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Tax Mistakes People Make (And How to Avoid Them)
Manage episode 347728789 series 3394067
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The tax planning process is essential for ensuring that business owners are in the right tax entity. However, many people avoid working with a CPA who specializes in tax planning, which can lead to them not getting the correct advice. This can result in them overpaying taxes, as was the case with one of my clients. By electing that this client be taxed as an S corporation instead of a sole proprietorship, we were able to save them over $47,000 in taxes. Ensuring that business owners are in the right tax entity and that the election with the IRS is filed timely is a common service that tax planners offer their clients. This episode will outline some other common mistakes that taxpayers make when filing their own taxes. Here are just some of the things I cover: Ensuring that the business owner is in the right tax entity Filing the correct election with the IRS Reporting all income correctly For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.com
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