Ep 87: Hidden Tax Strategies with CPA Tanner Adams

Common Sense Financial Podcast

Show Notes

Most business owners come into the financial game as the quarterback. They’re telling their CPA and financial advisor what they need and when they need it instead of working as a team to plan out a cohesive strategy.

This needs to change.

Listen to the latest episode of the podcast to learn why your business needs a financial team that works together, and how to incorporate tax planning into your operation, so you’re not overpaying taxes and maximizing the odds of your long-term success.

  • Tanner is a CPA with 22 years of experience in the tax world. Born and raised in Utah, Tanner was a natural mathematician and considered joining the FBI as an accountant but didn’t end up going that route. He spent 12 years with five different CPA firms, discovering what he liked and didn’t like, before venturing out on his own.
  • The Trump tax cuts expire in 2025 and a lot of professionals are anticipating higher tax rates in the near future. One tax benefit that is likely to expire is the QBR deduction for small business owners.
  • Every client is different, but one piece of advice that every business owner can benefit from is choosing the right entity. A lot will depend on what your lifestyle looks like and what you are already paying for.
  • Tax deductions are great but finding tax credits is even better. A good example is the Research and Development tax credit, which can go back as many as three years.
  • Most people wait until there is an immediate need to contact their CPA, but that leaves a lot of opportunity on the table.
  • Tax planning is very different from tax preparation. Tax planning occurs throughout the year and is a more proactive approach that many don’t realize is an option.
  • The relationship you have with your CPA is crucial and can play a pivotal role during tax season. With a good relationship you also get the benefit of your CPA’s experience in other industries. Taxes are changing all the time, so it helps to have someone you can reach out to throughout the year.
  • Having a financial plan should incorporate tax mitigation strategies. You, your financial planner, your attorney, and your CPA should be working as a team to manage your business finances. The more they can communicate and work together, the more effective they can be.
  • There are a lot of inefficiencies in your business by having your financial plan and tax plan operating in separate silos. Individually, everyone does their job well, but when working together they can really shine.
  • Typically, there’s a three-year window on filing for a refund claim. If you feel like your current CPA may not be bringing all the opportunities to your attention, it might benefit you to get a second opinion.
  • If you’re planning on selling your business, there are a few things to keep in mind. Is it a stock sale or an asset sale? Do you have clean and accurate records? Plan your sale as far out in advance as you can to make sure you have all that you need for a smooth transition.
  • One of the most underrated and overlooked aspects of tax planning is your bookkeeping for your businesses. Monthly bookkeeping makes it a lot easier to plan and stay ahead of the finances and taxes compared to waiting until January or April to figure out what you have to do.
  • If you make a lot of money, you’re going to pay taxes, and that’s just the way it is. But when it’s a surprise, that’s where the problem comes into play.Mentioned in this episode:

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