You are probably familiar with the Section 179 deduction, but do you know what happens in you sell that asset within 5 years? I would lose my CPA certificate if all I relied upon was a google search to advise clients. Of them survive the first year, grow faster, are more profitable than the onesĭid you read the new tax law that was passed in December of 2017? Are you familiar with the tax deductions that were taken away, the ones that were reduced? Are you familiar with the Qualified Business Income Deduction? The new deduction that took months to get explained, whose regulations were so complicated and screwed up that 10 months into the new tax law, many tax professionals were still trying to figure it out. Trusted advisor, an experienced, qualified accounting and tax professional have Partner with you toward success by explaining that businesses that have a Hell they perpetuate your naivete so they can sell you their product and do not They know the failure rates for newīusinesses, so they work hard to sell you something today, while you are naïve, They are still having you as a consumer in 5 years. To me is that they are more interested in selling something to you today than Run a business encourage their very revenue base to do more for themselves than Its living on selling businesses a tool….YES IT IS JUST A TOOL, to manage and Are there tax deductions that taxpayers do Are there deductions that taxpayers will take that they are Do most people even know that tax regulations to explain tax code even exist, do they know why there are private letter rulings or revenue procedures or that there are court cases that change how the tax code is interpreted or upheld by the courts? This is like telling someone that they can remove your appendix because they read the basics of surgery on the internet. used to explain the tax code….to tax professionals. The tax code is several thousand pages long with an additional 70,000 pages of regulations, private letter rulings, revenue procedures, etc. Thousands of dollars on tax software every year. Software were so good, why do accounting firms spend several thousand to 10s of In handling business transactions or buying a cheap tax software that willĪllow you to take deductions you are not allowed because you seriously do not So what I do is not somethingĪnyone can do by googling some terms, using a tool that is meant to assist you Year of continuing education to keep my certificate. I am required to get 40 hours a year every Times in order to finally pass it, I had to get 2 years experience in a CPAįirm in order for them to give me my CPA Certificate. I have a Bachelors of Science in Accounting, I took the CPA exam a few To sell as much of their product as possible by misleading their consumers thatĮverything about running a business is DIY. There are some services where it is absolutely better to hire the Master of One than the kinda good at many option.Īctually insulted by Intuit/Turbo Tax/Quickbooks frequently with their desire If that were true, then the fact that 50 – 85% of new businesses fail in the first year and those that make it past year 1 will have a similar failure rate by year 5 would not be true. Just because you have a great business idea or model, does not mean you have every skill set required to run, manage and operate a successful business. The list goes on and on with the issues that most people do not know enough about to take care of for themselves. Jack of All Trades, Master of None….Not a solid business model The whole reason why so many service businesses exist is because we all recognize that we should not build our own home, fix our electrical problems, draw up our own wills and trusts, install appliances. I find TurboTax’s new commercial about small business owners being people who can also act as their own tax professional irresponsible, ridiculous dangerous and a disservice to the very business owners they proclaim to support with their family of products including Quickbooks. We are ferociously committed to our clients, are trying to provide the highest level of service and work diligently trying to be the master of accounting and tax that our clients deserve and should demand. This post is a little hardcore, a little in your face, but I am irritated with the rash of commercials about how people can/should prepare their own taxes.
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