If you are a business owner, you probably know all the popular deductions that most are aware of, but there are some deductions that your tax-preparer may never have told you about. Additionally, without proper proactive tax planning, you will never be able to take advantage of them.
Most CPAs and tax-preparers are great at accounting and preparing an accurate and timely return. Not all of them focus on planning proactively throughout the year so that you do not miss out on the deductions that you, and sometimes even your tax-preparer do not know about. As a result, you are most likely paying more than you should legally pay in taxes without even knowing it.
If you feel like you are paying too much… you probably are.
How do you know? To help you answer that, let me ask you a few questions.
- When you provide your tax information to your tax-preparer do they suggest ways to save through deductions either while preparing or before filing your return?
- After your preparer prepares and files your taxes, do they discuss additional ways for you to increase your tax savings immediately for the following tax year?
- Do you communicate with your tax preparer concerning your potential tax position more than once or twice a year… i.e. way ahead of December 31st each year?
- Does your tax-preparer know your unique business needs, and keep up with your business growth, increases and decreases in your income and other changes in your business throughout the year?
If your answer is “NO” to any of these questions you are probably paying more in taxes than you legally should. If your tax advisor does not communicate strongly with you concerning additional ways to save throughout the year you should try to find one who does. There are actually ways you can make money or save money without a tax impact. There are legal and ethical ways to earn money throughout the year and not pay little taxes on it. There are even ways to lower your tax burden on an early retirement plan withdrawal if you plan ahead. You may be missing out on these benefits just to name a few.
The tax code changes constantly and if you are not aware of the changes you could find yourself in trouble. For example, you should never purchase an item solely to get a deduction. For some reason, that huge deduction that your friend was eligible for may not apply to you. This could end up hurting your tax savings without you even knowing. We can help you find ways to purchase the things you actually need and also find legal and ethical ways to deduct them. Yes!…We can show you how as a business owner there are actually legal and ethical ways to do that. Schedule an appointment HERE to start your plan now.