It is easy to put off taxes to the last minute, or not think about them until you absolutely have to. This may give you more time to focus on growing sales or improving business systems. If this is the case, then maybe that’s now it should be. If, however, you have no business reason for choosing not to think about taxes, you’re putting yourself at a disadvantage.
While nobody sees taxes as inherently good, their relevance to your life is a green flag. If you have a tax obligation, it means you made money. Congratulations. You think having tax concerns is expensive, try not having tax concerns! I say concerns and not payments because if you can itemize your deductions and plans things well year-round, you can significantly lower your tax obligations.
In reality, we need you to pay as little tax legally as possible, because you know way more about what’s best for your family than a politician or government employee who may not have ever met you. Also, the more money you keep, the more you can invest, pass down as an inheritance, and spend in the local economy. Every dollar spent locally circulates somewhere between 2 and 7 times, creating that much more value for your neighbors and friends.
So tax concerns are good. Pay attention and plan for them year-round, ideally with the help of a bookkeeper for record keeping and an accountant for tax strategy. Keeping as much of what you earn as possible is both a blessing for your family and a service for your community. To have me as your bookkeeper, schedule a call with me to talk about your business goals.