Tax Planning Hacks and Getting On Track with John McCarthy

This week I sat down with CPA and Tax Professional, John McCarthy.

John is a CPA and founder of McCarthy Tax Preparation and Advisor Facing Tax where he has helped families and small businesses with income taxes and planning for the past 15+ years. He is also a past member of XY Planning Network, a leading organization of fee-only financial advisors who specialize in helping members of Gen X and Gen Y. John graduated from Purdue University with a Bachelors in Science in Accounting. John left his salaried corporate tax job to provide tax preparation and planning services to financial advisors and their clients as a full time entrepreneur.

HERE'S WHAT YOU’LL LEARN FROM THIS EPISODE:

Why you’re not alone if you’re afraid of your taxes How to know if the IRS is actually trying to contact you versus being stuck in a scam Errors you should be looking out for in your personal tax situation Why it’s important to work with a tax professional each year (no matter your situation) How to determine if you are withholding the proper amount for taxes Whether you should aim to have a large refund versus owe at the end of the year How to be best prepared when working with a CPA to get your taxes done What questions to ask a CPA, a Financial Planner and a Bookkeeper Why it’s important to talk to a tax professional during life transitions Areas people tend to make mistakes when it comes to taxes What happens if you owe on your tax return but don’t have the funds on hand to pay The best way to get current with your taxes through the quarterly installments How business owners can stay on top of their taxes Standard versus Itemized deductions

LINKS WE MENTIONED ON THE SHOW:

IRS Withholding Calculator John’s website