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.
Stephen Palmer is the Managing Partner for the law firm, Palmer Legal Defense. He has specialized almost exclusively in criminal defense for over 26 years. Steve is also a partner in Criminal Defense Consultants, a firm focused wholly on helping criminal defense attorneys design winning strategies for their clients.
Norm Murdock is an automobile racing driver and owner of a high-performance and restoration car parts company. He earned undergraduate degrees in literature and journalism and graduated with a Juris Doctor from the University of Cincinnati College of Law in 1985. He worked in the IT industry for two years before launching a career in government relations in Columbus, Ohio. Norm has assisted clients in the Transportation, Education, Healthcare, and Public Infrastructure sectors.
Brett Johnson is an award-winning podcast consultant and small business owner for nearly 10 years, leaving a long career in radio. He is passionate about helping small businesses tell their story through podcasts, and he believes podcasting is a great opportunity for different voices to speak and be heard.
Recorded at the 511 Studios, in the Brewery District in downtown Columbus, OH.
info@commonsenseohioshow.com
A Big Thanks to our sponsor, Harper Plus Accounting. They provide more than just basic transactions, offering expert business consultation as well. They go beyond the basics, providing comprehensive advice on saving, planning, and optimizing taxes.
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