BONUS CLIP: How I Lost $500K Flipping Houses...

Wealthy Way

Ryan Pineda

Business, Entrepreneurship

4.8 • 2.1K Ratings

🗓️ 4 October 2022

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Click the link below to watch the full episode!
How to Pay (Almost) No Taxes in 2022 | Matt Bontrager TrueBooks CPA - https://youtu.be/KNWkhGiOBjU

Need help with your taxes? Visit https://www.truebookscpa.com/ to schedule a free call with TrueBooks!

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My partner at TrueBooks CPA, Matt Botranger, and I discuss all the ins and out of taxes in today’s clip! Matt tells us all about the differences between EA’s and CPA’s and why the differences matter. Matt left a corporate job to start the firm as my partner, so we talked about his feelings doing that and how come he wouldn’t change it for anything!

Taxes, tax hacks, tax rules, United States taxes, CPA, CPA versus EA, business financials, real estate taxes, TrueBooks CPA, tax firm, how to start a tax firm, entrepreneurship

Transcript

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0:00.0	In this clip, I add my partner, Matt Bond-Trigger on from TrueBooks CPA.
0:03.9	And we talk about all the ins and outs of taxes, accounting,
0:07.8	what the difference is between an E.A. and a CPA,
0:10.8	as well as many other things business owners need to be doing on the accounting side.
0:14.8	So a CPA is a certified public accountant.
0:17.8	So you're licensed with the state agency.
0:20.6	And the reason that they do that is because you are allowed to give an opinion
0:25.4	on somebody's financial statements.
0:27.2	A lot of people get that term is construed.
0:29.6	So an E.A. is an enrolled agent, a CPA is a certified public accountant.
0:34.2	E.A. you are licensed with the IRS.
0:36.8	And it's essentially you've taken, I think it's three tests.
0:39.9	And you have some basic level of understanding of tax and how the IRS tax system works.
0:45.8	A CPA certified public accountant, you have to have a college education essentially,
0:50.4	almost the equivalent of a master's degree, 150 credits.
0:53.6	And you have to pass four exams.
0:56.0	And not only that, but you have to pass all four within 18 months or else they start to lapse.
1:00.7	Right.
1:01.5	And the biggest thing is when you're a CPA,
1:04.8	you are essentially trusted by the public to give an opinion on someone's financial statement.
1:09.2	So what you'll find is certain lenders will come to a CPA or come to a client and say,
1:13.7	hey, we need these audited.
	...

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