Don't use TurboTax or a CPA...hire a Tax Strategist instead. Here's why...
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- Опубліковано 30 чер 2024
- In this video I discuss the difference between using TurboTax, a Tax Preparer, a CPA and a Tax Strategist. A Tax Strategist can save you thousands more than even a CPA can.
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#TurboTax #BusinessTaxes
What service do you use to prepare your business tax returns?
Are you for hire or can you suggest a tax strategist?
LOVE how you break things down kuddos to you man ! i'm an aspiring CPA candidate and you motivate me so much!
Thanks so much DaeQuon! The CPA exam is a beast - so glad that part of my life is over....you'll be there soon!
Thank you for the video!!! We learn a lot from you! Thank you!
This video is too valuable to be free! But you give it to us free. I can only say THANKS!
…and I can only say YOU’RE WELCOME!
You are a blessing my friend. Thank You!
You’re welcome Josh! Thanks for the feedback.
This was very informative.... Thank you
How does one find a tax strategist vs a CPA ?
its like finding a girlfriend.
Heads up. If you are an SCorp, you will need a dedicated TurboTax Business edition to do your 1120S filing. Furthermore, you will need another TurboTax Premiere edition (or Deluxe) to do 1040 tax returns. I learned this the hard way thinking that once I complete my Schedule C from TurboTax Home and Office edition that I can easily convert from Schedule C to 1120S filing. Nope!
Yes, you can do paper filing for your 1120S manually if it’s simple business especially if your asset and revenues are under $250K threshold.
You may have seen it already (can’t remember at the moment) but I created a separate video about this. Also if you have a Mac or Chromebook, you can’t use any of the TurboTax products that you need to download because the software doesn’t support the Mac and Chromebook operating systems. 😣
Amateur mistake
@@larryusagmail4751 Yes, it’s an amateur mistake. It’s my first year doing 1120S. This is why I want people to learn from my mistake if they decide to do 1120S on their own by purchasing the correct TurboTax Business edition.
Yes my first year filing the 1120S I sent it in a few months late and received a nice penalty. A C-Corp would not have that penalty. Another amateur mistake.
thanks Navi, good tax planning always saves business taxes.
You're welcome!
Well explained
Thank you!
Thats good info. K8nd of boring. I hope you will go even deeper into tax strategies. Im looking for a lot more options.
How about using turbo tax to actually prepare and file taxes but use your course to learn about the tax strategies?
Thank you
Hello Navi, do you provide tax strategy services for clients? If not, please share how we can find a good tax strategist (e.g. what criteria to look for). Thanks.
Yes, I provide proactive guidance for all of my clients. I think you simply need to ask other accountants the very direct question on if they provide those services or do not. Provide examples of what you've learned by watching my channel and see if they will help you implement those strategies.
Is this an advertisement for you and your own services? Or do you have other people working on your team or colleagues you would recommend that are also Tax Strategists? Is there a certain price you would accept for a consultation where a client would sit down with you, disclose their assets, and you could talk about strategy with them?
Can I use a solo 401K with an LLC? The LLC hold rental DST properties and it’s all passive income? I do contribute into an IRA but I want to contribute much more than the IRA allows. Thanks
I’m not that familiar with DSTs but, generally, you may be able to set up a separate management company which would turn some of the passive income to earned income and then contribute to a solo 401(k).
@@NaviMarajCPA DSTs are properties, typically huge office buildings where numerous investors invest in a percentage of the property. All the income is passive and there’s already management company in place. I just get a monthly check. I can’t justify starting my own management company. What would I be managing to turn passive income into earned???
I am a Real Estate Professional. I own six rentals. My Wife owns one rental. We file "Married Filing Separately" MFS. Can my Wife also qualify as a Real Estate Professional?
The problem is alot of people who use Turbo Tax software don't know anything about tax law or what business deductions they qualify for. I work for Turbo Tax during tax seaaon and we get calls daily from tax payers who have jacked up their returns and leave money on the table. 😏
How do I hire you or do you refer to tax strategists?
Hi Stayce - I work different than most CPAs. You can shoot me an email and I’ll provide some more context.
Cpa could be a good tax strategist, two titles are not Conflicted
You didn’t watch the entire video obviously
They could be but most are not. 😏
Not quite true, you'll have less disposable income funding an IRA/401k, and you could put yourself in jeopardy of losing that investment depending on whether you invested wisely or the market went against you.
Turbo Tax also asks about expenses from your business and all the questions a tax preparer would ask.
Exactly. The Turbo Tax software does.
Hello Navi. I sent you an email a week ago and a message on LinkedIn today. Please let me know if you received them or not. Best.