During my years working with small business owners, I have done presentations on recordkeeping and basic taxes. During those workshops, lots of suggestions and questions have been raised. A consistent comment, if it can be called that, has been a deep sigh when the topic is introduced.
All of that changed after one workshop when a small business owner came up to me afterwards. He said I had done a good job. He suggested though that I needed to approach things differently. He said his idea had come to him years before and it had served him well in keeping his records up and when doing his taxes.
He shared that day that you just need to “look at things differently.” He then shared two tips that worked for him.
He began with taxes, specifically tax simplification. His comment was something like, “the more lines the better.” He noted that most of the lines on his business tax form allowed him to reduce his taxable income. So he equated more lines with lower taxes and more left in his pocket.
His record keeping change was related to completing his tax form. He said it’s simple, “the better my records, the more I can put on the tax form.” Then he reiterated his earlier comment, “that means more left in his pocket.”
The tips he gave dealt with the way he approached recordkeeping and taxes. It was frame of mind he said and ended his thoughts “sure made it easier to do my records and taxes” and he credited that attitude with saving him money over the years.
He said it worked. I have shared it since then and others have told me it helps. Just thought I would share it with you as something to ponder.