“Can I deduct that” is the most asked question from our new and current business tax clients at Tannery Company? Our answer is usually yes and lots more. I posed the question in the subject line of, “Does your CPA make you money?”

If the answer is not yes, you should fire your CPA.

Does this describe your current CPA?

A new client told us after spending several hours letting us ask questions and giving her suggestions and input as to how and why to document and deduct expenses that she had never taken. “My CPA just takes my tax documents and financial data and merely enters the numbers into the tax return,” she said. I call them “numbers-in-a-box-CPA.”

How about thinking differently.

• Can I fly first class to a conference and write it off?
• Can I put my luxury car through the business?
• Can I deduct the bill for the happy hour cocktails watching the Texas sunset  I enjoyed with my spouse last night?
• Can I renovate my home office from top to bottom and deduct every purchase (right down to the wine refrigerator that you need to keep your “office wine”)?
• If I buy a fancy bean-to-cup espresso machine for my home office (so I can enjoy my barista-style jolt of coffee at any point of the day), can I write it off?

I would answer yes, yes, yes, and yes.  

How would your CPA answer these questions for you?

We can show you how to properly document your expenses to sleep soundly at night, knowing you’re controlling your business finances and paying fewer taxes. Paying less in tax doesn’t have to be complicated. (And it’s not illegal either.)

It is Time to Make a Change

I know you think changing CPAs for my business and myself is time-consuming.  Please do the math; it might take you four to six hours to get the entire relationship changed. Maybe it costs you $3,000 in your time, how does that compare to saving $12,000 to $15,000 or more a year in taxes?

Yes, that is right; if you own your own business, we can show you how you are missing out on taking tax-free income out of your business and having your business deduct it. What would an extra $15,000 do for you each year? Ready to have that conversation about paying less tax every year?

 The opinions expressed in this material are for general informational purposes only and are not a substitute for professional advice.  Individual circumstances do vary. Independent Financial Group (IFG) does not give tax advice. IFG Registered Representatives (RR) do not give tax advice while acting as a RR. These matters should be discussed with your tax professional.