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Tax Mistakes People Make (And How to Avoid Them)
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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
About Jayden
Jayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.
With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.
As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!
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