Its that time of year when many of us look at ourselves in the mirror as we stand on the ominous scale in our bathrooms and declare to the world, or at least to the toilet, that things are going to change. Whether its a yearly standard to drop some weight, or write a book, or take a vacation… it all starts with a realization that something in our life isn’t the way that we want it to be.
I propose that one of the items on our list of yearly “to dos” and resolutions for change should include a look at what we are doing in regard to our tax situation. In the next couple of months we will be receiving our W2s and 1099s and all the little things that allow us to fill out our 1040s for the IRS. Do we know what all that means though? Do we leave it to our benevolent accountant or Uncle Ted to work out the requirements of work sheets? My guess is that answer is yes. That is exactly what we do because we don’t see the tax question as anything more than a doldrums that will sap our wills and leave us bereft of the strength we need to actually work. We must reject that answer! Our taxes can be an opportunity to get to know our economic selves, reconnect with our entrepreneurial spirit, and make a self determination of where we are going to go in the New Year.
My work with small business owners and closely held corporations over the last five years has opened my eyes to the opportunities that this governmental forced evaluation of our economic situations can provide. We can take a close look at what lines of business are producing cash flow and what type of marginal returns we are making on the day to day decisions that we have made all year long. We can see through the expenses and paper accounts to where the real value of our daily work lies. I enjoin you to not look at your taxes as a simple burden, but a real chance to make, meet, and exceed your yearly resolutions today!
If you would like to discuss your tax questions, free your entrepreneurial spirit, or just get some answers to the legal morass of tax, give me call, because at NicFisherLaw, I don’t just answer your questions, I answer the phone!
