It’s tax season, that exciting time of the year, if you are getting a big refund or that confusing time of the year if you owe Uncle Sam. Many experts say that we might be in store for some big tax changes this year. So I reached out to a tax expert and author who recently released a tax-related eBook and audio book to gain some insight about the current and possible upcoming tax changes.
Rashad Phillips is an outspoken tax accountant, small business advisor, award winning journalist, educator, and publisher. Phillips has shared his tax and business expertise on WBTV News, WSOC News, Old School 105.3 FM, and he appeared in a nationwide Time Warner Cable commercial. Last year, he wrote his first book entitled Rashad’s Quick Course on Taxes, the ultimate tax guide designed to answer the most common questions asked by individual taxpayers, small business owners, investors, and non-profit organizations. Unlike most tax books, Phillips’ book is written in simple language and is divided into five sections: personal, business, investment, education, and nonprofit. Below is my interview with Mr. Phillips about the upcoming tax season, taxes for small business owners, and his new book.
Moore: What inspired you to write Rashad’s Quick Course on Taxes?
Phillips: Rashad’s Quick Course on Taxes was the result of thousands of conversations, emails, meetings, and tax appointments. During many of these client interactions, I was asked the same questions. So I decided to create an eBook that provided answers to common questions that I received. Another driving force behind my eBook is the lack of wealth and financial literacy in our community. Right now, we have a lot people interested in becoming entrepreneurs but if they don’t understand business structures and taxation, then they won’t be in business very long. Hopefully, my eBook will be a resource for those interested in increasing their Financial IQ.
Moore: Can you share some of the topics covered in your book?
Phillips: Rashad’s Quick Course on Taxes is a free eBook which is available at rashadphillips.com and it has 55 answers to common questions. The topics covered are based on real world interaction with my clients. Here are some of the questions that are covered in the eBook: How do rich people pay less in taxes? How much tax savings do I get from paying mortgage interest? How can I get more money in my paycheck? Do I have to pay taxes if my home goes into foreclosure or short-sale? What is the difference between an S-Corp and a C-Corp? What do I need to start a 501(c)(3) non-profit organization? All of the questions answered are explained in simple language that everyone can easily understand.
Moore: What advice do you have for the upcoming tax season?
Phillips: In 2017, be prepared for change. Due to the current political climate, with Republicans controlling the United States House of Representatives and Senate, we should expect significant tax changes. During the current tax season, it’s possible that lawmakers may enact new tax laws during tax season which may require taxpayers to file amended returns.
Moore: What do business owners need to know about taxes?
Phillips: Business owners who are sole proprietors must file their tax returns on or before April 15th but if they are operating their business as a corporation, partnership, or limited liability company (LLC) then March 15th is their filing deadline. I encourage business owners to download my eBook so they can get a detailed explanation on the importance of record keeping, learn various options of how to pay themselves, and the importance of the S-Corp.
Moore: Who needs to download and read your eBook? How much does your book cost?
Phillips: My eBook is free and available at rashadphillips.com. Also, I have an audio book version which is available for $5. I recommend the following individuals download my eBook so that they that pay less taxes and increase their Tax IQ : homeowners with itemized deductions (mortgage interest, charitable donations, unreimbursed employee expenses, and property taxes paid), real estate investors, business owners, stock market investors, independent contractors, barbers, hair stylists, nail technicians, massage therapists, makeup artists, performing artists, musical artists, and photographers. Due to the complex nature of the previously mentioned taxpayer’s tax returns, they should download my eBook so that they are better prepared for tax season. Also, high school, college, and graduate students who are business majors or who plan to start a business should consider reading my eBook.