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cover of episode 168 \\ Part 1: Your CPA Might Be Working Against You – Here’s How to Tell (Part 1)

168 \\ Part 1: Your CPA Might Be Working Against You – Here’s How to Tell (Part 1)

2024/12/26
logo of podcast SMALL BUSINESS FINANCE– Business Tax, Financial Basics, Money Mindset, Tax Deductions

SMALL BUSINESS FINANCE– Business Tax, Financial Basics, Money Mindset, Tax Deductions

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Tiffany: 企业主的最大支出往往被误认为是工资,但实际上是税收。许多税种,例如联邦所得税、州所得税、销售税、房产税等等,都会对企业利润造成巨大影响。很多人没有意识到可以通过有效的税务规划来降低税负。 完全避免税收是不现实的,但通过合理的策略和专业人士的帮助,可以显著降低税负。虽然搬到特定地区(如美属维尔京群岛)可以获得税收优惠,但这对大多数人来说并不实际。 降低税负的关键在于与合适的专业人士合作,他们需要精通税务策略、税务咨询和税务减免等方面。即使你已经聘请了CPA,也可能因为他们没有专注于税务策略而导致税负过高。 为了判断你的CPA是否真正为你服务,你可以提出以下三个问题: 1. 我们一年中会见面几次?频繁的沟通表明CPA更积极主动地帮助你降低税负。如果只有在你提出问题或需要报税时才见面,则说明他们不够积极主动。 2. 你每年通常为客户节省多少税款?一个好的CPA应该能够清晰地说明他们为客户节省的税款金额以及具体的策略。如果他们无法给出明确的答案,则说明他们可能并没有真正帮助你降低税负。 3. 你能提供过去实施的帮助客户合法减少税务责任的税务策略示例吗?一个好的CPA应该能够提供具体的策略示例,并根据客户的具体情况制定相应的方案。 通过这三个问题,你可以评估你的CPA是否真正为你工作,并根据评估结果决定是否更换会计师。在税法不断变化的时代,选择合适的专业人士至关重要。

Deep Dive

Key Insights

What is the biggest expense for business owners, according to the podcast?

The biggest expense for business owners is taxes, not payroll. Taxes include federal income tax, state income tax, sales tax, property tax, fuel tax, and even taxes upon death.

Why is it important to ask your CPA how often you will meet during the year?

Meeting frequency indicates whether your CPA is proactive in tax strategy. A CPA focused on tax reduction should meet with clients at least quarterly, driving the conversation and ensuring updated financials are reviewed regularly.

What percentage of tax savings can a proactive CPA typically achieve for clients?

A proactive CPA can help clients save at least 25-30% in taxes annually, with potential for even greater savings depending on the strategies implemented.

What should a CPA be able to provide to demonstrate their effectiveness in tax reduction?

A CPA should provide a detailed report showing specific tax savings, strategies implemented, and IRS tax codes or court cases supporting their methods. This demonstrates their ability to legally and effectively reduce taxes.

What are some examples of tax strategies a CPA might implement?

Tax strategies can range from beginner-level deductions to advanced, niche-specific methods like real estate strategies or wealth accumulation plans. A CPA should be able to provide clear examples of strategies they’ve used for other clients.

How can business owners determine if their CPA is truly working to reduce their taxes?

Business owners should ask their CPA specific questions, such as meeting frequency, average tax savings, and examples of implemented strategies. If the CPA cannot provide clear answers or proactive guidance, they may not be effectively reducing taxes.

Chapters
This chapter debunks the common misconception that payroll is the biggest expense for business owners. It reveals that taxes are the true budget-buster, encompassing various types from federal income tax to property tax and even inheritance tax. The chapter emphasizes the possibility of reducing tax burden through strategic planning and collaboration with the right professionals.
  • Payroll is a significant expense, but not the biggest.
  • Taxes are the largest business expense, including federal, state, sales, property, and other taxes.
  • Tax reduction is possible through strategic planning and professional guidance.

Shownotes Transcript

Have you been told that payroll is your biggest expense as a business owner? Think again! In this episode, we uncover the real budget-buster: taxes. From income tax to property tax (and even taxes when you die), they add up fast. But here's the good news—reducing your tax bill is possible with the right strategies and professionals on your side.

We’ll explore three key questions to ask your CPA to know if they’re truly helping you save or playing for the IRS. Plus, learn how to spot missed opportunities to keep more money in your pocket. If you’re ready to take control of your finances and make 2025 your best year yet, this episode is a must-listen.

Don’t leave money on the table—tune in now and get the tools you need to start saving!

 

Next Steps:

💰Download: The Ultimate Guide to Reducing Taxes )💰

☎️ Are you overpaying in taxes every year?  Schedule a FREE discovery call) to find out!

📧 Contact Me --> [email protected] 

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