Tax Advice from Charles Shapero

This week I have a guest author for your weekly article.  My CPA, Charles Shapero to give some tips on taxes!  At the bottom I'll give you hope to submit your mobile home tax questions for him to answer.

When you're in business, it's not just about what you make, it's what you keep.  Your CPA should be helping you know more about the tax law so you can keep more of your profits.  We all work with the same IRS code and the same laws.  Some keys to paying less to the IRS are as follows: 

• Keep good records!! The only way a CPA can help you tax plan and strategize is with GOOD books.  If your books are crap, then there is no way to help you tax plan. Plus, if you don't have good records, you will LOSE if you are audited.  No mileage log and no meals and entertainment receipts are two easy ways the IRS wins under audit. 
• Hire a CPA that knows the tax code and can help you to take advantage of everything that is LEGALLY available to lower that tax bill.  
• DO NOT get tax advice from "your friend", "your cousin" or "your hairdresser".  They get their advice from Tik Tok and Instagram; NOT reliable sources. 
• Stop doing stupid things on your tax returns that increase your audit risk.  Even if you win, it's COSTLY.  In the 13+ years I have owned Widget Tax PA, we have not had ONE client audited. 
• If you make money, KNOW that you owe taxes.  Pay your taxes timely, when required, so the IRS cannot penalize you and take more of your money for noncompliance. 
• Engage your CPA to do tax planning midyear, at year end or both.  There are many things that can be done prior to year end to reduce that tax bill.  That is WHY you have a CPA! So you can lean on him to help you!  Owing a ton in April should NOT be a surprise that creeps up on you. 

On September 24th 6:30pm EST Charles will be answering common real estate and mobile home questions when it pertains to taxes.  

Send me a message with your general mobile home tax questions. (not individual situation) 

This will be available to everyone who decides to advance their mobile home investing education with our October LIVE class, get access now! 

CLICK HERE