Your CPA may be lying to you
Your CPA may be lying to you

That’s right, your CPA may be lying to you.

While I was tardy getting my taxes filed, the government lets you get your extension for October. I realized I needed some help since I moved from California to Pennsylvania, I figured I could use a local firm.

I like to sit down with my CPA every month and see how my books are doing and if we need a different strategy.

While I interviewed and gave my best effort toward the most reasonably priced and knowledgeable for my personal/business/investments. I ended up schooling her… not a pretty site.

Your CPA may not know what is right for you. I have learned with CPA’s in the past that they really are not that educated. Often, they have either done just enough to get their license and do simple returns.

Heck, this one I hired stated her firm does big corporations and S-corps that would be more complicated than mine. Ok great, lets do this. I get my return back and there were a few things missed that would have cost me $8,900 in errors.

I asked her what can I do to pay less in taxes and she said I’m already doing all the right things. She didn’t have a strategy for me.

I kind of geek out on Tax and Legal and know some great tips on how to best utilize your deductions and if set up a certain way can save you thousands. So just by knowing a thing or two, I managed to save myself $8900.

Your CPA may not know what is right for you
Your CPA may not know what is right for you

Learn what to ask your CPA, they are more than just a data entry clerk.

1) Can you help my business grow?
2) How can I pay next to zero in taxes legally?
3) Do you strategize with clients?
4) How much professional education do you get per year?
5) Are you a real estate investor?

To that note, I asked my Original CPA how familiar she was with Pennsylvania. With the age we are living in, everything can be done via phone and email. So I’m happy to have my Original CPA back and get my max deductions and strategy that will help me to grow.

If you can't always be in the same room, or state as your CPA, everything can be done via phone and email
If you can’t always be in the same room, or state as your CPA, everything can be done via phone and email

My reason for sharing this is that sometime your CPA may not be telling you the truth. Not because they are being facetious, but because they may not know or agree with the how you want it laid out.

There is a legal side to how you structure your taxes and if you had a CPA and an Attorney in the same room, they would give you different answers. That is why I love my CPA because he is an attorney and a CPA so he can argue with himself….lol

If you are using a CPA because they’ve been in the family for years, you might want to reach out to compare others. You may not be getting your full return.

Make sure you contribute to your tax deferred retirement accounts by the end of the year for max tax deduction. If you don’t have one, create one.

Making it happen…
Jo Anna Wright



Subscribe now to our newsletter

By checking this box, you confirm that you are agreeing to be added to our email list. This list is for the mailing lists and internal business use only and will not be shared with any third party.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.