Tip Of The Day #78 – Love Me Some Taxes
Barbara Steckly
Love Me Some Taxes
We all know the type.
Every subject the group starts to discuss, he’s the expert on them all. He’s supposedly got the inside track with every name he drops and, of course, his accountant/bookkeeper is so “income tax savvy”, that he always gets a refund every year.
What a load of road-apples!
According to American tax accountant, Wayne Davies, bragging blowhards like this are not to be believed, at least when it comes to income tax. Davies, author of the article entitled "What Does It Take to Pay Zero Taxes?", explains therein that there are only 5 possible scenarios in this case.
Your friend is a liar.
Your friend cheats on his tax return by not reporting all income earned or deducting bogus expenses.
Your friend is stupid enough to think that having no tax balance owing, or receiving a tax refund means no taxes were paid.
Your friend is broke. He may pay no taxes because he is not making any money.
Your friend is just getting by. The business may be just barely making a profit.
Davies reminds us that the purpose of being in business is to actually earn a profit ...Duh!!... which means you will pay taxes. Obviously, it’s prudent to work towards reducing the amount you pay within legal parameters, but, in essence, paying taxes means your business is thriving and growing.
So next time you hand your hard earned revenue over to the government, think positively and see it as a sign of accomplishment and business success. Pay taxes with gratitude and appreciation and see how much more abundance comes your way!
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