Smart Ladies Have Accountants

As I accomplished milestones like buying my first house, opening a 401(k), having a child, and planning for my daughter's college, ugh! I needed a good accountant.

Now factor owning a small business... Help!

For instance, did you know that if you take out a loan from your 401(k) plan for a wedding, house down payment or to pay off credit cards, and then switch jobs, you only have about two months to pay it back? Yeah, let's say you took out $20k to remodel the kitchen thinking you had years to pay for it, then a prospective employer wants to give you a $10k/ year raise to move over... If you don't repay the loan within two months, you'll have to pay income tax on the outstanding balance of the loan (let's say $20k) PLUS a ten percent penalty. We're taking an EXTRA $7,000 in taxes if you made $50k that year.

Wowza. Head spinning yet?

Well, last year I found *my* accountant, and I love her. She's a straight-to-the-point, no nonsense, mom-with-a-CPA kind of lady. Additionally, she gives you business advice and connects you with other businesses with whom you might be able to collaborate.

Awesome.

I found her through Angie's List. If you're going to put your trust in a business, looking up their reviews is crucial.

I found Poonam because in 2011 when my car was nearly totaled, I found out my then-boyfriend skipped out on Christmas with our daughter and me to frequent shady hotels (read more about it here), I also received a letter from the IRS stating that I owed them $25k in back taxes. Banner year, lovelies, Banner.

It turns out when I cashed out some investments for the down payment on my house, I had a small loss. H&R Block told me I had reached my maximum dedications, so there was no need to file my investment distributions paperwork-- I couldn't receive additional deductions based on the loss.

Wrongo.

So, back to H&R Block I went IRS letter in hand. I was handled by yet another filer. Turns out you DO need to file so that the IRS doesn't think 20% down on your house transferred for the sale of bonds to your checking account came from undisclosed income. H&R Block filed the amended paperwork, and I got an extra refund from the IRS due to the additional deduction. Thank.the.Lord, I didn't owe the IRS anything. That was a rough year.

Here's my point, I know enough about finances to get myself in trouble. I need someone who knows their stuff and knows my stuff. They know my stuff so well that they can advise me to succeed. And, if I have an issue, she's still there. Same face. That's why I love my accountant, Poonam.

I wasn't paid for this post. Just giving you my relieving experience of finding a good accountant. For those of you interested, I use Poonam Bansal with Accounting Solutions.

Even if you don't own a small business, finding a good accountant is in your best interest. Know that saying that if you don't ask for a raise, you loose out on $1.5 million over the course of your lifetime? I think the same is true with a good account. They aren't there to play multiple choice games to complete your taxes, they are there to advise you on the income you might be missing.

And, the cost doesn't have to be expensive. I think I paid $450 with Poonam (I had a coupon) which included my business accounting, and filing my business and personal taxes. I paid $350 in 2010 with H&R Block-- the tax year that sent the IRS came looking for an additional $25,000. Oh, and the $350 with H&R Blocks was just my personal taxes.

If you give Poonam a call, let her know that Eddie sent you.