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Frequently, business owners make the mistake of believing that the path to reducing one’s taxes is merely looking for missed deductions on a tax return prepared by a knowledgeable and competent CPA.  Meanwhile, they are missing the bigger picture.

Yes, your CPA or tax preparer is competent in the area of tax compliance.  A tax preparer must use the financials, receipts, checkbook, and other reports to develop a government financial statement (also known as a tax return).  CPAs report in the best way possible, but they are reporting after you have conducted your business.  In other words, the tax preparer is carefully reporting to the government what happened, during the business year, after the year is over.  A tax preparer is a historian, although, still an integral part in the tax planning wheel.

Your livelihood, however, extends far beyond the proper filing of your tax return, buying equipment at the end of the year, or receiving a refund.  Your livelihood also depends upon how well you protect what you have built—both your business and your personal wealth.  Business owners are also concerned with protecting and providing for their employees and loved ones after their own retirement or death.  All of these considerations are interrelated and extend well beyond the scope of filing a tax return.

Consumed by their day-to-day responsibilities, entrepreneurs do not have the time to invest in combing through over one million words of the U.S. Tax Code.  They do not have the time to research how their succession plan may impact their loved ones.  Using language for non-tax professionals, Taxation Today’s workshop serves as an introductory course to tax, highlighting the tax concepts that are relevant to a business owner.