Post by High Priestess on Sept 14, 2017 22:08:51 GMT
Regarding getting your taxes done, there are some things many people make assumptions about, which may not be exactly true.
One such assumption, is that when you use an accountant to do your taxes, that means less work for you. Not necessarily so.
Another is that by using an accountant, the accountant will be doing things in the best way so as to lessen the likelihood of you being audited by the IRS. Again, not necessarily so.
Looking at the first assumption -- that using an accountant means less work for you. Well this may not be the case if the accountant demands that you keep very organized record books of income and expense, and organize all your receipts in order, for each tax year. Don't business owners HAVE to keep organized record books and organize their receipts? Actually, no. These things are not required in order to do your taxes. You don't need to keep "record books", specifically -- you just need records. An income "record" could be your bank statements.
Second -- dont' assume that your accountant is doing everything in your best interest! No, they are just filling out forms in the way they were taught. Which may not always be the way that's most beneficial to you. In particular, it's of benefit to avoid filling out forms in such a way that involves "red flags" that could increase your likelihood of an audit. To know what those are, I suggest you read up on it -- your accountant isn't necessarily aiming to reduce your chances of audit. In fact, given that if you are audited there would be much more work for your accountant and/or tax attorney, it's actually beneficial to your accountant, and in their own interest, that you ARE audited. Let that sink in and then start taking on some responsibility to educate yourself about what's involved.
Some recommended reads:
Stand up to the IRS www.amazon.com/Stand-IRS-Frederick-Daily-Attorney/dp/1413321062/ref=sr_1_1
The IRS PRoblem Solver www.amazon.com/IRS-Problem-Solver-Assessments-How-Problems/dp/0060533455/ref=sr_1_1
How to Beat the IRS at their own Game www.amazon.com/BEAT-Stategies-Avoid-Survive-Audit/dp/B000NW3KC0/ref=sr_1_fkmr1_2
One such assumption, is that when you use an accountant to do your taxes, that means less work for you. Not necessarily so.
Another is that by using an accountant, the accountant will be doing things in the best way so as to lessen the likelihood of you being audited by the IRS. Again, not necessarily so.
Looking at the first assumption -- that using an accountant means less work for you. Well this may not be the case if the accountant demands that you keep very organized record books of income and expense, and organize all your receipts in order, for each tax year. Don't business owners HAVE to keep organized record books and organize their receipts? Actually, no. These things are not required in order to do your taxes. You don't need to keep "record books", specifically -- you just need records. An income "record" could be your bank statements.
Second -- dont' assume that your accountant is doing everything in your best interest! No, they are just filling out forms in the way they were taught. Which may not always be the way that's most beneficial to you. In particular, it's of benefit to avoid filling out forms in such a way that involves "red flags" that could increase your likelihood of an audit. To know what those are, I suggest you read up on it -- your accountant isn't necessarily aiming to reduce your chances of audit. In fact, given that if you are audited there would be much more work for your accountant and/or tax attorney, it's actually beneficial to your accountant, and in their own interest, that you ARE audited. Let that sink in and then start taking on some responsibility to educate yourself about what's involved.
Some recommended reads:
Stand up to the IRS www.amazon.com/Stand-IRS-Frederick-Daily-Attorney/dp/1413321062/ref=sr_1_1
The IRS PRoblem Solver www.amazon.com/IRS-Problem-Solver-Assessments-How-Problems/dp/0060533455/ref=sr_1_1
How to Beat the IRS at their own Game www.amazon.com/BEAT-Stategies-Avoid-Survive-Audit/dp/B000NW3KC0/ref=sr_1_fkmr1_2
