Clients and readers are sometimes confused when I tell them they should prepare their own tax return. The truth is it’s an honest answer. Some people need consulting, other professional preparation services. However, with modern technology, many people are completely capable of handling their own tax return filing accurately. Saving some coin isn’t bad either. The banner below is a link to what I consider the best online filing program. It also happens to be the same software I use in my office. Some online tax software is a watered down version. I can only recommend a commercial grade program like the one below. For disclosure, my practice receives compensation if you use the link below to file your return. Kicking the tires is always free.
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Payroll Services: Small businesses can outsource their payroll and avoid all the complicated hassles involved with the payroll process. Even your favorite accountant outsourced the payroll in his practice to free time to serve clients better. I worked with ADP, the nation’s largest payroll firm, to build a dedicated team to serve your needs, including the tax strategies you see in this blog. Contact Erika Ramsay by email (Erika.Ramsay@adp.com) or call him at 920-205-6282 to get started. Mention The Wealthy Accountant and receive special discounts on your services. I’ll be adding a banner soon where you can do all this online and privately if that is your preferred method. Finally, you can read my post on the topic here. (TWA receives compensation from ADP if you become an ADP client through this blog.)
Cost Segregation Study: If you own rental real estate or real estate in your business you need to consider a cost segregation study. Property purchased for $250,000 or more is likely to benefit from a cost seg study. Additions or remodeling also work. The tax benefits of a cost segregation study could put $100,000 or more into your pocket. Read two articles I published on the program (Get a $100,000 Gift from the IRS using Cost Segregation and Applying Cost Segregation on a Tax Return) and then contact Randy Leppla at Equity Solutions. Mention The Wealthy Accountant and receive $100 or 5% (whichever is greater) off the cost of the study. You can reach Randy at 608-852-6772 or firstname.lastname@example.org.
You are not alone on this journey either. Randy works closely with me on all cost segregation studies from this blog. With your permission, Randy forwards a copy of your estimated benefits and later the completed study for my personal review. There is backend support for your tax accountant if needed, as well. An estimate of the tax savings is always free so contact Randy if you own real estate. It could be worth a lot of money to you. (Note: TWA receives compensation from Equity Solutions.)
Business Entity Setup: A simple idea commonly used in the accounting field created a stir and put me in the spotlight, bringing this blog into existence. Mr. Money Mustache heard me speak on the topic and hired me on the spot. One of the first articles published on this blog explains how your business or side gig can save big on taxes by organizing as a LLC treated as an S corporation.
You can organize your own corporation or LLC at a very low cost online using The Corporation Company. It’s easy to do and there is plenty of support if you have an issue. (TWA receives compensation from The Corporation Company.)