Tactic
See your tax person quarterly, not once a year
Erb compares using an accountant only at filing time to visiting the doctor only when sick. Meeting at least quarterly lets your tax pro spot deductions, deferrals, and programs (she cites forgivable, tax-free PPP loans for the self-employed) you'd never find in TurboTax.
“You should at a minimum be meeting with your tax person once a quarter. Um, and that— let them look at your books and say, you know what, turns out that because of COVID and the CARES Act, you may qualify for PPP money, which is the Paycheck Protection Program, which also not only for people that had employees but also for self-employed persons was applicable. That money was a loan, but it was a forgivable loan. So it's tax-free to you.”
Steal thisSchedule a quarterly review with your accountant so opportunities surface before year-end, not after.
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