For many Americans taxes are their largest expense. We pay sales, property, social security, state, and federal taxes among others. It chews up a significant portion of our income and squeezes us to find money for other needs and wants. 

Since it’s a major expense, time spent learning about tax management and the law can serve us and our wallets well. Remembering that tax law is extremely complicated and a large cut in your take-home pay, perhaps you should consider whether you do your own taxes or hire a tax accountant. If audited, are you prepared to lock horns with the IRS or would you rather the tax accountant deal with the headaches?

Allow me to share my method. I hired a full-time professional with extensive experience in my area of work, which is real estate. It takes approximately eight hours to work through the process (four- two hour sessions). During those sessions, I ask questions, run different ideas or strategies by him, and in general, send myself to school on different ways to run my businesses. It has made a significant impact in finding ways to legally keep more of my money instead of sending it into that sinkhole we call the federal government. You’ll still have to pay, but not more than legally required. In addition, my accountant has been exposed to lots of various businesses, so his insight and advice are extremely valuable. 

Whether you’re a business owner or not, a tax accountant is knowledgeable regarding tax law and recent changes which may benefit you. This can translate into more money in your pocket which is a key to getting a life.