Donna Genie's Uncle Sam Strategy spreads tax planning across the year instead of cramming it into April. Check in with your accountant quarterly to estimate what you owe, file an extension for accuracy, and use profit-planning to lower your tax bill.
The Uncle Sam strategy isn't about what to say at the Thanksgiving table when that one family member starts popping off about their rogue political theories or kids today. This is about everyone's favorite walking contradiction, the proverbial Uncle Sam. Also known as the US or United States. Uncle Sam always seems to have a handout at tax time. We don't blame him. He's got big responsibilities for all 332 million of us. And that means taxes. This often harsh reality can cause a lot of anxiety for business owners. After all, their income is taxed just like everyone else. And sometimes that bill can really knock us down a few pegs on the financial ladder. Sometimes more than a few. So we have good reason to be scared of Uncle Sam's High Holy Day, April 15th. Expressions like in this world, nothing can be said to be certain except death and taxes are deeply ingrained in our shared cultural understanding. Gee, thanks. There is a better way. When you take a four season approach to tax time, your accountant can tell you several times per year what you owe and an estimate of the balance due in February. You can even send in the payment. But we will not file on April 15. Why? Because we don't have to. And we don't want to. Waiting for IRS systems and forms approvals? No thanks. Just guessing to see if changes in new interpretations of the law will follow the federal laws? Yuck. Reduced accuracy and quality because everyone is rushed and stretched too thin on this arbitrary deadline. Beat it, bud. Receiving amended statements from brokerage accounts and then having to turn around and amend a return? Hard? No, we're more for the benefits of filing an extension and taking the time to do it right, strongly reducing the potential for audit and reconciling transcripts that don't even start to populate until June or July. Things like your W2s, 1099s and interest statements. What's more, a more relaxed timeline is the only way to truly implement our profit planning strategies to reduce burdens. This is why we have designed this innovative new framework for dealing with the Uncle Sam problem. Why spin out in anxiety about what you owe when you can relax into a 365 day tax plan? See? Isn't that better? Finally, a way out of accounting overwhelm, decision fatigue and fear of surprises. Because there's more to taxes than being on time and there's more to life than business. Please follow us on Facebook and Instagram. Please make sure to check out our blog and our website link below. Subscribe to our YouTube channel and hit the bell to be notified when we post. You can email me@donnaampgroundaccounting.com.
