Did you know that the reason so many businesses fail is because they are paying too much in taxes? That is the experienced opinion of seasoned former IRS agent, Carlotta Thompson. Carlotta has witnessed small business owners hire the best accountants and best tax lawyers, however at the end of an audit, they have left with a tax bill so large that it shuts down their entire business.
In fact, most small businesses overpay their taxes so much that it makes it impossible for their business to survive. Complicating matters is the enormous economic stress that nationwide lockdowns have placed on so many types of small businesses. In fact, The National Restaurant Administration has reported that already 110,000 restaurants have closed as a result of economic shutdowns.
Furthermore, most small business owners do not know how to effectively manage their personal finances, let alone those of their business; do not understand how to pay less tax and why the accountant they hire is critical in making that happen; and don’t grasp the importance of shifting the conversation from “how much tax do I owe for last year” to “how can I pay less tax next year."
Former IRS agent, turned nationally-recognized tax strategist and financial coach, Carlotta Thompson, knows intimately the struggles that small businesses face to survive. As the owner of the nation’s first accounting firm to offer clients tax strategy and implementation with her team of tax strategists and financial coaches, Carlotta focuses on helping small business owners put more money in their own pockets through “audit-proof” accounting which emphasizes proactive, not reactive, strategies that are lacking at most of America’s accounting firms.
In this interview, she shares the main strategies she recommends for small businesses paying the least amount of tax legally possible, while avoiding an audit at the same time.