Welcome to part 2 of our series on “Making the Tax Cuts and Jobs Act Work for YOUR Business.” We’re looking at survey results from small business owners and showing you how to navigate past any bad information that’s currently circulating through the financial world…
So you can take full advantage of new tax laws, avoid “tipping” Uncle Sam, and march through tax season with complete confidence.
In the last article, we discussed whether the 2017 Tax Cuts & Jobs Act is ACTUALLY Good For Your Business…
And in this article, we’re going to discuss the single most important question when it comes to saving your tax dollars:
Are you using the right tax team?
What’s Going On Here?
Quickbooks Payroll surveyed 600 small business owners throughout the U.S at the end of 2018 to find out how they deal with tax season and what they think of the new tax laws.
Here’s what they found regarding business owners and their financial/tax team:
- 40% of businesses outsource everything to an accountant/tax expert
- 38% of business owners surveyed do their own taxes in-house without help from an accountant
- 50% of business owners do their own taxes do so because they feel hiring an accountant is too expensive
- 16% of these say they “don’t see the value” in using an accountant
As a business owner, you have a lot of hats to wear.
That’s why taxes often fall to the wayside and get done in whatever way a business owner perceives as being easiest.
But the truth is, every dollar you save on taxes goes straight to your bottom line.
And with a few simple tweaks to your financial team, you could get a significant boost to your bottom line.
3 Reasons You NEED an Expert Financial Team If You Want to Avoid Overpaying on Taxes This Year
Reason #1: Odds Are, You’re Already Overpaying
Our own internal study found that 93% of small business owners overpay an average of $11,283 per year in excess taxes.
Many of these people were already working with an accountant.
The problem is, the team you’ve worked with in the past may not be the one you need to get to the future you want.
Our founder, Garrett Gunderson, has “outgrown” multiple CPAs along the way as his business revenue grew and the complexity of his taxes increased.
Even today, he still gets a new set of eyes on his tax returns for a second opinion every 3 years.
Would having an extra $11,283 this year (and every year thereafter) be a nice little cash flow bonus for you? Would it make living your ideal life easier?
As you already know, it’s easy to overpay taxes — and everyone does it from time to time.
It’s getting that money back that counts. The way to do it is with a great, permanent tax-reduction strategy. And the only way to effectively create that is with a great tax team.
Reason #2: What’s Your Time Really Worth?
One of the biggest keys to success for any business owner is to focus on your highest leverage activities.
You have a specific set of “superpowers” that have driven your business forward to where it is today.
When you’re working on those activities – whether it’s creating new products, building high-value relationships, speaking, writing, or recruiting a team of superstars — THAT’S when your business will grow the fastest.
For most business owners, taking on your own accounting and taxes is not the best use of your time. And even working with an accountant that’s not doing everything in their power to minimize your tax burden and maximize your tax savings — ultimately hurts your business.
Reason #3: How much stress are you adding?
Here at Wealth Factory, we believe great entrepreneurs are producers.
And a big part of being a producer is having a daily routine that minimizes your stress and maximizes your energy.
We talk about kicking off your day with a Producer Power Hour so you improve yourself every single day – mentally, physically, and even spiritually if you want.
It’s about staying in abundance. It’s about clearing space for new ideas. It’s about adding to your mental capital. It’s about freeing your mind of stress. It’s about being more productive. It’s about tuning out excess noise that surrounds us every day. And ultimately, it’s about empowering yourself to share your Soul Purpose with the world.
Your financial team needs to be advocates for your business, and more importantly, for YOU, personally.
You are your business’s greatest asset. And you deserve a team that supports you in profitably bringing your mission to the world.
Your Next Steps
Ask yourself if your current financial team is equipped to get you through this tax season with the least amount of stress possible and the maximum amount of tax savings?
Have you had a second opinion on your taxes in the last 3 years?
(If you answer “yes,” you are a true hero in our eyes. In our own internal surveys, only 1.2% of business owners who haven’t yet worked with us have had a second set of eyes give them an objective, second opinion on their last 3 years of taxes. Of course, it’s a standard feature that all of our 1-on-1 customers get in the first 3 months of working with us).
Are you likely one of the 93% of business owners currently overpaying on taxes?
If so, now is the time to take action.
- Download your free “Ultimate 2019 Tax Savings Guide” here.
- Read through it, and identify the top 1-3 strategies that could work for you this year and discuss them with your tax team or CPA. Watch for signs of reluctance (too conservative) or lack of confidence (stems from lack of knowledge) about using the new tax laws to your full advantage.
- Check out Garrett’s recorded call here on “How to Pick a World-Class Tax Professional (or Rate Your Existing CPA). You need a tax advocate for your business, and the first step is to assess your existing team.
- Work with your tax team to cater to the available strategies to YOUR business.
Reducing your tax liability can be one of the quickest and easiest ways to instantly inject new cash flow into your life.
That’s why it’s one of the first things we handle when helping our clients with their personalized Financial Blueprint in our high-level FastTrack program.
The next step is to get them plugged into our own world-class network of financial professionals — the same team that personally handles Garrett’s finances.
And the full team isn’t just for taxes. It includes a comprehensive financial team that works together on your behalf covering every aspect of your financial life, from asset protection to insurance optimization to estate planning to cash flow optimization… and even includes a Registered Investment Advisor.
If that sounds like something you’d be interested in…
That’s it for this week.
Build the life you love,
The Builders at Wealth Factory
