After returning from Iraq in 2006, my wife and I had not filed are taxes for two years and needed somewhere to go. Not really knowing a good place, we headed to the local Wal-Mart for one of those inexpensive tax service centers that set-up shop there that will get you in and out in an hour or so. While I can say they got the job done, they did very little for us in helping us plan tax wise for the coming year. That’s when I knew I needed a CPA.
I had known of Carlos for a while from Tanner Marlo CPA’s, Inc and knew that I needed a professional to help us out. I just took one meeting with him to know that he was the right man for the job. He has helped us answer questions regarding a home based business, rental property, taking advantage of the right deductions, and; most importantly guiding, me through my transition of W-2 employee to business owner. Any time I come across a tax situation on a particular client that I’m not 120% sure of, a quick phone call to him and I’ve got my answer. As a thank you to him, I wanted to share more about him to my readers.
Tell me about where you were born and raised.
I was born and raised in Southern Illinois east of Marion, Illinois in Stonefort, IL on my family’s farm. I grew up on the farm and was taught the values and rewards of hard work, stewardship of god’s resources, and the value of sowing seeds not only on the land, but in as many areas of your life as you can manage.
What was the first financial lesson you learned?
There were 2 financial lessons that I learned early in my life. The first one was the issue of compounding interest, whether investing or borrowing. When investing, it can have an awesome power of multiplied returns. When borrowing, it can equally have a devastating effect on your payback.
The second lesson was wise stewardship of resources. Whatever the resource: land, animals, capital, debt, business assets, or personal abilities must be managed with wise stewardship to be prepared whether in little or abundance.
Why did you become a CPA?
My dad & mom, uncle, aunt and grandparents steered me toward accounting, tax planning, and financial planning. Because each of them were self-employed, they understood that those areas were the greatest need for any business.
What’s the most common mistake you see people do when it comes to their tax situation and what can they do to fix it?
Selecting the proper tax structure or form of business is the most important decision for businesses. Operating as a sole proprietor just because it is simple and easy is commonplace. However, in many cases, that is not the most efficient or effective way of operation. Analyzing the options available to the client in their personal situation is important. This will determine whether they should choose to be a Corporation, Small Business Corporation, LLC Limited Liability Company, Partnership, Trust, or Sole Proprietor.
What’s your typical client?
My typical clients are large and small corporations, professionals, business owners, medical practitioners, large farmers and property owners who seek customized accounting solutions for the needs of both them and their respective enterprises. This may involve consulting, planning, structure, tax strategies, accounting department setup, business management or controller functions, or company formations.
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Thank you Carlos for taking the time for this interview! If you are need of a true tax professional, I encourage you to call Carlos today. You can find more on him and his services at his website.
Securities offered through LPL Financial, Member FINRA/SIPC