The first mistake is failing to plan. Planning is the key to beating the IRS, legally.
I don't care how good your accountant is with a stack of receipts on April 15. If you didn't know you could set up a Section 105 plan and write off your kid's braces as a business expense, there's nothing you can do on April 15. You lose that deduction forever!
True tax planning gives you concepts and strategies needed to minimize your taxes; in plain English, not legalese; without intimidating spreadsheets or endless "projections" that change every time Congress decides to change the law. What should you do? When should you do it? How should you do it? And tax planning gives you two more valuable benefits.
First, it's the key to your financial defense. As a business owner, you have two ways to put cash in your pocket. Financial offense is making more. Financial defense is spending less. Taxes are probably your biggest single expense. So it makes sense to focus your financial defense where you spend the most. Sure, you can save 15% on car insurance by switching to GEICO. But how much will that really save in the long run?
And second, tax planning guarantees results. You can spend all sorts of time, effort, and money promoting your business. But that can't guarantee results. Or you can set up a medical expense reimbursement plan, deduct your daughter's braces, and guarantee savings. We like to start new client relationships with a comprehensive tax plan that lets us start saving you money right away, long before we prepare your first tax return.
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about john leidy
John loves to coach small business owners, entrepreneurs and the self-employed in the greater Milwaukee area. As he was helping folks with tax returns, bookkeeping and accounting, John realized that he could help business owners helping them how to handle and follow the flow of their money.