On this episode of Financially Naked: Stories from The Financial Gym, our host is Kadri Augustin, a Level 3 Certified Financial Trainer based out of New York and he is joined by Tony Hoong, founder of The CPA Dude! Today, they’re talking about how The CPA Dude got started and some general tips and things to think about as tax season approaches and as you plan for 2022 and beyond.
Podcast Notes
- When Tony was young, he learned a lot about taxes from his mom who ran a restaurant. From payroll tax, to income tax and beyond, Tony’s journey was launched there with her.
- His first day job allowed him to learn a lot about the tax codes in all fifty states and he eventually worked at Uber in their tax department. While he was working, he was always answering questions from his friends and family.
- The CPA Dude branding was his girlfriend’s idea! She’s behind the name, brand, and logo. In 2019, he made the move from helping friends to expanding to the public. In 2021, The CPA Dude became his full-time work.
- Kadri and Tony talk about changes and events from the last few years. From the 2018 Sweeping change to pandemic assistance. Things have been constantly moving.
- Kadri asks why there is so much pressure on the individual taxpayer to show their numbers and figure out how much is owed.
- If you don’t file a tax return, the IRS is going to auto-assess and file one for you, running it with the worst possible results. If you’re due a refund, you only have a few years to claim it, so it’s important to file and take advantage of all of the credits and deductions available to you.
WORKING WITH THE CPA DUDE
- Quick communication is one of the core values at The CPA Dude. There’s nothing more discouraging than reaching out to your CPA or accountant and not hearing back.
- The team at The CPA Dude is made of both staff members and licensed CPA’s.
- The platform comes with an app and secure portal and app so you can communicate in a text style securely.
- A staff member will meet with you and prepare the return. Returns are then reviewed by the licensed CPAs before being filed.
GENERAL THOUGHTS
- Tax planning should be part of your regular financial planning. Make the assessment regularly, where am I now and where do I want to be?
- Between the tax reforms and new interest in crypto, there have been a lot of under withholdings the last few years, resulting in surprise tax bills.
- Contributing to your retirement accounts can be a way to reduce tax liability and you can contribute up until the filing deadline.
- If you are a freelancer, sole proprietor, or 1099 contractor, you can reduce your taxable income with business expenses.
- File your taxes early this year. The IRS is understaffed and underfunded. They’re currently behind on processing 6 million returns from last year, so delays are to be expected.
- If you’re waiting for a refund, check out the IRS tracker tool. You can also call, but it can be difficult to get through.
- If you get scary letters from the IRS, don’t panic. Even if you’ve taken the correct steps, sometimes the delay means they haven’t processed your response but their automated letters still go out.
If you want to work with The CPA Dude team, head to their website.
Financial Gym members and Financially Naked Listeners get 10% off
Connect with Tony and his team at The CPA Dude
