This is the time of year for tax questions. And if you’ve got questions now, just wait – the tax laws have changed a lot. You could run into some big bad tax surprises if you haven’t been following all of the law changes.
The wrong tax answer can mean excess tax, audit, penalties, interest and if you really get some bad advice, even jail time. So getting the right answers is important.
How can you do that?
First of all, make sure the person you’re talking to really knows what they are talking about.
Every year a government agency and numerous magazines and newspapers test the IRS with tax questions. And every year, the IRS gets a shocking 40% or more wrong. You might as well flip a coin to get the answer. If the IRS gives you a wrong information and you use it, you pay the tax, penalty and interest.
Don’t ask the IRS your tax question, unless you’re ready to pay the consequences.
Sometimes I run into people who have asked their friends, their neighbors or just someone they run into their tax questions. The answers are free. But they can also be very expensive. You have no idea if the person telling you has any knowledge, experience or even if he’s going to tell you the truth. The last thing you want is to take some crazy advice and end up in jail. But every year, it happens.
More often, though, I will get someone who calls us in a panic. They have a CPA and they know the advice they are getting isn’t right for their situation. CPAs have all kinds of specialties. Some of do financial statement preparation. Some of us do financial audits. Some of us do individual income tax returns.
Our firm works exclusively with business owners and real estate investors. That’s why people come to us for answers. If you find yourself having to check the answers you get from your CPA with specialists, maybe it’s time to think about hiring the specialists.
You want to learn from your CPA, not have your CPA learn from you.
If you call us and want to get all of your questions answered for free, there are just a couple of options: You can go to our website and submit a question through the “Got a Tax Question” button. You could come on to one of the free webinars and ask your questions.
If you understand that is what we do for a living and are ready to step up and pay for our professional advice, there are some very affordable ways to get it. You can join our coaching sessions. It’s just $67/month and we meet twice per month. Submit your questions and we’ll get them answered. Plus, we’ll talk about cutting edge business-building, investment-boosting, asset protecting and of course tax slashing strategies.
Or, you could get a consultation with me. We have a range from limited consultations to full blown strategies, where both my partner Megan and I look at all aspects of your business, investing and financial life. We put together a plan for this year and the future, plus help you implement it.
Or, you could become a tax client of our full service tax practice. You’ll get preparation of your business and individual tax returns, unlimited email support for no extra price, an initial consultation with me, membership in the Insider’s Club, enrollment in the Coaching program and 10% discount on all of our information products.
If you’d like more information on becoming a client, please give Richard a call at 888-592-4769.