8 Ways to Legitimize Wacky Tax Deductions

legitimize wacky tax deductions

We’re sure you’re aware that there is a right way and a wrong way to do your taxes. But sometimes, tax deductions aren’t as “cut and dry” as they seem. Take, for instance, the junkyard owner who had a rodent problem. Instead of hiring an exterminator, he bought cat food and put it out to attract feral cats. The cats took care of his problem and he claimed the cost of cat food as a business expense. Or how about the taxpayer who tried to claim the cost of a daily sitter for his dog? It … [Read more...]

How To Answer The Not-So-Quick Estimated Tax Payments Question

estimated tax

This month we’re focusing on answering some of the most common “quick questions” that clients asked. If you missed our previous posts in this series, you can find them here, here, and here. All caught up? Great! Let’s jump into our final quick question: “How much should I pay in estimated tax payments?” It may seem easy enough to take whatever your client paid last year, divide by 4, and turn that figure into your “estimated quarterly taxes" number. But before you do that, let’s back up just … [Read more...]

How To Conduct An Income Growth Strategy Session

growth tax time

During tax season, most CPA’s put in at least 60 hours of work each week. They don't have the ability to look at growth opportunities for their clients at this time. It’s an exhausting few months filled with tight deadlines, anxious clients and more often than not, too few hours in the day to get everything on the to-do list done. It’s not uncommon for the clients your CPA networks manage to request help growing their wealth during tax season. After all, for many, this is when they take a … [Read more...]