EP20: Tax Planning Strategy

<p><span style="font-weight: 400;">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.<br /> <br /></span><span style="font-weight: 400;">This new</span> <strong>Wealthy CEO Accelerator</strong> <span style= "font-weight: 400;">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.<br /> <br /></span><strong>KEY TAKEAWAYS: <br /> <br /></strong><strong>✔️ They "diagnose" your finances.</strong> <span style="font-weight: 400;">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. <br /> <br /></span><strong>✔️ They are experienced and knowledgeable about everything tax-deductible. </strong> <span style= "font-weight: 400;">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. <br /> <br /></span><strong>✔️ Accountants don't a