Running a profitable private practice does not automatically mean you are paying the lowest amount of tax legally required. In fact, many private practice owners overpay—not because they did anything wrong, but because their tax strategy has not kept pace with the growth of their practice. Here are five common reasons: 1. Your business entity no longer fits the practice The entity that worked when your practice first opened may not be the most tax-efficient structure now. As revenue and...
23 days ago • 1 min read
The IRS recently announced a change that could make it easier for some taxpayers to get penalty relief. Starting this summer, the IRS will begin automatically removing certain penalties for taxpayers who have a strong history of filing and paying on time. In the past, you generally had to contact the IRS and request the First Time Penalty Abatement. Under the new process, called the Automatic Exemption from Penalty, eligible taxpayers will not have to ask. You may qualify if you filed your...
about 1 month ago • 1 min read
If the IRS accepted your tax return, congratulations—your return made it through the IRS processing system. But here’s what many private practice owners don’t realize: An accepted return is not the same as an accurate return. Many people are confused when I review prior tax returns, identify errors, missed deductions/opportunities, and explain how it's supposed to be done accurately and LEGALLY. This is also why many returns are later audited, amended, or assess additional taxes even though...
about 1 month ago • 1 min read
If you are a private practice owner, you've had that uneasy feeling many others get every time tax time rolls around. Maybe it’s because you owe the IRS. Maybe you’re behind on filings. Maybe you’re making good money but still wondering where it’s all goes every April. Or maybe nothing feels “wrong” at all—you just have a feeling you could be doing better. That feeling is usually telling you something. Over the years, I’ve found that most private practice owners fall into one of two...
about 2 months ago • 1 min read
This was a common comment I heard during tax season. Primarily due to political reasons, people did not want their money going to the government. I guess Twista, a Chicago rapper, didn't want his money going to the government either. He is making the headlines for evading (not avoiding) taxes. Twista recently pleaded guilty to five counts of willfully failing to pay income taxes after allegedly failing to pay taxes from 2019 through 2023. According to court records, he earned income from...
about 2 months ago • 1 min read
Hello Wealth Builders! For years, I've said that my role goes far beyond preparing tax returns. My job is to help business owners solve tax problems and prevent future ones. Most people think of tax planning as reducing taxes, optimizing entities, or implementing strategies to keep more of what you earn. And while that's certainly part of it, planning is really about preventing problems before they happen. But here's what I've learned: The business owners who benefit most from tax planning...
2 months ago • 1 min read
Hello Wealth Builders! Most business owners have been told the same thing: "Elect S Corporation status and you'll save on taxes." While that can be true, it's only part of the story. In fact, I see many business owners treat their S Corporation election as a "set it and forget it" strategy. They make the election, continue growing their business, and never revisit whether their entity structure is still the best fit. The problem? An S Corporation isn't a tax strategy. It's simply one tool...
3 months ago • 1 min read
Hello Wealth Builders! We are not halfway through the year YET, but we are at the beginning of 3rd quarter for estimated tax purposes. Third quarter estimated taxes include income earned from June, July, and August, due September 15th. This quarter, I want to help five business owners redirect money from Uncle Sam's bank account back to theirs. I will help you with strategic tax planning, entity optimization, proactive tax-saving strategies, and quarterly tax estimates so there are no...
3 months ago • 1 min read
Hello Wealth Builders! Over the course of tax season, I spoke with a lot of people looking for the cheapest option to get a return filed. And honestly? That’s okay. There will always be a market for bargain tax preparation. But recently, I had a consultation that reminded me exactly who I’m called to serve. This business owner said: They wanted year-round support They wanted to proactively save money on taxes They wanted guidance so things could be done correctly the first time They're...
4 months ago • 1 min read