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  • Writer's picturePaula Field, CPA, CFE

Can you be excited about taxes?


Tax excitement

TAX EXCITEMENT??? Really?


Yes, really! I believe that every great business owner deserves to positively look forward to finding out how much they owe and having TAX EXCITEMENT!


Like all spectrums, there are phases for these feelings. How do you feel when it comes time to pay your taxes?


PETRIFIED:

Do you dread talking to your CPA to determine the damage? Do you wait until the last day to pay your taxes? Maybe you bury your head in the sand, and have you been guilty of not paying because you just were not prepared for it? Are you petrified to find out how much you owe? Like the monkey with his hands over his ears saying, “Hear no evil,” some people are petrified to find out how much they owe.


NERVOUS:

Are you sick to your stomach? Nauseous? Most people are nervous about the number and in the position where they are just waiting to find out how much they are going to have to pay. Perhaps they are full of regret or maybe wish they had planned better.


DON’T MIND IT:

A few don’t mind the tax deadline coming around. They know what’s up and they are okay. These folks have the mindset that if they’re not paying taxes, they’re not making money.


IT’S LIKE CHRISTMAS:

Even fewer are the ones who have confidence and look forward to the number and have TAX EXCITEMENT. Can you imagine what it feels like to be excited to find out how much you owe? (If you’re saying yuk at the thought of this, keep reading – that’s how I used to feel!)


We all remember when we got a refund and how it was like free money! Well, this is better than that! It’s like Christmas!


Great business owners plan for and set aside funds for tax all year and they are prepared, but better yet, they enthusiastically look forward to the number – because they know how much they get to keep from all that work they did to prepare and save all year.

Tax Excitement Scale

Unencumbered money is money that is not needed elsewhere. It’s a concept that shines through the Show Me the Profit program. If you have all your dollars accounted for, dollars for operating, dollars for salaries, dollars for tax, dollars for paying down debt, dollars for emergencies, etc.; if all your dollars are accounted for then determining your unencumbered money is easy. If all your money is in one bank account, there is no way you know how much is unencumbered. – But wouldn’t it be great if you did know?!


Imagine the tax deadline rolls around and you’ve been planning and implementing with your CPA the tax saving strategies and your return has been completed and it feels like Christmas because you just increased your total unencumbered money. It does happen.


I know, this is the weirdest concept, but when you get to the end of the year and keep a big pile of money instead of paying it to the IRS, you’ll quickly learn what the buzz is about.


What would you do with unencumbered money? Maybe put money down on a rental property? That is what one of my clients did last year. They were ready to buy their second rental property and they kept asking, “What’s the number? What’s the number?” They wanted to know because they were buying another rental property and they needed to make sure they had enough for taxes and the down payment. They had INCREASED CONFIDENCE to make plans and take action to use their unencumbered money to build wealth as opposed to dreading the number and being paralyzed by FEAR.


Personally, it wasn’t until I focused on BANK BALANCE and saw the money accumulating that I decided to work on a tax plan for myself. I had vacillated between NERVOUS and DON’T MIND IT for so long that I didn’t even know there was such a thing as TAX EXCITEMENT. I filed my tax return dead last at the 11th hour every year. Once I stuck to my tax plan and got to keep more money, I realized what TAX EXCITEMENT was all about. It was then that I developed the concept. It was completely new for me, but I loved the feeling.


Eureka! Light bulb moment. I can say, “It is like Christmas,” because I experienced it for myself with my own business and you can too.


When you reach this point in your business, where you’ve taken care of your BANK BALANCE and see your profits accumulating, your mindset changes. Our clients look at their BANK BALANCE all year and are diligent. They have a plan and work hard to See Their Profit.


Eventually, they develop what I call a PROFIT PROTECTION MINDSET. Our clients have become determined to protect the profit they have worked so hard to build. This mindset shift fundamentally changes the fabric of their business and once you experience it, you will never go back to NERVOUS or DON’T MIND IT. It changed for me, and it can change for you too.


I believe every great business owner deserves to have a PROFIT PROTECTION MINDSET and TAX EXCITEMENT.


Where are you on the spectrum and are you ready to start feeling it yet?


Tax Excitement Pie Chart



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