But I tell them whenever they’re bringing in, no, I don’t have to add it up. I just want the totals but keep the receipts. Now if we get on it, all I do is take those totals that we worked off of and I say, Hey, please bring me in all that support you originally had. I take all those receipts or those bank statements or check copies, whatever that you had, and I’m bringing down the IRS agent and they go through all the paperwork needed for great Trust Attorney Las Vegas.
All they want is paperwork. Most audits that are bad is because there’s no paperwork, and I’ll say most of the time it was because they didn’t have real expenses. They estimated a number and now that they’re getting audited, they’re scared. And I will tell you when you get out of it, they specifically ask you to support the number you gave them solid Trust Attorney Las Vegas. It’s not like, Oh, let me see what I got. If you said $3,005 they’re gonna want to see that you have $305 if you can’t show that, they’ll know that you were just guessing numbers. And they’ll open up more items that they’re investigating on your return. But the audit is simple. If you organize the data properly in the first place, don’t rush do it right. We have all the support already. All the support is there. At that point. We take the roadmap, we already put together the support when we handed over the IRS agent and forced make them come to the same conclusion we did.
Yeah, and I think that the audit is just a scary word, but you know, if you think about it from a corporation standpoint, you have auditors that go in there and verify what’s going on to make sure that the employees aren’t stealing, that the CFO’s not messing something up. And that’s all the IRS is doing just from outside sources for the best Trust Attorney Las Vegas. They’re saying, all right, you paid your taxes, you filed this return. We’re just verifying that the information you said is true. And as long as it’s true, there’s not going to be anything, no issues there. Um, you know, they may argue with you and say, okay, this is a little too aggressive stance and maybe you owe a little bit of money, um, your worst-case scenario. But if your information is organized and you know, all they’re doing is verifying what you said and if you can prove it, great.
They move on to the next thing and the more information you have for them, the more likely you are to say, Oh, okay, he’s got all this information. We don’t need to look into it and be more, they’re organized. Okay. They, they, they did what they said. So we’ll just move on. I think that’s been my experience with great Trust Attorney Las Vegas. Is that been your experience? That works that way. Awesome. All right, so we’ve talked a lot about having a trusted advisor. What does a trusted CPA look like to you? What things should people listen to the podcast look for when they’re trying to find a really good CPA or tax preparer?
This one’s fun. I have a lot on here. It’s more about the why’s and how’s and not how much they cost. I’m a trusted advisor. Should be able to explain simply to you what’s your tax situation is, what tax rules they’re using to benefit you. If they keep what we’ll call tricks or a secret. If you don’t know what they’re doing to make your tax return good, don’t use them if you need great Trust Attorney Las Vegas. A lot of people think, Oh, I’m getting a refund and he’s doing something and I don’t want to know what it is. It’s great that that is not a trusted advisor. That is where you need to run away. That’s going to get you in an audit two years later and he’s going to disappear. I’m a trusted advisor. You should have an open relationship with, you should be able to freely ask questions and get answers.
So one, you shouldn’t have to worry about it running up a bill because you want to understand what your tax return or tax strategy looks like. And two, you should have some regular open method of communicating to get your answers back promptly. If it’s a trusted advisor that should already exist in the relationship you have with them. Um, your CPA should be proactive and telling you about new tax rules isn’t asking probing questions for additional deductions each year. If you’re going into your tax advisor and the first year they asked you a bunch of stuff and you get to hear two or three and they’re not asking you anything, there’s a problem. Even if they’re asking the same questions to make sure that you still don’t have those deductions and you’re confirming it, they should be doing some level of work to ask for new items that offer the best Trust Attorney Las Vegas. I can’t tell you how many clients come in and say, I felt like I had to give to him. I was asking him all the questions to see if I could get more deductions. It should be the other way around. Your CPA should listen to what industry you’re in or what you’re working on and they should be asking you questions to make sure that they have everything.
Yeah, I think that that is one that should be emphasized. If you’re the one asking all the questions, you know, then the advisor’s not knowledgeable cause he’s not trying to figure out where things are, where, what kind of advice he can give cause really, yeah. They should be listening to you because they want to know the situation but they need to ask the right questions to know what information, um, you know, they need to prepare.
Yup. Um, another item I have on here is I think a trusted CPA should communicate to you the cost of your service before you start doing work. There shouldn’t be any question about what it’s going to cost. They’re already doing work and you still are scared of what it might cost. That should be clear and defined upfront. Um, another item just in the, how do you find one? Uh, look up reviews on social media. Um, CPAs and reputation are pretty critical and most of them are longterm. Um, it’s really easy to go out there and see reviews and you can tell the ones that are bought written reviews and which was written by a real person.