Taxes. Blech.
Taxes are a part of your life, even if you don’t make enough to pay income tax.
That, by the way, only happens if you make less than the standard deduction, which is not a livable wage.
But even if you fit that category, you still pay sales tax on the things you buy.
Excise tax on the gas for your cars.
There is no escape.
We will, for our purposes here, focus on the income tax.
A specialty of our firm, which we’re quite frankly getting a little sick of focusing on.
Wait…what?
That’s right. Let me tell you why.
I’ve spent years becoming as expert as possible on the subject of taxes, in the continuous effort to change the lives and the fortunes of the clients we serve.
There is no denying that focusing on taxes as an ordinary and necessary expense of your business is critical, because it affects your profitability.
So, it’s been our pleasure to save a lot of very good people thousands of dollars in excess taxes every year through tax planning and corporate election strategies.
But, there’s more to the life of a business than just taxes, now isn’t there?
I tend to take a “best-possible-outcome” approach to everyone’s accounting because of the yin-yang nature of all of it.
Every transaction has an equal and opposite reaction, just like every action in physics.
Which means that my people either are making good money and paying their due, minus the excess amounts of self-employment tax I’ve gotten them out of…
…or else their expenses are so high that they’re paying very little tax because of a reduced “bottom line,” aka Net Income.
There’s always a silver lining, and perception is truth, right?
Well…
After a few years in business I’m kind of sick of the focus on taxes, because saving good people beaucoup bucks on their tax bill is just a large cog on an even more giant wheel.
I will always maintain my continuing education in taxes because people need this help.
Of course!
But I see a lot more than just the taxes lines on the reports, and I see a lot of opportunity to find people new hidden wealth right under their noses.
Let me ask you this question, and that means you bookkeepers, too:
How many of you that own your own business know how much your business is worth right now?
Or how much you can take out of it to spend on yourself?
Or how much net income you made last month?
Or what your return-on-investment is on the big whizbang machine you bought, the advertising, etc.?
If you have to think about how to answer that for more than a few seconds, be honest.
You really don’t know.
Do you think that’s okay?
What if one firm could come in, plan your business as well as your work/personal life balance for the long-term, and give you a map that takes you there?
AND also continue to save you money on taxes and keep your nose clean with the IRS?
Oh, and don’t forget: also, be able to tell you your business financial position at ANY point.
How much would that kind of help be worth to you?
THAT’s why I say I’m getting sick of taxes.
Not because I really am, but because I realized over the past several years that we have the potential to do so much more.
Now that that’s settled, let me tell you about a change we’ve already made here.
A shift from merely saving money on taxes and doing all of the returns and filings, plus keeping your books up-to-date and clean, to the role of advisor.
Profitability and growth advisor, to be exact.
Not just keeping you in compliance and caught up, but literally transforming your business to scale.
I have found that the businesses that don’t grow are slowly dying.
The kind of growth I see that’s like going to the gym.
Eating right, and making massive muscular gains.
Personal training for business growth.
Cool, right?
Another change we’re going to make, I’ve decided, is the name of the weekly Live Q&A.
How does Weekly Profit Talk sound to you?
Sounds more like winning at business AND taxes, in my humble opinion.
With the January deadlines finally fading behind us, what do you say?
Let’s strap a rocket engine on this puppy and take it to the stratosphere, and…
…have a rockin’ successful February!
(Oh, and don’t forget to be there for Weekly Profit Talk, this Thursday, 8:30 MST, 7:30 LA, 10:30 NYC. How? Just pick up your phone and watch for it on Facebook Live!)