I LOVE owing more in taxes!
I knowâŚtake a moment to đ. But I hope after reading this youâre excited about it as well!
{Side note}: Of course, we work with a CPA to mitigate the tax liability as much as legally possible, but if weâre making money, weâre still going to owe.
If Iâm paying more in taxes it means Iâm making more!
If we want more clients/customers/revenue, we just have to get used to this fact, celebrate, and plan for it.
It doesnât mean we grow and add more revenue then ignore the whole tax âsituationâ. I see this happen often. A business owner busts their tail through the year, has epic results, and then is blindsided by a huge tax liability.
If thatâs your experience, then of course you arenât going to love paying more.
But if we plan for it and save all yearâŚthatâs a totally different story. We are so much more empowered and arenât thrown for a loop in April.
So what does this look like? đ§
It looks like figuring out how much to save each month. Saving for the year-end income tax AND saving/paying estimated taxes along the way.
Many clients I work with are very seasonal. So weâve outlined a higher amount for the cash-flush months so when cash is leaner they can give themselves a break from saving as much.
We literally plot it out on a spreadsheet so we know each month what to save. I always recommend getting with your CPA this time of year for a check-in. If youâre having an amazing year, they may want to help tweak the % so that youâre prepared.
While you may not be like me and be excited, you can be peaceful and prepared and Iâll consider that a âwinâ any day! đ
If you want to create more safety so that growing your business feels stretchy, not stressy, book a FREE Get Honest With Your Strategy To Scale Call. We will look at how to increase your revenue and create more safety so that you can plan/prepare for taxes đ here:
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