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Docs Outside The Box

Tax Series Part 2: Do THIS before you hire your CPA #307

Docs Outside The Box

Dr. Nii Darko

Career, Education, Doctor, Medicine, Careers, Job, Business, Health & Fitness, Finance, Investing, Premed, Black, Money, Lifestyle, Mindset

4.9516 Ratings

🗓️ 22 August 2022

⏱️ 15 minutes

🧾️ Download transcript

Summary

SEND US A TEXT MESSAGE!!! Let Drs. Nii & Renee know what you think about the show! Dr. Nii returns with Eric McGlothen with Tax Series #2: How to Vet a Great CPA in this Docs Outside the Box special tax series. Eric is a CPA and CEO of Eric McGlothen, LLC. In this episode, Nii and Eric discuss how to find and build a relationship with a CPA, the obligations that both the client and the CPA must meet, and the reasonable expectations that must be met. Things to expect in this episode: Ref...

Transcript

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0:00.0

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0:47.6

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and most of all budget. To learn more, check out set for life insurance.com. All right, we are back

1:07.4

with another tip for our docs outside the box tax series.

1:44.5

We got Eric McLaughlin, CPA, with over 20 years of experience. How you doing, Eric? Good, man. How you doing that, dog, girl? I'm good. We're on a roll. So let's jump right into it. So you're probably not going to like this one, or you may like this one, but I got to tell you, my sister actually just fired her CPA. for real, for real. She just fired her CPA. She, look, I don't have all the details, but the way how she describes it is, is she always feels like every time she's working with the CPA at the end of, or when it's time to do her taxes, it's almost like her CPA will say, see, what had happened was is if you had told me about A, that we could have did this. But, you know, if you had started in, you know, January and she feels like

1:49.0

she's always looking on the rearview mirror as opposed to, okay, what should I, what steps

1:54.2

should I take forward to make sure that we don't have this issue again when it's time to file

1:58.5

our taxes again? How do we maximize all these different tips so that when it's time to file our taxes again. How do we maximize all of these

2:01.8

different tips so that when it's time for tax season, we can really get some benefits. But also at the

2:07.0

same time, I don't know all of these tips. I'm relying on you, right? So basically the way how I

2:12.0

describe it is I think most people kind of look at you almost like working with a mechanic. Not to,

2:36.8

I'm not trying to compare, but what I'm saying is, is you speak a totally different language that I think most professionals don't understand. So when you say certain things or there's certain things that you understand, I may not know any of that stuff. I don't know what tips are going to work for me. I don't know what deductions are going to work for me. So when someone is looking for the CPA, let's start all the way at the beginning. When someone is looking to transition from H&R Block, they're looking to transition from, you know, turbotax and so

2:43.9

forth. How do you properly vet your CPA? How do you determine if someone is proactive versus reactive?

2:50.2

Well, I mean, so it really comes out in the discussion. So first of all, I will tell you that it's best to get a referral. You know, we're dealing with people's money. We're dealing with people's social security numbers. You want to say, hey, okay, so you know this person, they deal with you this stuff? Okay, I'll consider using them. That's probably number one.

3:14.8

Number two is you want to find out, like, what is their process? How do they work with their clients?

3:19.0

You know, and that's where you're really going to find out, are they more proactive versus reactive? If they say, hey, you know, we have this link, you upload stuff to our portal. We do your return and then we'll

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