Don’t let the IRS take your money. You’re a business owner. Why would you let the IRS take your money? They’ve given you all the information you need and an unbelievable gift that lets you keep your own money. But if you don’t follow the instructions they stacked up in front of you and open and use your QBI gift (Qualified Business Income deduction) before the deadline date of December 31, 2018, the IRS will take your money. Happily!
The IRS knows that most business owners won’t bother reading all those instructions. In fact, most won’t even know how much extra money they unwittingly gave the IRS until somebody does their taxes in 2019. If they’re lucky, a few bucks will float out of the IRS bag. Trouble is, the SALT Gang (State and Local Tax entities), is out to get their hands on whatever they can. If there’s a line forming for the business owner’s money, the business owner is nowhere near the front of that line!
Why let the IRS take your money?
You probably don’t really want the IRS to take your money. Let’s take a look at where your money is right now and what’s about to happen to it. You can also contact me NOW and we’ll find out how much of your money the IRS and the SALT Gang are planning to take!
First thing to remember is that it’s your money, and everybody wants it. Think of your money as being stacked on a table. It stays there until December 31, 2018. Imagine the IRS and the SALT Gang inching their way closer to the table. Rubbing their hands together, cracking their knuckles. Don’t let the IRS take your money! And don’t let the SALT Gang grab the remains.
What are you doing about it?
If you’re like a lot of business owners, you might be sitting on a stack of papers with your feet propped up on the QBI gift the IRS gave you. Chances are very good you haven’t finished reading the tax laws, either! Are you really going to let the IRS take your tax money?
It’s not just the issue of leaving money on the table, it can boil down to who else is going to be able to get it and keep it. Remember, it’s your money! Behind the IRS and the SALT Gang, there could be a line forming. Child support, alimony, construction liens on property, any number of debts, including those of business partners. If nothing else, all the noise could raise red flags to IRS auditors.
Want your QBI Gift opened? I can do it!
If you don’t keep it, you will let the IRS take your money!
When the new tax law, the Tax Cut and Jobs Act of 2017 (TCJA) was enacted,the IRS and most everybody knew that most business owners simply wouldn’t do the heavy lifting required. Heavy lifting, in this case, includes proactive, ongoing tax planning and management. With strategies.
If you think you’ve been overpaying IRS business taxes in the past and you haven’t made serious adjustments to your tax planning within the past quarter, you’re really going to feel the pinch when you find out how much you owe when you get your taxes done in 2019. Has your tax person, accountant, or CPA had this talk with you yet? Have they tried to? I’ll sure talk with you about it!
Too many small business owners are repeatedly encouraged by their tax people, accountants and CPAs to file extensions. One CPA explains that extensions give business owners more time to “find deductions.” Here’s an easy-to-find blog as an example to business owners that even some CPAs advocate a reactive approach to taxes rather than aggressive, forward-thinking, proactive tax management. Granted, there can be times and issues that require filing an extension, but extensions should never become your standard operating procedure.
Sure, always is, unless you want to let the IRS take your money. If you think you’ve been overpaying taxes, you’re probably right! And if you’re not making substantial tax planning changes, I can say with confidence that you’ll again feel the pain of overpaying the IRS when you (if you’re a DIYer) or your tax person finish your 2018 tax year returns.
What’s the bottom line?
Whether you’re a business owner or not, every person should have a proactive, planned tax strategy. Don’t just wait for your tax person to tell you what probably happened last year and then tell you how much more you owe.
You can have the same opportunities as my clients have to control your own financial future. I can become your CPA tax specialist and financial business and life goals adviser and you can have the control you need and want.
Our goal is to become part of your overall life and business goal planning team so that you’ll be able to establish your own goals and know that you have a trusted professional on your team. We establish and maintain a personal and business relationship with our clients. Your LIFE is your business and your BUSINESS is your life. We’re here for YOU.