Aug 22, 2019
Business taxes. Do you feel the same feeling of dread that most people do when they hear those words? Taxes are one of those things most of us find difficult - and the guest we’ve invited to be with us on this episode wants to give us reason to think differently about the issue. He actually believes that a tax return is a thing of beauty, something to be used for assessment and planning. He also believes it's when accompanied by the counsel of a professional who can help you understand what your tax return means.
How’s that for a new way of thinking?
Join us for this episode, where we speak with Anthony Mauriello, a tax accountant who specializes in business returns, leads a team of 11 people, and processes around 4000 tax returns every tax season. And he loves it. You’ll want to hear this one - Anthony is a guy who is excited about taxes, and he just might get you excited about your taxes too (Dean was).
We have to admit there’s a stigma about business taxes, a strange way of thinking that convinces us that it’s not fun and that we should avoid dealing with the issue. Anthony says there is lots of psychological baggage - guilt, fear, etc. - associated with money and taxes, but that most of it is inaccurate and none of it has to control the way we handle our finances.
Listen to this episode and you’ll be amazed at how Anthony can not only make your taxes sound like something you don’t have to dread, he’s also got a seemingly magical ability to make your business tax return into a thing of beauty that helps you more than it scares you. His advice is golden, so be sure you listen.
Anthony loves business tax returns because they are like a snapshot, a by-product of what’s happened in the past so you can plan in the present to make a better future. Not only do you want to understand and know your net profit or loss, your tax return will also enable you to pinpoint the categories where mistakes and choices were made that have impacted whether you were profitable or not.
Using your tax return, you can chart a course for the future where you don’t have to be afraid of what’s going to happen financially. You and your accountant can co-create a path to a better future (the next year). By assessing your business tax return together, you have the opportunity to be proactive, considerate, and act with integrity to legally minimize your tax liability going forward. That’s something ALL of us want, but can only be accomplished by seeing your tax return as the amazing tool and opportunity that it is.
OK, if you’re convinced that you need to pay more attention to your tax situation, what should you do? Anthony wisely points out that a one-time change to the path of a boat can bring it back on course. He applies that analogy to the reality that you need to be speaking with the people who handle your finances regularly. It doesn’t take much to ensure you know where your financial ship is headed, and if you maintain the discipline of quarterly conversations, the changes you’ll need to make will be minimal.
Anthony says that the worst clients he works with (though he loves them all) are those who come in after the year ends looking for ways to minimize their tax liability - and more times than not they receive a huge shock when they learn what they owe. There’s nothing proactive about that - and Anthony loves helping business owners make the changes needed to BE proactive and avoid that sticker shock at the end of the year.
It’s not uncommon for CPAs or other accounting professionals to be a bit challenged when it comes to explaining the various approaches to taxes. Anthony says that you should make a point to interview the people helping with your taxes. You want to discover their experience working on taxes related to your industry and take the time to get acquainted on a more personal level. The better you know and trust each other, the better you’ll work together in proactive ways... and the more likely you'll be to get the right people on your team.
You can even do this with someone you’ve worked with for a long time. If you tell them that you’re taking a greater interest in your tax situation, they’ll honestly be very glad to help you. As you have those conversations, be sure you understand what the various figures mean and how you can modify your financial habits to minimize your tax liability.
Join us for this episode. You’ll not only be amazed at how helpful your business tax return can be, but you'll also be surprised at how giddy with excitement Anthony is about helping you use it to its fullest potential.
James P. Friel:
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