EP05: Are You A Tax Dummy? Here Are Basics You Should Know

<p><span style="font-weight: 400;">Are You A Tax Dummy? Here Are Basics You Should Know<br /> <br /> Years ago, my dad didn't pay his taxes. I saw him writing a check of $1.2 million in charges because his accountant did not give him proper guidance.</span><span style= "font-weight: 400;"> </span></p> <p><span style="font-weight: 400;">I witnessed the harsh result of how an innocent mistake or lack of an informed decision can throw you into substantial financial liabilities. It was such an expensive mistake and a bitter lesson to learn. The money lost could have been used for essential needs and other aspects of business-building. </span></p> <p><span style="font-weight: 400;">I became an accountant and made it my life's purpose to ensure that other people, given the proper education and high-level strategies, will precisely know what they need to do. So no client ever, ever falls into the same trap that my dad did. </span></p> <p><span style="font-weight: 400;">So if you consider yourself a tax dummy or in dire need of complex tax knowledge made simple,  I've put together in this episode of The Empire Tax Professionals the basic things you should know to avoid the tragedy of making that costly tax mistake.</span></p> <p><strong>Key takeaways from the episode:</strong><strong> </strong></p> <ul> <li><span style="font-weight: 400;">Tax horror stories stem from not having a consistent bookkeeping process which is a scary, risky business. You may result from overpaying or underpaying the IRS, which translates to losses on your side. So you want to make sure that you're paying the right amount. And the only way that you would know exactly how much to pay is to have perfect and clean books and make sure that all your accounts are reconciled.</span></li> <li><span style="font-weight: 400;">It is in your best interest to find specialists who do not just do the robotic tasks but can provide sound advice specific to your business's nature. Companies in the e-commerce or digital marketing space require specific know-how of