When navigating the complex world of taxes, very few professionals stand out with expertise and integrity. Pashupati Shrestha, CPA, is one of those rare individuals. As the Founder of Buddha Tax and Accounting in New York City, he has earned a stellar reputation for helping individuals, entrepreneurs, and corporations maximize their refunds and minimize liabilities—all while staying 100% compliant with federal and state laws.
Known for his sharp analytical skills, personalized service, and deep knowledge of U.S. tax codes, Shrestha is regarded as one of the most trusted CPAs in NYC, particularly among immigrant and small business communities. With over a decade of experience and a passion for financial empowerment, he simplifies the often-intimidating tax process. He turns it into an opportunity for long-term savings and success. Who holds a Master’s in accounting from the University of Virginia.
So here, he shares insider tips, common mistakes to avoid, and robust legal strategies to help you get the most out of your tax return this season.
- In your experience, what are the most commonly overlooked tax deductions that could make a real difference in someone’s refund, and why do people miss them?
People often miss deductions because they don’t realize they qualify. For example, the home office deduction is underutilized. Another big one is student loan interest; even if the loan isn’t under your name, you’re paying. Medical expenses, job-hunting, and even continuing education fees can be deductible, but people don’t track or document them properly. Lack of awareness and poor organization are the main reasons these money-saving opportunities go unused.
- Many taxpayers fear being audited. How can they confidently claim deductions and credits while complying with the IRS?
It’s a valid concern, but the fear of an audit shouldn’t stop you from claiming what’s rightfully yours. The key is honesty and documentation. If you’re claiming a deduction, make sure you can prove it with receipts, invoices, or mileage logs. Red flags arise from inconsistencies like claiming a significant deduction compared to your income or failing to report side income. When you work with a professional, we ensure everything is accurate and justifiable. You don’t have to fear the IRS when you follow the law and keep clean records.
- For people who are self-employed or running small businesses, what strategies do you recommend to reduce taxable income and maximize legal deductions?
Self-employed individuals have many tools at their disposal. One significant advantage is the ability to deduct ordinary and necessary business expenses, such as internet costs, software, marketing, office space, and even part of your phone bill. You can also contribute to tax-deferred retirement accounts like a Solo 401(k) or SEP IRA, reducing your taxable income significantly. A lesser-known strategy is deducting the business use of your car or a portion of your rent or mortgage if you work from home. Staying organized and separating personal from business expenses is essential to take advantage of these benefits legally.
- What advice would you give to someone earning a modest income who still wants to maximize their tax refund and avoid leaving money on the table?
Even if your income is modest, there are still powerful tools available. Start with tax credits. They are more valuable than deductions because they reduce your tax bill dollar-for-dollar. The Earned Income Tax Credit (EITC) is a major one for working individuals and families. Then there’s the Child Tax Credit, Saver’s Credit, and Education Credits like the American Opportunity Credit or Lifetime Learning Credit. Many taxpayers are unaware of these programs or assume they don’t qualify. I always recommend filing early, using a professional if possible, and ensuring your W-4 withholdings are optimized throughout the year.
- What practical steps can people take before and during tax season to ensure they’re well-prepared and positioned for the highest possible refund?
Preparation is everything. Start by keeping a year-round file for tax documents W-2s, 1099s, receipts, donation confirmations, medical bills, and business expenses. Use software or an app to track the costs and mileage in real-time. Before tax season starts, review your financial situation: Did you switch jobs? Have a child? Start freelancing? These all impact your return. Also, have a mid-year check-in with your tax advisor so you can make strategic adjustments before the year ends. The most common issue I see is people scrambling at the last minute, which leads to missed deductions and delayed refunds.
- There are so many tax software platforms available now. How should someone decide whether to use tax software or work with a CPA?
It depends on your situation. Tax software can do the job if you have a simple W-2 income, no dependents, and no investments or self-employment. But you need personalized advice if you’re a freelancer, investor, landlord, or business owner or even if you’ve experienced life changes like marriage or moving states. Software can’t match the value of a CPA who understands your goals and the intricacies of tax law. We can identify legal deductions that software might miss and help you avoid costly mistakes that software won’t catch.
- What are some of the biggest avoidable mistakes you see taxpayers make yearly?
One major mistake is underreporting income, mainly from side gigs or freelance work. Remember, you still owe taxes if you get paid through PayPal, Venmo, or other platforms. Another is missing deadlines, which can trigger penalties even if you don’t owe anything. People also frequently input incorrect Social Security numbers, bank details, or filing statuses, which delays refunds. And finally, ignoring IRS letters is a huge error. If you get a notice, talk to your CPA right away. Most tax problems start small and grow because they’re ignored.
- As someone who’s worked with a wide range of clients, what final piece of advice would you offer to help everyday New Yorkers take control of their taxes and refunds?
My best advice is: Don’t treat taxes as a one-time event. Treat it as a year-round process. Talk to your CPA more than once a year. Stay informed about tax changes that affect your income bracket or employment situation. The earlier you plan, the more you can save. Also, don’t hesitate to ask questions even if you think it’s minor. Many of the best refund strategies come from conversations that uncover something others might overlook. You work hard for your money. Let a professional help you protect and maximize it—legally and confidently.
As tax laws evolve and financial landscapes become more complex, expert insight is more valuable than ever. Pashupati Shrestha’s guidance reminds us that maximizing a tax refund isn’t about shortcuts but strategy, preparation, and legal knowledge. From the self-employed entrepreneur to the modest-income earner, taxpayers can benefit from planning, documenting thoroughly, and consulting a professional who understands the system.
What sets Mr. Shrestha apart is his CPA expertise and his deep commitment to helping individuals and families secure what they’ve rightfully earned legally, ethically, and confidently. His practical advice empowers New Yorkers to navigate tax season with clarity and control.
You can get professional help from the experts at Buddha Tax & Accounting, located at 72-26 Broadway, 3rd Floor, Jackson Heights, NY 11372.
If you’re looking to take the stress out of filing and turn your taxes into an opportunity for financial growth, working with a trusted expert like Pashupati Shrestha is not just a wise choice it’s an investment in your future.
