>How do I convey this to my CPA?
Offer him a bonus contingent on the amount he increases your tax bill?
Is he flat out making stuff up (overstating business expenses, medical expenses) or simply applying the same tax law the rest of do (EV tax credits, mortgage interest deduction)? If the former, find a new CPA. If the latter, paying what the law says you have to pay *is* paying "fair and square".
For my rental property he claimed expenses and I had to correct him. He said x is a typical expense and you don't have to back it up with paperwork. I told him I had done small amount of X a while ago and don't have papers and don't want to claim it but he still tried to keep it on to get me more money.
This is different from what your OP seems to portray.
But you still do the same thing.
You don't try to convince this CPA.
You fire this specific CPA and move on to another one.
You don't.
If there is something that you must report, then you must report it.
If there is something that minimizes taxes (ie deductions), then you must report that.
Contrary to what you are suggesting, there's not much of a "choice" in properly filing a tax return.
By the way:
* Tax *return* = papers you fill out and submit to the IRS.
* Tax *refund* = the money you get back from the US Treasury.
The tax code has exceptions written into it for the express purpose of reducing taxes on certain behaviors. Those “loopholes” were 100% intentionally put there by the US Congress. It is your right, and quite frankly duty, to utilize them.
This is different from intentionally lying on your taxes. Claiming deductions that don’t apply or over stating expenses or under stating income is illegal. Bearing in mind that there are standard deductions that the tax code explicitly recognizes which may be in excess of actual expenses.
just go outside i'm sure you can find indian cpa, lawyers, doctors and engineers cheaper by the dozen.
To be fair to the CPA his job is to save you money and i'm sure he has some fudicary duty that he doesn't want you coming back years later complaining that you cost him money.
“I want to be conservative and precise in our approach to my taxes and deductions.”
Thank you
>How do I convey this to my CPA? Offer him a bonus contingent on the amount he increases your tax bill? Is he flat out making stuff up (overstating business expenses, medical expenses) or simply applying the same tax law the rest of do (EV tax credits, mortgage interest deduction)? If the former, find a new CPA. If the latter, paying what the law says you have to pay *is* paying "fair and square".
For my rental property he claimed expenses and I had to correct him. He said x is a typical expense and you don't have to back it up with paperwork. I told him I had done small amount of X a while ago and don't have papers and don't want to claim it but he still tried to keep it on to get me more money.
This is different from what your OP seems to portray. But you still do the same thing. You don't try to convince this CPA. You fire this specific CPA and move on to another one.
Thank you
You don't. If there is something that you must report, then you must report it. If there is something that minimizes taxes (ie deductions), then you must report that. Contrary to what you are suggesting, there's not much of a "choice" in properly filing a tax return. By the way: * Tax *return* = papers you fill out and submit to the IRS. * Tax *refund* = the money you get back from the US Treasury.
The tax code has exceptions written into it for the express purpose of reducing taxes on certain behaviors. Those “loopholes” were 100% intentionally put there by the US Congress. It is your right, and quite frankly duty, to utilize them. This is different from intentionally lying on your taxes. Claiming deductions that don’t apply or over stating expenses or under stating income is illegal. Bearing in mind that there are standard deductions that the tax code explicitly recognizes which may be in excess of actual expenses.
just tell him what you just told us.
I have to keep telling him every year, it is annoying. He is originally from my home country so go to him for consistency but I think I will stop.
what country?
India
just go outside i'm sure you can find indian cpa, lawyers, doctors and engineers cheaper by the dozen. To be fair to the CPA his job is to save you money and i'm sure he has some fudicary duty that he doesn't want you coming back years later complaining that you cost him money.