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