Most business owners don’t know, or don’t understand, that there is more than one type of accountant. Most business owners think of their accountant, as the person who prepares their taxes, and fills out the forms. But if you want to have a successful, profitable business, where you aren’t shocked by the size of the tax bill come April 15, You need to know about this other type of advocate. #tax #taxes #taxstrategy #taxstrategies #taxsavings #smallbusiness #entrepreneur #money #moneymindset #accountant #taxbill #richlife #taxtips #taxhacks #smallbusinesstaxtips #smallbusinesstaxes #taxdeductions #businesstax #taxplanning #taxseason

I want to teach you a quick lesson that can save you a ton of money. There are different types of accountants. There are different types of CPAs. When you are asking for a recommendation for a CPA, be very clear about what you're asking for because they all do different things. There are CPAs or accountants who will do things like bookkeeping for your business. Kind of a low-level task, sort of data entry, managing your QuickBooks, things like that. Add that for the rest of the stuff to work, but that's kind of layer one. You also may want to have some type of financial accountant. This is the person that's going to prepare your financial statements, your profit and loss, your balance sheet, your statement of cash flows. That's all backwards-looking stuff. Then there's managerial accountants. These tend to be forward-looking. They're going to do things like budgets and projections and help you manage the business. Then there are tax preparers. This is what most people think of when they think of accountants, the person filling out the forms. Sometimes it's a CPA, sometimes it isn't, but there's another category that I'm finding the more that I talk about this, the more shocked people are to learn the lesson. That is a tax strategist. This is someone like a managerial accountant who's going to be forward-looking and is going to help you do things throughout the entire year, not just right before April 15th, to help reduce your tax bill and actually help you save money on your taxes. Sometimes they're going to make you spend money in different ways. Sometimes they're going to make you spend maybe more money than you wanted to, but most of the time, they're going to take things that you're already planning on doing and already spending money on and finding a tax advantageous way to do this. One of the things that I'm going to end up doing on this channel is sharing some of the common tips with you because a lot of people don't even know about these. A lot of people assume that their accountant is already doing this stuff for them, but you'll be surprised to find out they're not. So subscribe, follow, whatever. Stay tuned. Listen for the lessons that we're going to share, and then go and double-check and make sure your accountant is actually doing these things for you. You're welcome.