Mark Leavy wrote: ↑Thu Oct 29, 2020 10:52 pm
yankees60 wrote: ↑Thu Oct 29, 2020 10:15 pm
When I worked with a highly successful business owner $$$$-wise and he was complaining about how much in taxes he was paying...I told him that that was a good thing. He should want to pay more and more in taxes because that would mean his after-tax income was going up and up and up. He understood it right away.
Vinny
Dude should have fired you right away and gone with a serious tax firm.
I use
Geffen Mesher out of Portland.
I am sure you have heard of Ernst & Young? One of the Big Four accounting firms in the world? I suspect that they might be bigger and more knowledgeable than the firm you mentioned?
They were out outside accounting firm, doing our annual reviews.
Each year in December I'd do a tax plan for both the business and, most importantly, the business owner. And, send it on to Ernst & Young, whereby it'd be reviewed by the review partner and the tax manager and partner. Then we'd have a meeting to review my plan and make any necessary adjustments. Usually, there were none.
When it came to tax return times, I'd use TurboTax to create both the corporate and owner's personal returns. I'd call the tax manager for any questions I had regarding new business / personal issues that had arisen or new tax laws that I did not know how to handle tax return-wise.
When I finished the returns I'd send them to Ernst & Young for their review.
We did this for about seven years.
They never once changed anything in those returns I sent to them. And, they did not even bother putting those returns through their own system. They would just sign them and return them to us in their binders that held tax returns. Plus give us a bill for $4,000 (about $7,200 in today's $$$). Note that they did almost no work, other than the tax manager answering my questions. We looked at it as the price for getting a Big 4 accounting firm's signature on the tax returns.
Vinny