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What in the world....mind sharing tips or any links where I can learn more about this?

propogandist 6y ago
tax laws change routinely, so you'd be best off consulting an accountant somewhat relevant reading on what can be done if you're well versed with tax laws: https://scottestill.com/buy-new-used-car-2018-get-100-tax-deduction/ https://scottestill.com/buy-new-used-car-2018-get-100-tax-de... Surprisingly, this dealer has an entire page dedicated to it this, and why you should buy one of their SUVs: https://www.landroverhuntvalley.com/business-tax-advantage.htm https://www.landroverhuntvalley.com/business-tax-advantage.h...
andrewzah 6y ago
Get a good accountant. They are seriously worth it.
- jermaustin1 6y ago
  This advice is invaluable. I only pay my accountant around $2000 to handle a bunch of housekeeping at the end of the year that I'm to lazy to do during, and to file my taxes. For years I did my own taxes using Turbo Tax Self Employed and Turbo Tax Business Editions, but in 2016 I decided to outsource all of that headache, the first year, my taxes were half of what they were the year before with similar income. Then after the TCJA in 2017, my taxes were only 1/5th what they had been before the accountant, with close to double the raw income. The biggest changes from doing it myself: I got an accountant; I incorporated (s-corp) instead of doing self-employment income; I draw W2 income now (using Gusto); I set up a SEP-IRA and put 20% of my W2 earnings as an automatic debit from my business account (in Vanguard); TCJA chops off 20% of my distributions on my K1; and I'll state again, I hired an accountant.
  - hanniabu 6y ago
    Any advice on how to hire a good accountant vs one that just talk so they can charge a lot?
    - jermaustin1 6y ago
      I actually don't. I lucked into mine, he's the brother of a business partner. Almost every accountant out there will be better than an H&R Block or Turbo Tax.
  - lifeformed 6y ago
    I hear this advice a lot, but what does an accountant actually do differently? It always sounds magical. Are there super secret deductions and credits that aren't on Turbo Tax, and only accountants know about? I feel like I'm doing 90% of the work already, having organized all my expenses and income. What are they doing other than typing it into their own Turbo-Tax-equivalent?
    - snowwrestler 6y ago
      My brother explained it to me this way: “TurboTax will take what I did last year and minimize my taxes. My accountant will tell me what to do differently this year to minimize my taxes next year.” In other words a good accountant is a forward-looking advisor, not just a calculator.
- snowwrestler 6y ago
  Would love advice on how to find a good accountant. It’s pretty easy find an accountant but they might not be good and it’s hard to tell, especially in advance.

tax laws change routinely, so you'd be best off consulting an accountant somewhat relevant reading on what can be done if you're well versed with tax laws: https://scottestill.com/buy-new-used-car-2018-get-100-tax-deduction/ https://scottestill.com/buy-new-used-car-2018-get-100-tax-de... Surprisingly, this dealer has an entire page dedicated to it this, and why you should buy one of their SUVs: https://www.landroverhuntvalley.com/business-tax-advantage.htm https://www.landroverhuntvalley.com/business-tax-advantage.h...

andrewzah 6y ago

Get a good accountant. They are seriously worth it.

jermaustin1 6y ago
This advice is invaluable. I only pay my accountant around $2000 to handle a bunch of housekeeping at the end of the year that I'm to lazy to do during, and to file my taxes. For years I did my own taxes using Turbo Tax Self Employed and Turbo Tax Business Editions, but in 2016 I decided to outsource all of that headache, the first year, my taxes were half of what they were the year before with similar income. Then after the TCJA in 2017, my taxes were only 1/5th what they had been before the accountant, with close to double the raw income. The biggest changes from doing it myself: I got an accountant; I incorporated (s-corp) instead of doing self-employment income; I draw W2 income now (using Gusto); I set up a SEP-IRA and put 20% of my W2 earnings as an automatic debit from my business account (in Vanguard); TCJA chops off 20% of my distributions on my K1; and I'll state again, I hired an accountant.
- hanniabu 6y ago
  Any advice on how to hire a good accountant vs one that just talk so they can charge a lot?
  - jermaustin1 6y ago
    I actually don't. I lucked into mine, he's the brother of a business partner. Almost every accountant out there will be better than an H&R Block or Turbo Tax.
- lifeformed 6y ago
  I hear this advice a lot, but what does an accountant actually do differently? It always sounds magical. Are there super secret deductions and credits that aren't on Turbo Tax, and only accountants know about? I feel like I'm doing 90% of the work already, having organized all my expenses and income. What are they doing other than typing it into their own Turbo-Tax-equivalent?
  - snowwrestler 6y ago
    My brother explained it to me this way: “TurboTax will take what I did last year and minimize my taxes. My accountant will tell me what to do differently this year to minimize my taxes next year.” In other words a good accountant is a forward-looking advisor, not just a calculator.
snowwrestler 6y ago
Would love advice on how to find a good accountant. It’s pretty easy find an accountant but they might not be good and it’s hard to tell, especially in advance.