Tax Season Is Over. Did You Pay Too Much?
I believe this is one of the timeliest slogan you’ll read this year.
“Who dares, wins.”
Simply stated, the person who dares to take chances wins. Think about it. Everybody who is a winner, a success, is there because at some point they dared to be different, dared to take a chance, dared to believe in something nobody else did.
Sometimes the most obvious solution is the one seldom seen. If you’re a business owner, I propose that you make 2014 the year you cut your expected tax obligations by half for the next five years. Yes, in half!
You work hard to be profitable, yet the most unproductive expense you’re paying with no end in sight is high, and getting higher, taxes. Not only federal, state and local authorities are jumping in with increasing regularity. They’re looking to those who are successful as their primary resource to help fund local budgets. It doesn’t matter if in the long run taxes and other assessments will undermine the fundamental reasons entrepreneurs take risks and engage in business. Their only concern is with issues happening during their watch.
The world we conduct business in today is eroding business profits with effective total tax rates of between 40% and 55%. With that in mind, the one sure method of increasing profits is to reduce taxes by as much as 50% and take them back.
Here’s a question to think about:
If you saved only $100,000 a year in taxes, what gross amount would you have to bill in goods or services to net $100,000? Now think about saving $300,000 a year in taxes. What’s the gross number now? How many weeks or months of work does that gross number represent?
It’s simple math for 2014. Rather than wracking your brain about how you’ll continue to remain profitable, commit to reducing your tax obligation. Adopting tax smart strategies can turn tax obligations into money YOU KEEP. Isn’t the very reason you took risks and went into business in the first place to be independent and financially successful?
Supreme Court Justice Judge Learned Hand stated, “You’re only obligated to pay the money you’re obligated to pay, not a penny more.”
Stop paying more than what’s absolutely necessary!
You can learn what to do by emailing me and scheduling a time to spend 30 minutes talking. Can’t make the time? Is 30 minutes worth $100,000 of net income? This will be the most valuable 30 minutes you’ll spend in 2014.
After we talk, I’ll email you the e-book version of my printed book, Overcoming the Challenge of Rising Taxes, ensuring you get going in the right direction in 2014.
I look forward in hearing from you soon.