Welcome to a very special tax series – enjoy Free 2023 Tax Advice With Bob Wheeler CPA!
Bob Wheeler CPA from West Los Angeles is the first featured tax professional in our special 2023 Tax Series on The ToddCast Show. Born in Oakland, CA. he went to college in Memphis, TN. He pursued accounting in school to increase his GPA and originally wanted to be a lawyer, until he met some lawyers…
Over time he decided to start an accounting firm to serve those seeking professional tax support. His firm specializes in entrepreneurs and professional entertainers. On the side, Bob performs stand up comedy and has a special gift for relieving tension surrounding taxes. He single handedly rescued The Comedy Store through applying solid tax strategy to save over $100,000 in back taxes. His gifts are adaptable to a wide variety of tax situations.
We discuss the emotions associated with filing taxes and why people stress out about it. Bob remarks that it’s about strategy and preparedness ahead of time. His busiest months are November and December in preparation for next April’s filing deadline. He reminds us we must simply prepare and file according to the laws of the land to avoid penalties and interest. We have just 3-4 years to back file taxes and Bob suggests not letting it slide, you might have refunds waiting for those years. Claim it before you lose it.
Bob shares that you don’t have to be great with numbers to benefit from tax strategy. It’s important to keep track of expenses, income, and other relative documents and data to be ready to file. This, in addition to setting the money aside from your income (if self employed or 1099) to pay your tax liability. If you are not withholding for taxes, making quarterly estimated tax payments will save you from a larger tax bill at the end of the season. The IRS bases it’s estimates on previous years, not the future. The amount you choose to withhold depends on the tax bracket you are currently in or the average of your previous year’s steady income.
W2 employees must choose the correct withholding amount for both Federal and (where applicable) State taxes. This amount will determine your tax refund or liability amount. Withhold more now and get a bigger refund, withhold less and possibly owe taxes. It’s always better to be safe than sorry by withholding a little more. Even if you cannot afford to pay, the IRS will work out a payment plan and you can avoid a 20% penalty for not filing. They currently offer terms over a maximum of a 6 year re-payment period.
We discuss how to contribute to retirement and minimize tax liability through 401k, IRA (taxed on withdrawal), Roth (pre-taxed investment) IRA and RITs. Investing in funds vs. individual stocks provide options for financial growth. Bob shares current trends and tips for tax filing in 2023, as well as examples of various tax situations he assists clients with on a daily basis. Bob is a very knowledgeable and capable tax strategist and financial consultant dedicated to helping others.
Due to the extended length of this special episode, additional notes are unavailable.