{"id":18388,"date":"2020-01-16T08:00:41","date_gmt":"2020-01-16T14:00:41","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=18388"},"modified":"2020-03-09T21:17:41","modified_gmt":"2020-03-10T02:17:41","slug":"what-is-your-1-piece-of-advice-to-clients-in-2020","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/what-is-your-1-piece-of-advice-to-clients-in-2020\/","title":{"rendered":"What is Your #1 Piece of Advice to Clients in 2020?"},"content":{"rendered":"

It\u2019s a new year \u2013 and a new decade full of opportunities and growth. We asked our authors who write for the Intuit\u00ae Tax Pro Center<\/a> to give us their #1 piece of advice for clients in 2020. Here\u2019s what they had to say.<\/p>\n

Chris Chapman, CPA<\/b> \u2013 Acuity<\/a><\/p>\n

Don’t be afraid to think outside the box when it comes to employee compensation packages.\u00a0Although bonuses are a great incentive, the actual benefit to your employees is significantly reduced after federal, state, local and FICA taxes are withheld.\u00a0Instead, consider adding an accountable and\/or medical expense reimbursement plan.\u00a0These types of plans enable you to provide tax-free income to your employees (as well as to business owners in certain situations), while remaining a tax-deductible\u00a0expense to the business not subject to additional employer taxes.<\/p>\n

Cassidy Jakovickas, CPA<\/b> \u2013 MBS Accountancy Corporation<\/a><\/p>\n

As we move into the second tax season of the Tax Cuts and Jobs Act<\/a> (TCJA), the impact of tax reform is well understood and planned for, which means fewer surprises for everyone.\u00a0In 2020, I’m continuing to advise clients to stay focused on growing a great, profitable\u00a0business\u00a0that they are proud of, and a business that fits their life and goals. They don’t need to be so consumed by the tax impact of every transaction.\u00a0It’s better to find\u00a0ways to make more money rather than worrying about taxes; that’s our<\/i> job.<\/p>\n

Josh Lance, CPA, CGMA<\/b> – Lance CPA Group<\/a><\/p>\n

Treat your business with respect. This means stop commingling funds between business and personal accounts. Be organized and have support for your financial transactions. Have a proper accounting system in place, and make sure it’s up to date and you\u2019re reviewing reports from it regularly. Stop treating your business like your own personal piggy bank. If any of these points are not something you are comfortable with doing, bring in an accounting and tax expert to help guide you along.<\/p>\n

Jackie Meyer, CPA, CTC, CTS<\/b> \u2013 Meyer Tax, The Concierge CPA<\/a><\/p>\n

Most tax firms are not tax strategists, unfortunately. Our firm has seen many errors and omissions\u00a0of new tax code strategies missed on clients\u2019 returns this past year \u2013 adding up to tens of thousands lost per client. Push your accountant for what they know about strategy so they can plan for you in 2020, or find one that talks tax savings through the American Institute of Certified Tax Coaches, for example. There are still many deductions, including the opportunity zone reinvestment<\/a>, qualified business interest deduction<\/a>, cost segregation and others that can be implemented in 2020 toward the tax year 2019 return.<\/p>\n

Jamie E. O\u2019Kane, CPA, CTC<\/b> \u2013 JE O\u2019Kane CPA<\/a><\/p>\n

Get outside eyes on your business. We all have blind spots. Letting your advisors counsel you<\/a> on your pain points or the things you do not see is the quickest way to success!<\/p>\n

Bhairavi A. Parikh, CPA<\/b> \u2013 Analytix Business Solutions, LLC<\/a><\/p>\n

My best advice to clients in 2020 is to find your niche and update your business plan:<\/p>\n