Tomika Turner, CEO of Tax Season Inc. Gifts Knowledge on How to Utilize Taxes
No taxation without representation! This famous American Revolution slogan shifted history. But what exactly did it shift into? Taxes aren’t a thing of the past and we are still trying to navigate them today, even with representation. From individual income, corporate income, payroll, capital gains, and sales, to property taxes, the conversation of what to expect from it hasn’t even started. Many of us are aware of filing our taxes and receiving a return but there’s so much more to it that isn’t taught. Let’s take a moment and pause and consider advocating for economics to be taught in schools way before your senior year in high school (if you attended Houston ISD, there are some districts across the nation that never took up an economics class).
Now that we have considered advocating, we can learn about taxes and become more financially literate by connecting with tax experts and financial advisors. And before you go searching, I connected with Tomika Turner and spoke with her about a few things to pique your interest in learning more. Tomika Turner is the CEO of Tax Season, Inc, a Georgia-based company. It is Georgia’s most trusted provider of tax and accounting services, and has assisted thousands of taxpayers through strategic tax planning, increasing personal buying power, financial literacy, and much more. Tax Season Inc. prides itself on systematic knowledge of accounting, proper revenue provisions, and thorough knowledge of local tax laws. So when you go there, you’re not just filing taxes, but you’re actually learning to establish a legacy or a buzzword everyone loves now, generational wealth. Being financially literate about the purpose of your funds whether making it or taxes shifts the trajectory of your wealth. But I am no expert, so I chatted with Turner to learn about the obstacles during tax season and how to use them for your benefit.
Check out the conversation below.
Tax season is approaching, what are some of the obstacles and hiccups you see many people encounter and make?
Tomika Turner The number one is not having all your W2 and 1099/ income, or not having proper accountant information such as the profit and loss statement. A lack of financial literacy is also a big issue in my profession.
Do you suggest filing individually without the help of a tax strategist or someone specializing in that field? Why?
Tomika Turner I do suggest getting a second opinion if you do decide to file individually to be sure your return is not at risk of audit. I recommend having someone who specializes in taxes so they can ask you the right questions to ensure you are filing all required forms.
I heard there are some states where you do not have to file a tax return, would you consider that wise for future purposes for individuals and businesses?
Tomika Turner I say always file taxes no matter what. All states are required to file federal taxes however state taxes are different from federal. Not all states require you to file state taxes but you are still responsible for filing your 1040 Federal Tax return.
You teach people the benefits of filing other than a refund check, what are some of those benefits and how do we utilize them?
Tomika Turner The main benefits of using your tax return are purchasing a house, determining your loan amount, and purchasing cars.
Obviously, you are a specialist and a strategist regarding taxes but also for financial literacy. Is there a correlation between being financially literate and taxes?
Tomika Turner Yes, business taxes I would say. You must understand money and how much money is coming in and must be disciplined in balancing your books. If your books are not organized you can run into major problems. Always keep receipts and a file of all business records.
What prompted you to become a strategist and open your company? It is evident that it is a passion for you.
Tomika Turner I’ve always loved business and finance. After going through bankruptcy and learning the concept of money I never wanted to be in that place again, so I learned to budget and make my money work for me. When I first started doing taxes, I was doing them for friends and family but I wasn’t doing them the correct way. After years of experience, I finally understood money and taxes and I now make my money and taxes build wealth by purchasing properties.
You’re Georgia based, but do you see yourself expanding? Are you open to speaking engagements and coaching?
Tomika Turner I would love to franchise in different states one day, that is my goal. I do coaching and speaking engagements now, but not on a major level. I’m dealing with growing pains which is great in my situation. I’m learning to balance life and business to put all my goals together.
How can people contact you, especially those in Georgia looking to get assistance in filing taxes and learning more?
Be sure to connect and not be left behind this upcoming tax season. Prepare for your future now!