Tip: Get Your Codes Right on Your Taxes

Published: Fri, 11/14/14

Hi

For years I had the same big accounting firm do my taxes. Every few years I went through yet another audit. It wasn't until Ben joined us last year that we found out the firm had me coded as a retail store owner.  I travel all over the country and Canada speaking about asset protection and the legal tools that can help people keep more of their money. No retail store owner has a travel budget like mine, so that little coding mistake was sending up a red "audit me!" flag to the IRS.

Ben changed the code to one for a professional speaker, and I am looking forward to not having to do another audit for some time.

Just because you have some big professional doing your legal or accounting work doesn't mean there can't be mistakes.  This "little" one cost me thousands of dollars in my own lost work hours and paid hours on the part of my secretary and accountant every time I was audited.  Don't make the same mistake: check your NAICS code and make sure it is correct and up to date.

Lee Phillips

P.S. Ben has been kind enough to offer his services and do a free tax review for any of my students. If you are interested in what he can find to possibly fix for you, fill out the survey at http://forms.aweber.com/form/51/1487322151.htm