Tax Planning Hacks and Getting On Track with John McCarthy

Work Your Wealth Podcast

This week I sat down with CPA and Tax Professional, John McCarthy.

John is a CPA and founder of McCarthy Tax Preparation and Advisor Facing Tax where he has helped families and small businesses with income taxes and planning for the past 15+ years. He is also a past member of XY Planning Network, a leading organization of fee-only financial advisors who specialize in helping members of Gen X and Gen Y. John graduated from Purdue University with a Bachelors in Science in Accounting. John left his salaried corporate tax job to provide tax preparation and planning services to financial advisors and their clients as a full time entrepreneur.

HERE'S WHAT YOU’LL LEARN FROM THIS EPISODE:

• Why you’re not alone if you’re afraid of your taxes
• How to know if the IRS is actually trying to contact you versus being stuck in a scam
• Errors you should be looking out for in your personal tax situation
• Why it’s important to work with a tax professional each year (no matter your situation)
• How to determine if you are withholding the proper amount for taxes
• Whether you should aim to have a large refund versus owe at the end of the year
• How to be best prepared when working with a CPA to get your taxes done
• What questions to ask a CPA, a Financial Planner and a Bookkeeper
• Why it’s important to talk to a tax professional during life transitions
• Areas people tend to make mistakes when it comes to taxes
• What happens if you owe on your tax return but don’t have the funds on hand to pay
• The best way to get current with your taxes through the quarterly installments
• How business owners can stay on top of their taxes
• Standard versus Itemized deductions

LINKS WE MENTIONED ON THE SHOW:

• IRS Withholding Calculator
• John’s website