In the last 25+ years, I’ve been in business. I can tell you there was a rollercoaster of emotions throughout the years. Some years are successful, and in other years we learn. Business is War!
There were moments when the initial excitement reduced, and my back was against the wall.
It happens to all of us.
Even the best business owners have doubts.
But guess what? We persevere.
If I had known today what I know now, I would have made a few different decisions, starting with taxes.
Everyone pays taxes, but businesses pay less in taxes. Take a look at the table below.
If you make more than $38,701 as a single filer, you’ll pay 21% in taxes. Now let’s look at how small businesses are taxed.
On average, the effective small business tax rate is 19.8%.
I know what you’re thinking, “I pay a ton in taxes, and you’re telling me businesses pay less?”
Yes, I am.
If you’re paying a ton in taxes, it’s because you’re choosing to do so. If you could make a different decision, would you?
Of course, you would!
But how would you know what to do if;
Your accountant doesn’t do tax planning.
You’ve never spoken to a tax planner.
Exactly you wouldn’t.
Your business needs a tax strategy, I mean, think about it. You don’t have to add additional income. You only need to maximize what you’re already making.
Billionaires do it, and as the saying goes, if the experts do it, why wouldn’t you?