Last week I paid taxes for the first time in 12 years. Honestly, I had mixed feelings about this as a business owner. Sure the upside is my tax money, in theory, funds utilitarian projects like roads, schools, and social programs. The downside is handing over a chunk of money without receiving a tangible return that directly benefits my business.
Can you tell I’m not the one responsible for my family taxes? Otherwise, I’m sure I would have gone through this reflection already. However, I have found a way to put a spin on it all.
- Taxes are a sign of success.
It means you made enough money to matter to that nebulous entity called the IRS. We get the opportunity to contribute financially to this country’s future on a larger scale. It might be a drip in the GDP bucket, but if you’ve ever dealt with a leaky roof then you know how fast that bucket can overflow. - It means there is room for improvement.
If there is one thing my husband has hounded me to do for years, it’s to track the business mileage on my vehicle. Tedious, yes. Might have saved me a couple hundred dollars this year. Guess who will be using her new mileage tracking app with a vengeance? - It might be a sign that you need an accountant.
Okay, I have an accountant, but he doesn’t do my business taxes. My husband lumps them in with our family taxes. However, it might be time for a pro to check the books to see what other write-offs I might be missing.
Whatever you do in preparation for next tax season, remember that this is just one minor cost of doing business. Succeed even harder next year. Just succeed wisely.