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Tax Write-Off Myth #1: My Accountant Does That For Me At Tax Time

filing tax returns home-based business income tax savings tax myths Jul 01, 2022
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I'm sure you have heard this from others or perhaps you have stated this yourself. "I don't need to learn all that, my accountant does that for me. They take care of all my tax write-offs".

As a home based business, it is your responsibility to understand what you can and cannot write-off, and to keep it organized for tax purposes. Accountants can only file your taxes based on what you provide to them. Sure, some might take that little extra effort to find additional tax savings, but many don't!

The real tax savings comes during the 12 months of year you operated your business... it's important to know what you can and cannot do when it comes to write-offs. So learn to make history don't just report on!

Accountants Give Bad Advise

Tax preparers often do not give the best advice to those of in home-based business. With so many of us doing this, you'd think this would be common knowledge and easier than it is. 

 I know this to be true after more than two decades of experience. This is such an important topic that I dedicated an entire Chapter to it in my book, titled "Your Tax Preparer is Giving You Bad Advice". In that chapter, I also outline the criteria you should use when finding someone to file your income taxes if you choose to not do that yourself. Don't just leave it to someone else. This is your home business -- be mindful of where you are getting advice. 

Mistake Do Happen in Filing Your Taxes

I believe that as someone with a home business we need to take more of an active role in our recordkeeping and be empowered knowing what we can and cannot claim as a tax write-off.

Don't leave this in the hands of someone else handing over your receipts to them at tax time expecting everything to be recorded and filed correctly, especially if that someone does not understand your business. Mistakes happen and you will always be on the hook!

I frequently hear from home business owners who are faced with "a tax situation" that has resulted in them getting audited and receiving an additional tax bill. Often it was the because the tax accountant recorded some things incorrectly.

What would you do if the government said you must pay $60,000 in back taxes? And you knew it was because of the accountants error in filing your taxes and not advising you correctly?

I have seen home business owners be left holding the bill for thousands in back tax bills. Recently one person confided in me with their tax situation. They are a six figure earner in their network marketing company had had relied on their accountant to organize their receipts and file their taxes. Turns out this was a BAD move!

In this situation, they have a $60,000 tax bill from Revenue Canada. The accountant recorded their commission earnings incorrect which triggered CRA to begin an audit. Due to this accountant error and lack of knowledge in their clients type of business the client is left holding the bill and having to deal directly with CRA auditors. 

What if you invested a just few hundred dollars into your business to get the knowledge and tools so you could avoid a $60,000 tax bill? What if that small investment helped you save a few thousand in taxes this year by claiming more tax write-offs and being audit proof?

Easily Save Thousands Annually & Be Audit-Proof 

 Not claiming the tax write-offs they are legally eligible for because they don't know, not organizing and keeping the correct records, and they are probably getting bad tax advise (or no advice!).

This is why I put together the most comprehensive easy to learn, easy to implement and really super easy (and audit proof) "monthly recording system" for the home-based business. It's the EXACT same system I have been using since 2008.

This Tax Secrets Course & Productivity System has saved others thousands per year! We have recorded documented savings of $1,000, $3,000 and even $10,000+ in their first year! You could be NEXT!

This is Myth #1 in a 7 part series:

Take the Mystery Out of Home-Based Business Tax Write-Offs!

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The proven system that will simplify your life, save you time, and put thousands of tax dollars back in your pocket!

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