Taxes Are Rising: Do You Know What Your Alternatives Are?

Posted on August 22, 2012 by Bill Faiferlick

Bill Faiferlick Reduce Your Tax BurdenYear in and year out in my conversations with business owners the single most often repeated concern is how to combat the challenges of rising taxes because the failure to address this successfully will result in a net decline in income. Unfortunately, by overpaying taxes, this is greatest waste of vital capital and personal wealth.

Don’t get me wrong, I like well paved roads, police forces, education and all the other accoutrements that are paid for from our tax dollars. I do believe in paying the taxes we owe. However, I don’t believe in overpaying – paying more than what is absolutely necessary.

Few businesses have the ability to adjust gross pricing to offset the rising taxes which go into effect in a few months. For business owners and professionals the very reason to be in business is for profit and this is being seriously undermined.

In my books, articles and conversations, my question remains: how many hours do you have to work to pay that tax liability? How much in sales of products based on your margins do you have to sell every year just to pay your tax liability?

In most instances you can slash your tax liability by some 50% without any material changes to your business – the choice is yours to regain control over your most coveted asset – your income or continue to feed the federal beast which seems to respect no boundaries. All it takes is a call or email.