To talk on this, there is something you need to know. Tax laws, as you may suspect, are not super clear (whaaaaaa? No way 😉).

When you hire a CPA/tax professional a component of what you hire them for is their ability to:

1. Know the most common laws and/or how to find them.

2. Learn all about actual changes in laws and PROPOSED changes (to plan for) inside and out, constantly. Changes don’t happen once a year, they happen all the time. And not only in federal law, but at the state levels too.

3. Be aware of what the laws WERE so that they can properly educate you when/how they changed.

4. Know how to research well, because it can take hours to conclude about one single “simple” question.

5. Be able to use professional judgement in applying those laws to your unique situation. Business has changed significantly in the last decade. There are several situations where laws are SO difficult to apply because the business is so bizarre (yes, I’m talking about yours). The world is changing faster than the IRS can keep up with (shocking right), and cases come out constantly with confusing conclusions that we must stay on top of.

You have CPA’s on your side because all this stuff above is not for you to worry about when you are running your business. You want your return done right, to get deductions for everything that you deserve to, and to feel like you’ve hit all your bases.

The dilemma in all of this: You don’t know what you don’t know, and you won’t have the same level of expertise as your CPA – so what if you miss a deduction?

Your CPA (should) live and breath this stuff, know when to remind you of an opportunity, have lightbulbs go off in their head when they are sitting at conferences, and just have your back. But they also don’t know what you are thinking, inventing, brewing, and pondering in that big beautiful creative mind of yours all the time.

And unless they are living in your house with you and following you around all day, they won’t know when you’ve had a business expense that was missed because you paid with a personal card and never said a word about it.

So what is a business owner to do?!

Seriously its this simple: Talk to your CPA + Have a good relationship with them. Easy right?

Call/email/text as different deduction/questions come up. Does it seem business related? Would you spend the money if you weren’t a business owner? Ask!

Are you thinking of rebranding? Are you thinking of offering a new product/service? Talk to you CPA.

Are you thinking of a financial decision? Did you make one? Talk to your CPA!

My favorite calls start with, “so I’m thinking about doing this thing - I wanted to run it by you in case I’m missing something….<insert brilliant idea here>.”

And don’t wait to ask, because I know you…you’ll forget lol.

I’m fortunate to have a close relationship with most all my clients. I keep my list small, and I do my best to spoil them. I am a genuine fan of theirs so I often am already the first to know when they are switching things up. I know when they redo their office, open new spaces, team up with people and grow overall. It’s freaking awesome!

Having a professional with a relationship-based approach is the best way to cover your bases. Reach out, ask why, stay informed by the professional that you are trusting with such an important task.

As a CPA, I would rather get too much information and rule out a non-deductible expense, then not enough information and have a client miss a deduction.

You know what eventually happens? You slowly know more and more when to ask, what to ask, and you start getting the hang of it. This cannot happen overnight for a new business owner. But with the right help, you can have it all. An expert within reach and all deductions accounted for.

And guess what?? It always starts with a question that you may feel dumb for asking. ALWAYS. And you aren’t dumb, and no one should make you feel dumb. You are just awesome and want the best for your business – there is no shame in that.

Will it always be perfect and will you always get every single deduction?

Think about it like this, deductions are important. But it absolutely is NOT the reason to have a CPA. You have a CPA to protect you, to guide you and to make sure you take advantage of the huge opportunities you are now faced with as a business owner. At the end of the day, its not to save the $30 deduction and its possible that you could have missed out on $9 in savings. Tragedy right?

But what your CPA is doing, is saving you THOUSANDS with proper planning, strategizing and expertise.

So to be perfectly honest, because that’s how I roll, it’ll never be perfect. The IRS code is imperfect, I do not follow you around all day, and you will likely forget to ask me about some random tiny deduction.

But what will happen with a good relationship? Thousands of dollars saved, period.

Therefore, my advice to you? Don’t get too caught up in getting EVERY SINGLE DEDUCTION. Do your best, trust your CPA, and keep moving forward in your badass business.