I always say it's important to maintain your financial power when it comes to your business, your taxes, or anything in that realm. If you let your tax advisor take the wheel and start driving, you have no control over where you're going or how you get there.
Your tax professional should be trying to find you every tax deduction you're legally allowed to take but you can't take unjustified shortcuts and legal loopholes to get there. When you take an aggressive approach to your tax filing you have to make sure you understand the risk and that you can defend your position if you need to.
At the end of the day, you are responsible for your taxes because you signed off on them stating that they are true to the best of your knowledge. So what can you do if you feel like something fishy is going on behind the scenes? You can report a tax preparer, make sure you are making payment directly to the IRS, and make sure you are receiving your refund directly from the IRS.
* Your Taxpayer Bill of Rights: https://www.irs.gov/taxpayer-bill-of-rights
* Form 14157 (Return Preparer Complaint): https://www.irs.gov/pub/irs-pdf/f14157.pdf
* Form 14157-A (Tax Return Preparer Fraud or Misconduct Affidavit): https://www.irs.gov/pub/irs-pdf/f14157a.pdf
Related episodes:
160. How to Manage a Business with Multiple Owners with Jeremy Wells, CPA, EA
165. Wealth-building Wisdom with Mel Abraham
179. One Month Left in '22: What to Focus On
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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.