Why Your Tax Pro Says No to Creative StrategiesFeb 17, 2023
This one is for the business owner who thinks that their accountant may be a little too old school or too hesitant when it comes to approaching new tax strategies and deductions. Many accountants and tax professionals are actually extremely conservative and I think that doesn't really come as a surprise.
You cannot expect your tax pro to grant every wish and accept every strategy you bring to the table, especially if it's something you heard from a self-proclaimed tax guru. However, even if it's something one of your industry friends does, that doesn't always mean it's a good fit for you.
I truly believe that a lot of pros are looking out for you when they decide not to take on an aggressive strategy. Next time your tax pro denies a strategy or deduction you bring to the table, consider how risky it is, whether you have documentation to substantiate the strategy, and how much money the added risk is actually going to save you!
"Sometimes your tax pro needs to be the voice of reason. They need to be the logical one that will question whether you want to take the risk of an aggressive position. And sometimes they're really just looking out for you."
In this episode, you will learn the following:
1. Are you being too aggressive with your tax strategies?
2. How can you tell if your tax professional is looking out for you?
3. What factors should you consider when deciding whether to challenge your tax pro on aggressive strategies?
What you'll hear in this episode:
- Why is your tax pro saying “no?”.
- What’s the difference between conservative vs. aggressive tax strategies?
- How to know if you have the right documentation to support your strategy.
Here are some brief snippets from this episode:
Sometimes your tax pro needs to be the voice of reason. And sometimes they're really just looking out for you. The mark of a strong pro is their ability to explain the risks and the choices available to you to make the most educated decision for yourself.
How savvy are you at explaining yourself? Are you able to sit in front of an IRS agent and professionally explain? Are you taking other aggressive positions where one could form an impression of you as pushing boundaries? Be careful about challenging them too much.
Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa
Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so
See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator
Find me on IG @shannonkweinstein
Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.