Hundreds of tax deductions and tax credits for individuals and small businesses go unused each year because folks simply are not educated on what they have a right to deduct or claim.

Rather than boring you with my recap of an excellent presentation on taxes and LLCs at a recent Suncoast Internet Marketing Mastermind group meeting, I’ll let the presenter, Robin Platzer, break it down for you.  Here it is:

I was recently asked to do a presentation at one of my meet up groups on tax deductions. And my first thought was” Tax deductions? How boring is that? I mean really? Nobody wants to listen to me ramble on for an hour about taxes do they?

Ok, yes it is true I am an accountant, and yes I do prepare small business tax returns for a living. But wouldn’t you rather me do a presentation on something fun, like how to do fun cool paper art, or how to coupon? But being that this is the subject they wanted me to speak on and since taxes is a topic I am very familiar with, I reluctantly agreed.

When I arrived to the meeting place presentation in hand I was expecting to speak to a half empty room of unsmiling Uncle Sam Haters, ready to shoot the messenger. But what I found instead was a room full of small business owners!! And the room wasn’t half empty in fact every seat was taken. “Are you kidding me? “ These people actually seem happy to be here!! “They were smiling!! And they came prepared with paper and pencils!

These folks already seemed to know what I am about to tell you- they already knew these 5 simple facts about taxes…

5 very important facts about taxes:

Fact #1-Taxes Suck!!

Yes you heard me “Taxes Suck” We hate to talk about them, we hate to prepare them and we certainly hate when we have to pay them. If you are one of the few that don’t think taxes suck, I think you still might have some followers on My Space.

Fact #2- Taxes Are Confusing

I have been studying tax law for the last six years; I spend 32 hours in continuing education each year just refreshing myself on a tiny percentage of the complicated tax laws that currently exist. Even accountants need to carry around tax guides and law books to help us sort out complicated issues. So I can only imagine how just muttering the word “taxes” to the average tax payer would make a them shudder and run off utterly confused.

Fact #3- Taxes Are Boring

I only started doing taxes six years ago, but my mother however has been an Accountant for 40 years, and I can remember sitting at the dinner table with her and she would start to ramble on about work and “taxes” and I would totally lose focus and start counting the peas on my plate and after too much tax talk I would almost always blurt out. “Mom Really, You like sooo lost me at taxes or something, can we please talk about something else I’m so bored?” next subject.

Fact #4 – Taxes Are Certain

Death and Taxes need I say more? But how certain are they really? (See Fact # 5)

Here is the most important fact you will ever need to know about taxes and that is this:

Fact #5- Learning About Taxes Saves Money!!!

The fact of the matter is Uncle Sam has set up hundreds of tax deductions and tax credits for individuals, and small businesses that go unused every year because folks simply are not educated on what they have a right to deduct or claim.

I have seen countless individuals fail to prepare several years worth of tax returns because they thought they would owe and after stepping into my office and getting educated they learn that they owe very little and in many cases are due a refund!!

Taxes are boring, confusing and they definitely suck this is true, but are they really certain? If you earn income then probably yes! you will pay taxes, but the question is are you paying too much? And what can you do to pay less?

My advice to you would be to follow the path of the well prepared, smiling faces that attended my tax presentation and that is GET EDUCATED!!Read tax blogs, attend presentations, watch my you tube videos or anyone else’s out there that is offering tax advice, and if you need one hire an accountant.

In Conclusion:

If you are not sure you need an accountant find one that offers a free consultation, take in your last 2 years tax returns , have them look them over and ask for advice.

A good Accountant that will look your tax returns over, evaluate your personal taxes as well as your business taxes and make suggestions on how you can save money and find deductions in the future. These accountants make part of your family, because any advice or information you receive from them is money in the bank.

If you do happen to come across one of those chains or an accountant that offers no advice but instead offers to charge you $100 for your 1040EZ run and don’t look back. Your hard earned money is better spent elsewhere. Make a new appointment with a new accountant and get the education you need to make good decisions about your hard earned cash. It’s never too late to learn something new.

Additional Information: Also available is a video, where towards the end Robin touches on some of the LLC related points.

About the Author:  Robin Platzer, besides being a great contributor to our group on matters of taxes and Small Business matters, is a tax and Small Business consultant with LLJ Accounting in Sarasota FL. She can be reached at Robin@TheTaxHandlers.com.