Gary Heldt
TAXES AND FINANCIAL AID
SETH GREENE
Gary, what inspired you to become an accountant in the first place, and why do you focus on small business owners?
GARY HELDT
When I was in high school one of my coaches said, “Hey, you need to take my class.” He taught bookkeeping, and when I started the class, everything clicked for me. Because of that, I thought being an accountant would be a good route for me. Then, when my mom my mom needed to hire someone to do her taxes and he charged her $500, which was a lot back then especially for a single mother who didn’t have much, I decided I would become an accountant to help people. Before I started my practice, I worked for some large nonprofits and saw the resources they had for the finance side of things. When I looked at smaller businesses, I saw they didn’t have the resources and needed somebody who had my expertise, but they couldn’t afford to have someone like that on staff full-time. So, I decided this is a good niche where I can help people who have small businesses. I wanted to help them build their businesses and save on taxes.
SETH GREENE
Can you talk a little bit about the college financial aid side of what you do?
GARY HELDT
I have a lot of friends with children in college or who are going to college. They were telling me they couldn’t get financial aid and I didn’t understand how, because there is so much money available. These people, however, weren’t getting it. I started looking at how financial aid for college works, and to me it became just like a tax return. I figured out what it was, how it worked, and what the rules are. I discovered people didn’t know these simple rules and needed help.
SETH GREENE
What is the biggest mistake parents are making when it comes to financial aid?
GARY HELDT
Many of them think they can’t get it. Many of them wait too long and apply late. You must submit your FAFSA forms the April before your children’s enrollment. So, there isn’t enough time. There are many things business owners and individuals can do to help themselves get financial aid but they need to get with somebody like me to help advise them and prepare to get the right financial aid.
SETH GREENE
What are some other things you see people doing that you’re surprised by?
GARY HELDT
Many people don’t realize that private universities have more money than state schools for financial aid. People don’t know they can negotiate their financial aid package. They don't know that many of the financial aid packages from the school aren't correct. They are in the school’s favor. We ask people when the last time was that they paid sticker price for something and why they would pay sticker price for college. Those are things I try to help people understand. There are people out there who can help parents do it the right way and save on their kids’ college tuition.
SETH GREENE
Let's go back to the business owner side for a second. You have some significant expertise in tax reduction and help change tax situations for the better. Talk a little bit about that.
GARY HELDT
Many business owners make mistakes in how they set up their business or how they run their business. We're able to help them get those straightened out and save on taxes, but there are other things they can do to reduce their taxable income, so they can keep it for themselves. These things would not count against them for financial aid. For example, if an individual has the money side of their business in their name, those assets count against you when you file for financial aid. If you move those to inside your business, they don’t count against you. There are different types of retirement plans you can set up for yourself as a small business owner where you’re only contributing for yourself, which reduces your taxable income. If I’m able to reduce your assets in your personal name and can reduce your taxable income, that will help you get financial aid.
SETH GREENE
How do you stay on the cutting edge of everything you do?
GARY HELDT
Keeping up with everything is a full-time job. As a tax planner and CPA, I really stay focused on the changes that are made. I don't dabble in investments. I don't do try to be a financial advisor. I’m connected to a lot of people who stay up to date on college planning, education, and taxes. Recently, four major tax changes have occurred and more are coming. Many people don’t know there was a tax bill passed that affects financial aid planning for a lot of people. Nobody is talking about it. It’s a shame because the expected family contribution is going to be higher. There is a lot to keep up with, but I am paid to keep up with these things.
SETH GREENE
What do you like best about what you're doing?
GARY HELDT
I love helping people. When I have conversations with people about helping send their children to college and they don’t have to go hundreds of thousands of dollars in debt, that’s a win for me. I love helping business owners grow their business and really grow their wealth. If you’re growing your business without growing your wealth, you’re doing it wrong. There is a distinction between the two that many people don’t talk about.
SETH GREENE
You are a big believer in giving back. Can you share with us some of your charitable efforts?
GARY HELDT
I volunteer at my kids’ schools. I’m the treasurer of the PTA and the Chamber of Commerce. When I first started my business with my friend Mike Thomas, we started a charity called For the Kids. We raise money for families who have kids with serious illness. Many times, one of the parents can’t continue working because they need to be home taking care of their child full-time. There are parents who need to be within minutes of Johns Hopkins for different treatments for their children. So, they must rent a house or an apartment up there. Now they have two households, and they have all the costs of their other children. We help raise money for these families in need.
SETH GREENE
What do you do for fun outside the office?
GARY HELDT
I like to play golf. I also like coaching my daughter Madeline and my son Tyler, and doing whatever they like to do. Tyler plays soccer but is now getting into golf. Madeline loves playing lacrosse, and is also getting into golf. They love spending time at the beach and at the pool. During the summer, we try to do as much of that as possible.
SETH GREENE
Thank you for sharing such beneficial information, and for helping families and business owners.
