Ever been blindsided by a mammoth tax bill you didn't see coming? That's the story of a locum surgeon, who found himself owing thousands to the IRS, despite having a CPA. This incident sparked a crucial conversation about the struggles of finding a responsive and reliable CPA, the essence of seeking professional advice, and how to stay proactive and informed about our own financial well-being.
Imagine having a CPA who not only takes care of your bookkeeping and taxes but also helps you plan for your future. We share how we've utilized CPAs in our own experience, especially in dealing with financial matters related to locum tenens physicians. Intricate topics like disability insurance, retirement planning, and the benefits of a solo 401k are addressed with real-life examples. Regular check-ins with a CPA can ensure the smooth operation of your financial management and timely correction of any unforeseen glitches.
But it doesn't end there. How about incorporating personal expenses into your business to minimize your tax burden? It's all about strategic planning and a bit of creativity. We dive into how we've managed to optimize our taxes by incorporating our home office and personal vehicle as business expenses. However, it's also about not relying solely on a CPA. It's about taking the initiative to educate oneself about tax laws, asking pertinent questions, and always being on the lookout for ways to lower your tax burden. Yes, it might seem daunting, but with the right mindset and information, navigating the tax world and side hustles can be a breeze.
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