We all need to pay our taxes, but some people hesitate to work with an accountant. If you own a business, you’ve got to get over that attitude. Finding a good accountant who can help with tax planning and so much more isn’t a necessary evil. It’s the right business decision.
On this episode, we’re talking with a fellow business owner and our own tax planner, Ricky De Hamer. Tax laws change in small and large ways all the time, so having a professional who understands business and understands those changes can make a huge difference in your own business.
Tax preparation is just a part of the conversation. We talk with Ricky about tax prep, tax implications for different business entities, and much more. If you wish you knew more about how to find a trusted advisor for taxes and money management, you’ll want to listen in.
Ricky has over 13 years of public and private accounting experience. He’s been a big help to us, for sure. He has served on the Board of Directors for the Accountants Association of Iowa and is currently the President of AAI. He earned his BA in accounting at Central College in Pella, IA.
What You Will Learn in this Episode:
- The importance of audited financials
- How to use a tax professional as a resource as you start out and grow a business
- The impact of the structure of your business
- Differences in business entities
- Taking advantage of legitimate business tax deductions
- What the new tax laws mean for personal deductions
- How non-traditional small businesses (like AirBNB) impact your income tax
- Why you might consider a Health Reimbursement Account and how it differs from an HSA
- Why online tax prep platforms are not the best choice for business owners