This year, we've been helping so many business owners with emergency Economic Injury Disaster Loan (EIDL) grant funding and Paycheck Protection Program (PPP) loans. While reviewing tax returns that their accountants were preparing, it was frightening and scary to see the number of mistakes we've seen and how clients were unknowingly paying MORE money on taxes.

This new Wealthy CEO Accelerator podcast episode talks about what business owners, e-commerce sellers, digital marketers, real estate agents, doctors, medical professionals, and people in other industries should look for in their people. Check the following steps HOW tax planning strategy should be and ensure that your team gets this done for you.

KEY TAKEAWAYS: 

✔️ They "diagnose" your finances. We act as doctors in the accounting field, asking specific questions to make sure that we can help our clients in every way. What entity are you? Do you have a payroll? Do you have sales tax? We ask a long list of questions to make sure that we're helping the client save the most money in taxes, reduce the risks of any audits, and make sure that they can get any Covid relief funding options that they qualify for. 

✔️ They are experienced and knowledgeable about everything tax-deductible.  I have a client overpaying in taxes 20K dollars a year just because his business entity was incorrect. He was a single member, LLC, and he was supposed to be an S-Corp all this time. He never deducted his office rent because he thought it was a red flag. Office rent is one hundred percent deductible! He never deducted his car expenses, and he would travel for work all the time, and he would, you know, keep track of his mileage. 

✔️ Accountants don't act as historians.  I met an Amazon seller making $1.2M, and I'll never forget how he told me how he loved his CPA and his bookkeeper. He said that they're perfect. Suddenly, he got hit with one $100K tax bill three days before the tax deadline. What's the point of having a bookkeeper and an accountant if they're not going to tell you exactly how much you owe every single quarter? 

You can't go to an accountant a year later and pray for them to help you fix your mistakes. It's crucial. Get an accountant to help you every single month and help you with your bookkeeping, your payroll, and make sure that your entity structure is correct and everything that you need so you can pay the least amount of taxes legally. Before you hire an accountant, you want to make sure that that person can help you with tax planning specifically, and you want to have it documented in writing, and you want to make sure that that person can help you with your bookkeeping-related questions. 

Did you ever imagine spending this much time on your financials? 

IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/​ 📚 👓 PM or email us at [email protected] to book a FREE strategy session with an Enrolled Agent on our team.