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Small Business needed an overhaul
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I'm a small business owner that has been going to the same CPA for the last 20 years. I had never been audited by the IRS, so I figured my guy was doing a good job, but as the old saying goes,"Ignorance is Bliss" & was I ever ignorant! Each year I'd march my information over to my CPA's office, come back a few weeks later and pick up my return along with the monstrous bill to the IRS & the State. For 15 years I was able to keep up with the annual payments, but when the bottom fell out of the economy so did my ability to pay. So in 2008 when I couldn't pay my bill I asked my CPA for his professional opinion and he said that I could request a payment plan and I thought "Great!, I just need a little time to catch up while things rebound". Well a few months turned into a couple years and when I finally opened up a statement I was shocked how little I had paid for the last 4 years. At that point I just wanted to give up, until I received a post card about the IRS "Fresh Start". I figured what the heck, what's the worst that can happen? I had the pleasure of speaking with my now "Go to Guy" Jon Peters. I explained to him my frustration with the situation I got myself into and he explained that it was a common problem with small business's in today's market place. It made me feel a little better knowing I wasn't the only one, but frustrated that I worked so hard only to dig myself deeper and deeper with the IRS & State. He went through my options and explained how my business was set up incorrectly among other things. I really liked what he had to say along with the plan that would get me out of the red and back into the black. Fast forward a year to now and I couldn't be happier. They amended my 2010 & 2011 return and found a lot of deductions that my CPA missed. They also filed my 2012 tax return, Coast One's team consulted with me about my business, day to day operations and dug much deeper to maximize my deductions and that made a huge difference in the bottom line. I took their advice and incorporated (which was much easier than I imagined). It's almost been a year since I Incorporated, but if my estimated quarterly payments are any indication of this years taxes, I'm going to be putting much more money in my pocket versus the IRS's and the State. Thanks to the whole team over there, especially Jon, Jim Baker & Michael Martinez. Happy Holidays!
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