So many people ask me how to avoid paying taxes, and I tell them to simply not make any money and it’s simply that easy. In the end many people fail to realize that when Ben Franklin came up with the saying “Nothing is certain but death and taxes” he wasn’t lying.
The challenge with that is so many of our own clientele weren’t prepared for paying taxes when we’re filing their 2018 tax returns, and one of the biggest reasons is that they weren’t prepared. Just seeing their tax preparer once a year doesn’t work, especially if it’s when it’s time to file. It’s just like seeing a doctor – if you only see them when you get sick and need to go to the hospital, then how is that going to help if you didn’t see them when things started getting bad?
In today’s business climate if you’re not reviewing your financials on at least a quarterly basis with an outside third party to help not only review to make sure that you are on track to where you need to be not just financially but what you’re trying to accomplish on a tax schedule. Are you in the right type of corporate entity or should you be in a corporate entity? What are the tax consequences with changing how you run your business?
Imagine the amount of money you can potentially save with that ounce of prevention because you chose to get legitimate direction on what you’re trying to accomplish without being blindsided after you’ve submitted your financial information when it’s too late to do anything about it.