The Best Free Tax Advice I Have Ever Given

February 08, 2012

Whenever I meet with a new entrepreneur, I always promise to give them a free piece of tax advice just for coming in to see me.  I tell them, up-front, that this will be the best tax advice they are ever going to get from me.  And, I also bravely promise them that this free tax advice probably will save them tons of money down the road. These new budding entrepreneurs are usually quick to grab a pad and pencil and then lean forward to eagerly await to hear from me the golden gem of free advice that I am about to give them.  And so, as soon as I have their full attention, I tell them this: “Every year, as soon as October 15 gets by, get in to see your CPA, and make sure you get in before December 31.  When you show up at your CPA’s office in February of the next year, it probably will be way too late to do any tax planning by that point and there probably won’t be much that your CPA will be able to do for you to help reduce your tax bill for that  earlier year.  But, if you get in to see your CPA before year end, there may still be time to do some good tax planning.” I know that many of my clients have heeded my advice.  Some of them even make it a point to thank me, even to this day, for the best free tax advice I have ever given.