Save $1,000s This Tax Season...

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It's officially tax season.

And every year, business owners miss out on saving $1,000s on their taxes... simply because they don't know what questions to ask their CPA.

Here are 10 MUST-ASK Questions to bring up during your meeting with your CPA this tax season:

𝟭. 𝗜𝘀 𝗺𝘆 𝗰𝘂𝗿𝗿𝗲𝗻𝘁 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 (𝗟𝗟𝗖, 𝗦-𝗖𝗼𝗿𝗽, 𝗲𝘁𝗰.) 𝘀𝘁𝗶𝗹𝗹 𝘁𝗵𝗲 𝗺𝗼𝘀𝘁 𝗮𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲𝗼𝘂𝘀 𝗳𝗼𝗿 𝘁𝗮𝘅 𝗽𝘂𝗿𝗽𝗼𝘀𝗲𝘀?

By asking this question, you could uncover tax advantages by converting your business to a different structure.

For example, in an S-Corp, you could pay less in taxes by paying yourself a salary out of the business.

With how high the income tax brackets are, it's worth the ask.

𝟮. 𝗖𝗮𝗻 𝘆𝗼𝘂 𝗿𝗲𝗰𝗼𝗺𝗺𝗲𝗻𝗱 𝗮𝗻𝘆 𝘁𝗮𝘅 𝗽𝗹𝗮𝗻𝗻𝗶𝗻𝗴 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀 𝗳𝗼𝗿 𝘁𝗵𝗲 𝘂𝗽𝗰𝗼𝗺𝗶𝗻𝗴 𝘆𝗲𝗮𝗿?

Planning a vacation sometime this year? Do you have a client or clients in the state you're traveling to?

Reach out to the client and offer to meet up.

Then discuss the possibility of writing off all or some of the trip expenses with your CPA.

𝟯. 𝗔𝗿𝗲 𝘁𝗵𝗲𝗿𝗲 𝗮𝗻𝘆 𝗻𝗲𝘄 𝘁𝗮𝘅 𝗹𝗮𝘄𝘀 𝗼𝗿 𝗰𝗵𝗮𝗻𝗴𝗲𝘀 𝘁𝗵𝗮𝘁 𝗮𝗳𝗳𝗲𝗰𝘁 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

The laws and rules across different industries are constantly changing... your CPA should be staying on top of these changes.

For example, starting in 2024, LLCs, corporations, and other entities will have to file beneficial ownership information reports with the U.S. government.

𝟰. 𝗔𝗿𝗲 𝘁𝗵𝗲𝗿𝗲 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀 𝘁𝗼 𝗱𝗲𝗽𝗿𝗲𝗰𝗶𝗮𝘁𝗲 𝗼𝗿 𝘄𝗿𝗶𝘁𝗲 𝗼𝗳𝗳 𝗮𝘀𝘀𝗲𝘁 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲𝘀 𝘁𝗼 𝗿𝗲𝗱𝘂𝗰𝗲 𝘁𝗮𝘅 𝗹𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝘆?

Want a reason to buy a Mercedes G-Wagon?

Section 179 of the tax code says you can deduct $28,900 in 2023 because the SUV weighs between 6,000 and 14,000 pounds (assuming it's used for business purposes).

Maybe not the best move, but it's worth the ask to see if it makes sense, right?

𝟱. 𝗦𝗵𝗼𝘂𝗹𝗱 𝗜 𝗮𝗱𝗷𝘂𝘀𝘁 𝗺𝘆 𝗲𝘀𝘁𝗶𝗺𝗮𝘁𝗲𝗱 𝘁𝗮𝘅 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗳𝗼𝗿 𝘁𝗵𝗲 𝘂𝗽𝗰𝗼𝗺𝗶𝗻𝗴 𝘆𝗲𝗮𝗿 𝗯𝗮𝘀𝗲𝗱 𝗼𝗻 𝘁𝗵𝗲 𝘂𝗽𝗱𝗮𝘁𝗲𝗱 𝘁𝗮𝘅 𝗯𝗿𝗮𝗰𝗸𝗲𝘁𝘀?

When it comes to most businesses, cash flow is everything. You want to ensure you're setting aside enough each month or quarter to pay the tax bill at the end of the year.

The last thing you want is to have to come up with a huge lump sum towards the end of the year.

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𝟲. 𝗪𝗵𝗮𝘁 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀 𝗼𝗿 𝗰𝗿𝗲𝗱𝗶𝘁𝘀 𝗮𝗺 𝗜 𝗲𝗹𝗶𝗴𝗶𝗯𝗹𝗲 𝗳𝗼𝗿 𝘁𝗵𝗶𝘀 𝘆𝗲𝗮𝗿?

Don't sleep on the power of deductions and credits.

For example, some deductions people miss are business meals, business insurance, and travel expenses.

And don't forget about the R&D tax credit.

It's available to businesses of all sizes for qualifying research activities, including software development, architectural design, product enhancements, and more.

𝟳. 𝗪𝗵𝗮𝘁 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗽𝗹𝗮𝗻 𝗼𝗽𝘁𝗶𝗼𝗻𝘀 𝗮𝗿𝗲 𝗮𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 𝗳𝗼𝗿 𝗺𝗲 𝗮𝗻𝗱 𝗺𝘆 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀?

Just because you run your own business doesn't mean you don't need to save for retirement.

Bring up possible retirement plan options for personal and employee benefits... this helps reduce the business's taxable income and secures the financial futures of you and your employees.

𝟴. 𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗺𝗼𝘀𝘁 𝘁𝗮𝘅-𝗲𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝘁 𝘄𝗮𝘆𝘀 𝘁𝗼 𝘄𝗶𝘁𝗵𝗱𝗿𝗮𝘄 𝗽𝗿𝗼𝗳𝗶𝘁𝘀 𝗼𝗿 𝗶𝗻𝗰𝗼𝗺𝗲 𝗳𝗿𝗼𝗺 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

The goal is to maximize personal income AND minimize taxes.

Bring up various options to withdraw profits like salaries, dividends, or distributions to determine which makes the most sense depending on your business.

𝟵. 𝗔𝗺 𝗜 𝗲𝗹𝗶𝗴𝗶𝗯𝗹𝗲 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗾𝘂𝗮𝗹𝗶𝗳𝗶𝗲𝗱 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗶𝗻𝗰𝗼𝗺𝗲 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻 (𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟭𝟵𝟵𝗔)?

Section 199A, if eligible, can significantly lower taxable income for pass-through entities.

It could provide a deduction of up to 20% of qualified business income.

𝟭𝟬. 𝗔𝗿𝗲 𝘁𝗵𝗲𝗿𝗲 𝗮𝗻𝘆 𝗶𝗻𝗱𝘂𝘀𝘁𝗿𝘆-𝘀𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝘁𝗮𝘅 𝗰𝗿𝗲𝗱𝗶𝘁𝘀 𝗼𝗿 𝗶𝗻𝗰𝗲𝗻𝘁𝗶𝘃𝗲𝘀 𝗮𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 𝗳𝗼𝗿 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

Ask about different activities or investments that qualify for specialized tax benefits within your industry.

You never know what kind of wrinkles your CPA can find in the tax code to save you money.

There you have it!

10 must-ask questions to bring up to your CPA when you meet with them this tax season.

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