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What has a CPA saved you money on taxes that you would have missed?

Discussion in 'Business Operations' started by DLS1, Jan 3, 2004.

  1. DLS1

    DLS1 LawnSite Bronze Member
    Posts: 1,619

    Some members at Lawnsite say their accountant/CPA saved them money on their taxes that they would not have caught if they would have done the taxes themselves.

    Anyone want to give some example(s) of things they would have missed if they didn't have an accountant/CPA?

    This would be a good learning thread for all.
  2. I might get bashed for saying this but, I know the business side and the work side very well, The tax laws are changing a lot on what you can and cannot do. I'm a professional in my field a CPA is in theres. I just don't think you do yourself justice when you do it yourself. They are worth every penny I pay them ,you have to trust them and have a good working relationship with them. I look at the saying only a fool represents themselves in court , same goes for this. ONLY MY OPINION
  3. I might back up a just a bit, if I was only talking about 5 to 10 thousand dollars I would probably do it myself.
  4. A1 Lawn@Landscapes

    A1 Lawn@Landscapes LawnSite Member
    Posts: 220

    I am not a CPA, just a tax preparer. I have a true story from last tax season that will blow you away !!!!!!!!!

    Where I work, we offer what is called the " Double Check Challenge" where we will check your taxes for errors free of charge. A single mother comes in with her taxes from the year prior wondering why she has to pay while most people she knows get refunds. A friend of hers had done it for her for free. I notice that she, a part time teacher making about $12k a year, has not claimed the Earned Income Credit. She was missing about $4000 in a refund right there. With other errors that I found she ended up with a refund of over $5k !!!!!!!!! I then asked her if she could bring in her prior years returns. She was back in less than an hour with them.

    Her final refund including this years and prior years ammended amounted to just over $14k !!!!!!!!!!! I got a certificate from the company and a spot in this years national training video and most importantly, my job back this year for the winter.

    Moral of the story is if you are not 100% sure of what you are doing, seek a professional. Even more than that seek an experienced, educated, recomended professional. I think it is unwise to just walk in somewhere sight unseen.

    OBRYANMAINT LawnSite Senior Member
    Posts: 555

    got credit back on fuel used in mowers...since they are not used on the road you can get the tax you paid at the pump back(not in cash)
  6. gogetter

    gogetter Banned
    Posts: 3,256

    Not really an answer to your question, but kinda interesting.
    My wifes not a CPA, but she does the easy form for friends and family that don't like to bother with it, and usually charges them like $25 for her time.

    Last year she looked at her managers taxes that he had already done himself, just to look it over for him. He screwed up somewhere and shorted himself over $3,000.

    You'd think the guy would buy her dinner or maybe a gift certificate or something. Nope, just a thank you.

    I guess the point is, if you're not sure what you're doing, leave it to someone that does.
  7. DLS1

    DLS1 LawnSite Bronze Member
    Posts: 1,619

    I guess most people don't want to share the things they would have missed.

    A couple of good books for small business taxes is

    1. "Tax Savvy for Small Business" put out by the law people at nolo.com site.

    2. "New Rules for Small Business Taxes" by J.K. Lasser which is at jklasser.com

    I have seem both of these books at the local library.
  8. EagleLandscape

    EagleLandscape LawnSite Platinum Member
    Male, from Garland, Texas
    Posts: 4,347

    could it be that alot of ppl havent missed anything? hmmm

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