The second mistake, which keeps people from taking advantage of true tax planning, is holding the wrong expectations.
Do you think tax planning means "raising red flags"? Taking advantage of "gray areas"? Being "aggressive" and hoping not to get audited? In fact, it means nothing of the sort.
The first tax mistake that every business owner makes is failing to plan. Planning is the key to beating the IRS, legally.
I don't care how good your accountant is with a stack of receipts on April 15. If you didn't know you could set up a Section 105 plan and write off your kid's braces as a business expense, there's nothing you can do on April 15. You lose that deduction forever!
John loves to coach small business owners, entrepreneurs and the self-employed in the greater Milwaukee area.