@Steve S 149651 wrote:
For those of you who operate as corporations, zero salaries for owners/executives is an audit red flag for S-Corporations.
@Steve S 149651 wrote:
However, there a few instances in which having a CPA knowledgeable in your industry can provide a better result than an inexpensive generic tax program.
I am fairly certain that a competent CPA with a good knowledge of real estate would have been able to provide you a better result tax wise as opposed to TurboTax.
the goal I shoot for when planning for clients is to owe very little or get back very little.
Very good advice and valid points. Hiring a CPA to create my LLC and do my taxes was the best thing I’ve ever done for my business. The $500 to $700 cost is well worth the peace of mind.
There are so many rules on how much you can deduct, what percentage is allowed to be deducted and so much other stuff involved to where I would not even attempt to do my own taxes.
I try to save all receipts in a box and pay for everything with the AmEx card or the business visa in order to easily provide all necessary information so come tax time I can either put it in excel or pay extra and just dump it all on him to do. I also have to do 1098’s for contractors so I’d rather not have to worry about that part either.
I have a friend in the insurance industry that was recently audited and had to pay back over 10k in taxes and his advise to me was to make sure to never tangle with the IRS because they are nothing nice.