7/11 Is A Lucky Day For All Business Owners
7/11 Is A Lucky Day For All Business Owners
7/11 is a lucky day for all business owners because ISCPA is giving away a free triple-assessment to check every corner for money we can put back into your bank account.
Looking to the past, we recall a meeting our founder had several years ago with one of our first clients, Matt. Matt was the owner of a small digital agency in NJ. When Matt found out that Iryna owned a CPA firm specializing in tax planning and CFO services for advertising and digital agencies, he started bombarding her with questions. She gave Matt her cell number and asked him to call her Monday to talk business.
Monday afternoon Matt gave her a call… and learned that 7/11 is a lucky day for all business owners because tax planning makes every day in business lucky.
Matt: Full disclosure, I already have a CPA and I am not looking to switch. My CPA is great, I have been working with him for many years and he always finds me deductions during tax season. I write off my car, my meals, my travel expenses….
Secret #1: Just because you already have an accountant (even if they’re a CPA), it’s not guaranteed you’re covered.
Actually, when we started working with Brandon and Chrissy, they already had a CPA, who prepared their tax returns and provided them with estimated tax vouchers once a year. Through tax planning, we were able to save them $22,852/year in taxes. They had been in business for 6 years and if they have done tax planning in year 1, they could have already saved $137,112 in taxes! Imagine that! They could have purchased a house in the South Of France by now with the money they paid to the IRS! When we say 7/11 is a lucky day for all business owners, it really means that luck favors the prepared.
Most small business owners don’t realize that most accountants just prepare returns. They don’t PLAN. Telling you to expedite expenses before year-end and hold off on billing is not planning. Think of it like a general doctor. Yes, they’re an MD. But can they do a spinal surgery? No, for that you need a specialist. For tax planning purposes, you need someone that specializes in tax reduction. Not tax preparation. 7/11 is a lucky day for all business owners, including you if you understand this today and act on it.
Click here to find out how much you have overpaid in taxes in prior years.
Me: What do you do for year-end tax planning?
Matt: I do not need any tax planning. I only make about $125,000/year.
Secret #2: Tax planning benefits all business owners, especially anyone making over $100k in net revenue.
In fact, we did tax planning for one of our current clients when he had $0 in sales. He was planning for the future. He knew that next year he was going to hit at least $500,000 in sales and needed to have a tax plan not to get hit with a huge tax bill. We were able to save him $26,347/year in taxes. Next year, he actually hit $700K in sales and saved more than what we originally projected! Had tax planning not been put into place, he’d have been very unhappy with the outcome. 7/11 is a lucky day for all business owners, as is everyday for those who take advantage of tax planning.
Matt: So, you are saying that I might have over-paid tens of thousands of dollars in taxes??? I am feeling sick to my stomach! That money is now lost and forgotten!
Secret #3: You can recoup overpaid taxes from previous years
That’s correct! Not in every case but in select circumstances it is actually possible to retrieve tax money you have already sent to the government. This means you can actually receive a check from the government for the tax you overpaid in prior years. Actually, another current client of ours came to us after his 2018 tax return was already filed, we reviewed it and after finding a mistake and amending the return, he received $35,769 from NYC. If every business owner received a check like that today, it would prove that 7/11 is a lucky day for all business owners, right?
These secrets barely scratch the tip of the iceberg of opportunities with tax planning. If you’re curious to learn more, read The Benefits of Hiring a Professional Tax Advisor: Why Expert Advice Matters. And don’t forget to take advantage of our current free offer for qualified business owners, which includes:
- Assessment of projected overpayment for 2023
- Tax planning simulation for 2023 to estimate potential savings
- Review of your 2022 returns to assess what you overpaid and can recoup through an amended return
Use this link to schedule your free triple-assessment of your business’ potential with tax planning.
