of Ambition Aligned, host Devon Coombs, CPA, sits down with Shane Clark, a CPA who transitioned from a high-stress job with 75-hour work weeks to running a successful and family-centered tax practice in Los Angeles. Shane shares his journey from working at a big accounting firm to joining his father's small tax firm and the nuances of balancing professional ambitions with a fulfilling personal life. This conversation covers essential financial topics, such as tax strategies for high earners, the benefits of starting your own business, and the practical steps to avoid lifestyle creep. Shane also discusses the importance of setting and sticking to long-term goals, smart retirement planning, and the advantages of small business ownership. Don't miss this practical and insightful discussion loaded with wisdom from someone who has successfully navigated the path to financial freedom while maintaining a balanced life.00:00 Introduction and Setting the Stage00:39 Meet Shane Clark: From Burnout to Thriving01:38 Shane's Journey: From Big Firm to Family Business05:52 Balancing Work and Life: Shane's Approach10:53 The Importance of Setting Goals17:06 Devon's Career Shift and Reflections21:52 Tax Strategies for High Earners26:00 Transitioning from W2 to Business Ownership26:26 Tax Benefits for Business Owners27:25 Maximizing Retirement Contributions30:26 Strategic Financial Planning32:09 Lifestyle Choices and Financial Freedom37:10 Tax Strategies for Business Owners42:26 Common Tax Misconceptions44:57 Rapid Fire Questions47:42 Conclusion and Final Thoughts