Tony Clark, Enrolled Agent MST
What questions would you ask a tax guy if you had a chance to sit down with them for free?
Lets meet Tony , Kelly’s favorite tax guy. Are you working in your own business? Just getting started? Or someone who get paid in cash? We cover a lot on today’s episode of Her EnterpRISE podcast .
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We answer the following questions:
- What is the difference between a tax planner and a tax preparer?
- What kind of questions does a tax planner help you ask to improve your tax situation?
- What is the best way to file? Sole proprietor, partnership?
- What are some of the mistakes entrepreneur make when it comes to managing for their business when it comes to taxes?
- What are Quarterly taxes, how do you prepare for them?
- What counts as business expenses? What kind of expenses can you write off if you are working from home?
Quick peek at what’s in the episode:
A tax planner doesn’t just take receipts file your taxes and then say’s hasta la vista baby. No, Tony shares with us that a tax planner helps you look at your tax situation and create a plan. After taxes are file you sit back down together to reflect and ask questions about how and why things worked out that way. Then talk about adjustments you can make.
What if you are working from home? Tony clarifies that and we also share the tax document below for more details. Working from home as an employee. You could get reimbursed by the company you work for but you can’t write it off on taxes. Check out publication linked below.
There’s a point in the conversation where things get a bit intense. I want to clarify that in the episode I ( Melissa ) didn’t fully express what I meant. What I meant to say was that there is a perception that immigrants don’t pay taxes. I don’t agree with this perception. I go on to share how people in service job, whether your a U.S. citizen or not, who are paid in cash sometimes aren’t informed that all cash payments need to be reported.
If you don’t pay your quarterly taxes then you run the risk of running up penalties and paying interest on top of what you owe.
How do you handle a year when you have a loss? Most start ups aren’t usually profitable that first year. You want to take losses when they happen.
Quotes from the podcast
“There is a big difference between telling someone they owe 20K on April 15 , versus a year before says. look we are going to need to put aside a couple thousand dollars per month for taxes so they come to April 15 ready to roll. “
Tony Clark
“Individuals fail to plan for their success or… they fail to plan for their failure… She didn’t plan for taxes, she didn’t plan for the future… the pandemic is out of her control… fail to plan for contingencies”
Tony Clark
“It’s all going to work out, Just play it straight”
Tony Clark
Mentioned in This Episode
The following are Amazon Services LLC Associates Program, affiliate links. I will earn a commission if you choose to purchase at no extra cost to you.
Another way to help is by sharing great resources.
- Website: About the Accountants | Capstone CPA Group- Grand Rapids Michigan
- Article: IRS Home office deductions:https://www.irs.gov/pub/irs-pdf/p587.pdf
- Website: Her Enterprise
Did you learn something from today’s episode? I know I did. What was your biggest takeaway? Let talk about the episodes in the comments below.