Tax Coach

I ask myself the question....why are so many celebrities losing their houses to FORECLOSURE! I would guess that its because of the mismanagement of funds.

I noticed that when contacting small business owners they are never willing to hire an Accountant, for some reason they think that an Accountant is the last person they need to hire. Well to be honest, an Accountant is the first person you should hire when starting a business, becoming famous, or having access to a large sum of money. We tend to shop, shop, shop and forget about our long term commitments. We go out and buy fancy cars, clothing and big houses that we know we can't afford if something was to happen and our fortune was taken away.

I recall watching the Keyshia Cole show when she bought that big house in Atlanta then was about to purchase a condo for her mom and sister. My first thought was NO!!!! that is not a smart move. Then they showed an episode with her talking to her Business Manager and he told her the exact same thing that I was thinking. At least someone is smart enough to consult a professional before making a major purchase.

Major purchases are good for tax purposes because you can write off the sales tax but thats a one time situation. Unless you pay cash for your purchase you still have a note to pay. You have to consider how long will it take to pay it off and if its wise to have a note that is higher than the normal salary can afford to pay. Stop buying items based on you and your spouse income, be wise! When purchasing a home get something that one of you can afford with just one income in case something happens and one of you get sick then you are not stuck struggling to pay a note that both of you was able to afford. Especially with the economy today you never know when you may lose your job.

Being an Accountant and loving what I do....my best advice is to consult with an Accountant before making major purchases. I know sometimes we don't want anyone to tell us what we can and cannot do, but this advice is priceless versus the consequences that you may later encounter.

For more information or a detailed tax plan that allows you to beat the IRS call me at 770-947-3667 or visit http://www.eskindesacctgandtax.com or http://www.thetaxcoach.com