Recently I explained to my dental students that taxes are a citizen’s biggest yearly expense yet hardly anyone pays attention to how they can minimize this bill.
Making sure that you have a competent CPA or service completing your taxes is of course paramount. However, do any of you research or read up on the subject yourself?
“I give it to them, they figure it out and tell me what I owe.”
This is a BIG MISTAKE, when you do not take an active role in your taxes (i.e. accountant explaining what they did and strategizing over the course of the year etc). I have learned a lot from reading books, magazines and listening to CD’s , that I have even questioned and suggested some of these ideas to my accountant.
The best publication I have subscribed to for information on taxes is the McGill Newsletter.
Action Step for You: Don’t minimize the importance of completing your taxes effectively. You must have an amazing tax preparer that is up on all the latest laws.
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