Two big trends we’re watching at Pronto Tax School as we head towards another tax season…might be helpful to you as you choose where to focus your efforts…
Big Trend #1–> PLEASE GIVE ME Cryptocurrency Meltdown Tax Benefits
The cryptocurrency markets took major beatings in 2022 and a lot of people lost a lot of money. Even Bitcoin, the most solid and respected crypto, lost 66% of its value within the past 12 months. The desire to claim those losses against your other income and thereby lower your 2022 tax bill will be extremely strong in the Crypto Community, and crypto-savvy tax pros will indeed find ways to (legally and ethically, we hope!) maximize the tax benefits of painful and/or devastating crypto losses.
Big Trend #2 –> Smarter Small Business Clients
In general (with those words italicized because I know every situation is different!), the COVID / Lockdown “Situation” pushed small biz owners in one of two directions: you either 1) went out of business or dang close to it, your business is either dead or severely crippled, or 2) you got way smarter, and your business survived and got stronger. Today’s successful small biz client understands that they MUST educate themselves about taxes and accounting as a means of surviving and thriving. They will continue to look to their tax professionals for that education and empowerment, and tax pros who are on that wavelength of working with smarter, savvier business tax clients (a.k.a. “Honey Badgers”) will continue to get as many clients as they can handle and charge those clients whatever they decide (within reason of course!)
One thing unifying these Big Trends?
We’re going to have questions about this stuff, during tax season, in real time. None of of us will know everything because much of this stuff is all new.
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