Making Tax Laws Understandable with Glenn Harper from Harper & Company CPA's

We had a fascinating discussion with Glenn Harper from Harper & Company CPA's on tax codes, strategies, and the importance of understanding the system.

Here are three key takeaways from our conversation:

1️⃣ The Tax Code is Complex: There are different tax codes for different individuals, particularly distinguishing between regular employees and self-employed individuals/entrepreneurs. Self-employed individuals have more flexibility in leveraging deductions and shifting income compared to regular employees.

2️⃣ Creative Tax Planning: As income levels increase, individuals may explore options to defer and manipulate the system to offset taxes. For example, real estate investments can generate cash flow while resulting in a tax loss due to depreciation. It's important to stay updated on the ever-changing tax provisions and seek professional advice to take advantage of legal provisions.

3️⃣ Accountability and Contribution: It's crucial for all individuals, regardless of income level, to uphold their financial responsibilities. Even low-income individuals who receive the earned income tax credit should contribute financially. Ensuring accurate and honest tax information is submitted is essential to avoid penalties and legal consequences.

https://www.harpercpaplus.com