Why We Need To Talk NOW
Ernie Neve, CPA
January 28, 2020
Unless you’ve recently immigrated, chances are, you know in the United States, taxes are due to be filed no later than April 15th. Now, of course, there’s a whole lot of places that excuses and extensions can be used and filed, but, for the vast majority of business owners, you’ll be filed by then.
So why, with more than 90 days to go before those taxes are due, would I suggest you and I meet this month?
Simple – you likely filed taxes last year, right? Well, the previous year’s returns almost always foreshadow what this year’s returns will look like.
Things like cash vs. accrual, your partners and shareholders, Federal Tax ID number, and a host of others rarely change, so that can allow us to get the ball rolling and, when all the various financials are done, simply “plug and play” your return.
Of course, things do change – you get married, you have children, you open new businesses, you buy or sell homes – plenty of variables. But for the most part, the effect any of those have on your overall tax filing status and scenarios is minimal. (I know each of them may be the difference between paying or receiving a refund, but the “how” of accomplishing this is what we’re after here.)
Yes, I know that many of you have been doing business with me for a long time, but a January meeting is still a smart idea – it allows me and the team to prepare for any changes AND – if those changes suggest you’ll have to pay when you file your return on April 15th, you’ll potentially have extra time to sort out where those funds come from PLUS the chance to organize 2020 to prevent that from happening again.
Nobody likes to write a check to the IRS, but we all have to pay our fair share.
So reach out and let’s sit down this month! Besides, if you’ve been working on the “homework” I assigned you earlier this month, you’ve found some extra time in your day.
Oh…. You thought I’d forget? Not at all! In fact, I didn’t assign it to you to allow us to meet, I assigned it to you to help you have more in 2020.
More hours with your family.
More hours doing what you love.
So, what have you found?
How many hours can you dedicate back to yourself if you simply turned off Facebook?
Checked email twice a day instead of 35 times?
Do you see now why simply managing these items can result in more time for your business? Your family? Yourself?
How many more deals could you close if you gained an extra ten hours a week? Go ahead, do the math! That’s forty hours a month. Nearly 500 hours a year! If you only assigned a value to your time of $10 an hour (and in my experience, most entrepreneurs, at the high level they operate at, should be closer to $50-75/hour!) that’s an extra $5,000/year.
Can you see yourself moving into a new tax bracket simply by managing your time better?
I can, and I want to see you doing that, too.
Now, let’s focus this year, rethink and get excited about specific, measurable ways to use your time at work, and meet THOSE goals – not some wimpy, generic, “resolutions” that you casually mentioned because you felt like you had to on December 31st.