By Alexis Neely
Unless you’ve been hiding under a rock these past few months, you’ve been bombarded with all the election noise that is everywhere. And one of the biggest topics being debated…
Ugh. I know. No one really wants to talk about taxes in November. But now is exactly when you must take very specific actions to protect your business from giving too much money to the government.
As a matter of fact, taxes are most likely your biggest expense.
But it doesn’t have to be this way.
The wealthiest people pay the smallest amount of taxes relative to their income.
If you are like most small business owners, thinking about taxes is a once-a-year thing. It’s a mad scramble to find all of your receipts and figure out deductions, hoping and praying that you didn’t miss anything.
It’s stressful and overwhelming.
Just a few years ago, as my first business was just starting to take off, I was slapped with an unexpected and unplanned for $116,000 tax bill – YIKES!
The worst part was that had I planned well, I could have cut that bill in half and kept an additional $60,000 in my family’s bank account.
To keep more money in your hands (and out of the governments) next year, you must meet with your tax advisor within the next 30 days, even if you aren’t making much money yet and especially if you are.
When you meet, be prepared to share your year to date financials and projections for the balance of the year and then implement on the recommendations for funding retirement accounts, health savings accounts, accelerating or postponing income and maximizing your deductions.
Taxes are the biggest business expense you have. If you are serious about your business, then you must tackle your fear of taxes. Get educated and keep control of more of your money.
Register TODAY for Alexis Neely’s upcoming Session on Tuesday, November 13, 2012 1:30 CST
Alexis Neely is a truth-telling lawyer and evolutionary strategist offering a new economy perspective for personal finance decisions. Alexis graduated first in her class from Georgetown law and quickly scaled the ranks of “successful” entrepreneurship, built two million dollar entrepreneurial endeavors, wrote a best-selling book and appeared on numerous top-rated television shows, all while raising her children as a single mother. Today, she has devoted her life to pinpointing which of the old systems and structures are worth keeping, while discovering and creating more effective, sustainable models that support us in realizing our full potential within a shifting economic system.