Most of the people we talk to feel like they are overpaying on their federal income tax yet every day we hear that the wealthy aren’t paying their fair share. Do you understand what your “fair share” is? We have conversations every day where we help doctors determine what is their fair share. You only need so much to fund your lifestyle and are left with what is left after that and taxes to fund your assets, and build your wealth. You are taking it as income which means you are getting 70%-80% of your income to work with. Most people just listen to their CPAs advice when it comes to lowering taxes but tax strategy isn’t really the common CPAs job. You hired them to prepare and file your taxes so it is unfair to expect more of them than that.  

Here is a simple question to ask your CPA to see if they know how to tax plan.

 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 you need those things, then yes, make the purchase but If they tell you to just buy stuff to get a deduction then you are dealing with elementary level advice. To hear more about this topic check out episode 9 “What questions to ask your CPA to see if you’ve outgrown them”  here https://youtu.be/zGW4kUK02N8?si=i5ZVu8RsZNv_Xsfo

 
Connect with Erin on Linkedin: https://www.linkedin.com/in/enevicosi/ 

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