05 Dec Build your team… hire a CPA!
Like a baseball team that needs to have a balance of runners, hitters, and guys who know how to play the field, a proper investment team needs to be made up of various individuals who specialize in different aspects of making you money. Instead of trying to learn and play every position yourself, it just makes sense to hire the best and to let those folks do what they are good at.
Today, I’d like to talk a little about hiring a CPA to help you manage your wealth.
A Certified Public Accountant (CPA) does much more than prepare your taxes at the end of the year – they can help you to come up with a tax strategy that:
1) Uses the proper entities (LLC, corporations, etc)
2) Takes advantage of deductions
3) Uses tax-advantaged investing
For example, did you know that any money you invest in your business is deductible (i.e. you don’t have to pay taxes on it)? Yes! The US government wants business to grow and prosper and actually rewards individuals who invest in their own business.
Did you know that you can use the money in a self-directed IRA to invest in real estate, and that the earnings will be tax-free? Yes! The US government encourages citizens to invest in their future and does not punish them for doing so.
Do you have a CPA who is helping you to keep more of what you make? Does your accountant help you to ethically and legally take advantage of legal provisions and statutes that protect and encourage business owners and investors?
A good CPA is much more than a number-cruncher; they are someone who can help you to protect and grow your hard-earned savings and to reach your financial goals.