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April 15 is around the corner.
Like December 25 or January 1, it should be a date etched in your brain and synonymous with making sure you fill out your taxes properly. But we get it– it’s a daunting task. Depending on whether you’re an employee or business owner could drastically change things, and getting a real deal CPA (Certified Public Accountant) could be the difference between getting a nice chunk of change via your tax return or owing. Either way, we’ve got you covered to make you’re doing things correctly thanks to CPA, tax planning extraordinaire, and author Michel Valbrun. Check out some advice from him below.
CASSIUS: What is the biggest difference between filing as an employee vs. a business owner?
Michel Valbrun: Employees (or individuals) must file their taxes by April 15 and 1040. Depending on your tax entity, business owners file Schedule C, 1120, and 1120-S along with their 1040. C-Corps and S-Corps must file by March 15. Business owners have the take several deductions and credits that are not available to individuals.
C: Why is it better to hire a CPA instead of doing your taxes on your own?
MV: A Certified Public Accountant (CPA) is a qualified accountant who met several educational and experience requirements in order to obtain the designation. When it comes to taxes, there are things that you don’t know, that you don’t know. A CPA can provide insight and, more importantly, provide tax planning services, which is looking at your life, business, and regulatory requirements to legally reduce your taxes.
C: What rapper do you think preaches financial literacy the best?
MV: Jay-Z, Nipsey Hussle, and Rick Ross are some of my favorite rappers as it relates to preaching financial literacy. They’re always dropping gems from talking about taxes, real estate, and more.
C: Tell us about your book “Prolific Profit” and how you got into the world of finance.
MV: Prolific Profit: How Successful Businesses Maximize Profits and Dominate the Market was inspired by the late and great Nipsey Hussle. In the book, I breakdown from beginning to end how to build and grow a profitable business along with tax strategies. My parents were entrepreneurs, and I always knew I wanted to be in business. As I learned more about finance, I realized that millions of people did not have this information, and from then, I committed myself to create financial transformations for millions of people.