It’s easy to find someone to do your taxes for you. You can go shopping while you get your taxes done, or you can just pull into a parking lot with a dancing tax man in costume on the corner. People can get their taxes done online, in a mall or after they are done at the buffet if the price is right. Clients shop for big deductions and a low price, but how would your tax habits change if money wasn’t an object. What if you could afford to pay an experienced CPA who was committed to finding you the same deductions? I want my clients to think like the rich. I want my clients to pay 2 million in income taxes.
Okay, not 2 million, but thinking like a rich person who does pay millions in income taxes will save you money and guarantee that you are getting the best professional tax assistance there is. When was the last time you saw a Bentley parked next to a dancing man in a costume because he decided to get his taxes done on his way home from work? Think about it. How much money would you be making if you were paying $2 million in taxes?! If you were making $5 million, would you really care what your tax bill was?
Most in the tax business, including us, want our clients to pay the least amount legally possible. But you can’t go below zero! In other words, if I got your taxes to zero, you would still be left only with the income you started with. Flip that around. If you’re currently making $100,000 and your taxes were zero, you would still have $100,000. If I could help you grow your business to where you were earning $1 million, and your taxes were $400,000, you’d still have $600,000. So which is more important, saving on taxes, or growing your business profitably?
Think about it in terms of your home budget. If you turned all of the electricity off, you could get your utility bill to zero, but you are done then. You can’t do any more to save money. More income, on the other hand, is unlimited. This is what I call the abundance mindset, instead of the scarcity mindset. Which do you want to have?
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