In this conversation between Ahmad and Cesar Ravan, crucial topics around tax planning and the relationship between CPAs and their clients are discussed. The importance of being proactive in managing taxes is emphasized, along with the need to have difficult conversations about the subject.
95% of CPAs are reactive. Most just report the damage — you made $100K, send $37K to the IRS — while proactive planning treats the tax return as the end product of a year-round strategy.
The IRS is your silent partner. Cesar says if you are not getting IRS notices, you may be leaving money on the table — and calls the IRS Disney World compared to the state of Florida.
OBBB favors entrepreneurs and real estate. The new law is strong for business owners but weak for W2 earners, with perks like the car-interest deduction phasing out at $200K.
Beware social media tax gurus. From the Airbnb cost-seg-then-sell trap to the oversold Augusta rule, Cesar's job, in his words, is keeping you away from jail.
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