“Don’t take tax advice from your friend. Just because your friend wrote off something doesn’t mean you can too.”
– Ronica Brown
Have there been times when you paid for something and wondered: “Can I run this through my business?!”
Groceries as “office supplies”? Nails and makeup as “uniform”? Vacations as “business travel”?
Worse yet, your CPA – whom you thought knew what he/she was doing! – told you that you can write off your Gucci handbag as a “uniform?”
Certainly, it may apply in some industries, but you may want to get a second opinion on the type of tax advice you’re getting.
Ronica Brown, CPA and owner of the Ronica Brown Agency, demystifies what you can and cannot do (legally) as a business owner on your taxes. She schools us on tax mistakes we need to avoid and reminds us that not all CPAs are created equal. Some will cause more harm to your financial bottom-line than good.
From deducting Guccis to Porsches, tune in now to hear what other tax missteps you need to avoid.
WHAT WE TACKLE IN THIS EPISODE:
- Do you really need to hire a CPA? If so, then when?
- What red flags should you look for when hiring a CPA? What questions should you ask before hiring one?
- What business expenses can you write off and how do you avoid red flags for an audit?
- What happens when you lie to your tax professional?
- How do you even know your tax professional is doing a good job?
- When should you review your taxes in the year?
- What’s the difference between a bookkeeper, accountant, tax filer, and tax planner? Should you hire just one person who can do it all?
- Can a CPA do the same things as a financial planner or vice versa?
- Should you hire a CPA before you open a business or when your business starts to actually make money?
- What are legal tax loopholes you can take advantage of? How can you avoid an audit?