Bob and Joe go over the typical experience most business owners have with their CPA. CPAs and Tax Strategists are a very different thing. A CPAs job is to prepare your taxes by plugging the numbers you provide them into the tax software they use. Most business owners expect their CPA to also be utilizing the tax benefits laid out in the IRS code to save them money on their taxes… But most aren’t!

Here is 1 simple question that will let you know if you’ve outgrown your CPA:

What are your top 3 ideas to help me reduce my tax liability?

If their answer includes any of the following you may want to consider working with someone else…

1. Buy a company vehicle - Even though you may not need it
2. Buy a house or equipment - Maybe that has already happened or isn’t needed
3. Put money in a retirement account

If they tell you to buy stuff to get a deduction then you are dealing with elementary level advice. If you need those things, then yes, obviously make the purchase. 

THE IRS WANTS YOU TO GROW YOUR BUSINESS!! That is how they increase their tax revenue. When you grow your revenue, or hire more employees they make more tax revenue… They have included so many tax breaks and different tools in the tax code to help business owners save money on their taxes and help grow their business.

If you think you have outgrown your CPA reach out to us to learn more on how we help our clients utilize the tax code to grow their wealth.

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