It’s time to plan for your 2014 taxes. Yes, now. I know tax time isn’t until next year and maybe you just got done filing your taxes on the extension from last year. That’s exactly why I’m telling you to get on it now.
Six weeks from now it will be too late and if you aren’t doing something about it now you could be stuck with a big, unexpected tax bill.
In fact, it would have happened to me again this year if I wasn’t on it the way I’m telling you to get on it.
Every November we send our financial projections off to our tax advisor for an end of the year tax savings analysis.
Had I not done it this year, I would have been looking at a hefty, unplanned for $55,000 tax bill next April.
Fortunately though, I still have time to plan.
And, thanks to the planning possibilities, I can put $17,500 into my retirement account and shift around a few other things and bring my tax bill down to just $5,000.
That’s an extra $50,000 in my pocket. That’s one full time team member for a year, tuition times two for my daughter at the fancy private school I want her to go to next year, a new app, creative project or travel.
It’s $50,000 I’d rather have say over instead of it going into the US war machine.
Maybe for you it won’t be $50,000 tax savings for you. Perhaps it will only be $10,000, or even maybe just $5,000 or even just $2,000. Or, it could be a lot more.
No matter how much (or how little) is at stake here, it doesn’t take a lot to save you money. The only way to lose is to wait and do nothing until next year.
I recently spoke with a 7-figure woman business owner in our industry who does not have a 7-figure foundation. She wanted me to help her refile her 2013 taxes because she is sure she paid too much and wants to try and get some of it back. Too bad, so sad, not going to happen. And, frankly, even if it is possible, it’s not worth it.
Tax strategy planning does not go well after the fact. It’s a before the fact kind of thing. It’s just too late later.
So, do it now.
Get your books in order so you can easily send your income and expenses to date plus projections for the rest of the year to your tax advisor. If you don’t already have a tax advisor, hire one now. If you don’t know where to find one, use our resource guide.
But before you do, make sure you know what to say when you call your tax advisor. Here’s a presentation I did last year around this time. It’s from last year, but the content is really evergreen for the most part. >>Get it here.<<
Taxes are your biggest business expense. Get your act together and save big bucks on your taxes NOW.
