Tax season is over for individuals and self employed tax payers are getting ready to file their taxes by the due date that is on June 15. I do not believe there will any extension so hurry up.
Are you ready? Or are you desperate because the tax deadline is less than two weeks away and you do not know where to start? Have you procrastinated for over a year because you thought you would organize your paper work next Friday?
Did you know that procrastination is the consequence of not knowing how to do something? Many may think they procrastinate because they simply do not like doing something. The truth is “you do not know how to proceed to the next level”.
Why not focus on what you are good at and outsource the other duties to someone who is good at it.
Some will say “I want to save money. Are you really saving money by doing it yourself? I can show you a real scenario of someone who did not use a Bookkeeper to save money.
This gentleman has a small business and does all his bookkeeping. At year end he brought his paper work so I could file his taxes.I noticed some expenses were missing and asked for it. He provided me with bank charges from his business account and interest expense related to his business. For some reason he did not know that these expenses were also deductible.
I found out his bank charges were way above what is common for a business with that much activity. When I told him of how much he paid in a year for bank charges, he was shocked. So I advised him to go this bank and find a service that fits his current activity level. I also inputted the interest expenses that also helped reduce his income tax payable. Total savings almost $900.
I am not even putting into account how much more sales he could have made if he did invest his time prospecting instead of doing his books.
It is time for you to evaluate and decide if it is wise to keep your books with the expertise that you have. Time is everything and you should be efficient on a daily basis to make progress towards your goals.
I will conclude it with three tips today.