Life is Taxing

Life can be taxing and I am not even?talking about the single tax. That’s a story for another day.

Today is April 15th and tax professionals are working away to meet the filing deadline, and file extensions for individual taxpayers. People complain year in and year out about how much they pay in taxes, how much they pay to file taxes, and how little they are educated about takes. Social media contains plenty of misinformation on taxes and does not help to clarify things. Yet, there are a lot of great resources online that taxpayers can use.

Warning: Bad analogy coming through. I wil make my best attempt in using terms people have issue with to discuss personals development, healing, growth etc.

Life is so taxing- if you don’t invest in crafting a plan that help you get healthier and wealthier, you will always have to pay in the end.

Estimated Quartely Payments- Imagine if in your personal life, you did an assessment of where you stood each quarter and how much you will owe in the end and you paid accordingly as you went along. The interest and penalties of life are more taxing than those that are tax related. Money comes and goes and you can set up a payment plan for taxes owed, but you can’t ask time to stop for you to catch up in real life.?

Books and records- Imagine a world where getting your house and records in order is not a project that takes hours, days, weeks, months. A world where you have so much self-awareness and unlimited access to resource that you can set routines, rituals, systems, etc. that you can folllow with consistency and ease. And you are able know where you stand and have free time because of it.? Easier said than done.

Business entity selection- Oftentimes people feel confused about what type of entity form to select, more so than trying to start the business itself. You want to set yourself up in a way that will give you room tp grow and will benefit you best. But as with anything in life, the journey is the reward and sometimes you lose out on goood things available in the present. Sure, plan things out. But also get started and test the waters to make sure this is what you and how you want it before you commit to things if that makes sense. Everything about your life doesnt have to be set in stone. You can consult experts to make better informed decisions. But don’t get analysis paralysis because you are so focused on being right off the gate. Overnight success can take a decade.

Single Tax- Even in the tax world, things can costs you more if you go about life alone. In real life you can be alone and single but not do everything alone if you want to have a healthy life and strive. The digital age has made it possible to find like-minded people from across the globe to connect with. The true challenge is learning what the best ways for you to engage and learn are in each area of your life and not getting so consumed with attention, social media likes and influence that you forget to build your tribe, form your inner circle, connect with commmunities that you can learn with, grow with, and serve with. You have to be very intentional about maintaining your boundaries, managing your time, looking for mutually beneficial interactions,etc. Otherwise, you will have superficial, transactional interactions that waste your time and resources and distract you from your goals.?

You don’t have to do life alone, regardless of your filing status or income level. Invest in yourself, get help from the right people, and commit to building your dream life. The ROI is priceless.?

Tax preparation versus tax planning- Anyone can file out a tax form by not everyone can do tax planning. Knowing tax law and being able to apply it to a unique sitatuation is an art. Technology is only a tool. What are you wan expert in? What are your unique talents and strengthens? What brings you joy? Oftentimes people chose the “safe” route of doing what they KNOW how to do instead of what they were CALED to do because they haven’t found their purpose, passion, or selves. And then there are these things called bills that people have to pay. What if instead of spending every waking hour consumed with work and chores, you carved out 1 to 15 hours a week to practice your talent? Learn a new skill? Indulge in your hobby? Build your passive income streams? Etc,? No one is coming to save you. If you let go of your dreams and goals and just focus on working to pay bills, it will cost you. Don’t quit your day job but don’t give up on your dreams either. Find a way to do more of what brings you joy and makes you feel alive.

Estates- When you hear the word estate different things may come to mind. Inheritances, wills, auctions and garage sales with late loved ones material possessions may come to mind. But the true legacy you leave behind is what money can’t buy. If you died tomorrow,what would the people in your life say about you? Would the kids in your family remember how you were always acknowledging their birthdays? Would your collaagues tear up and share how you contributed to their success? Would your employer even care? Oftentimes people go through life just rushing through life but not being present and living. Live like you have six months to life and manage your money like you will live to 100. Imagine how the quality of your life would change if you lived that way.

I could go on and on with different terms. But instead I leave you with this reminder

“Nothing is guaranteed in life but death and taxes.”

Now that Tax Day is over, may you take actions in your life that make life less taxing and more fulfilling.

If you are an accounting, audit, tax, consulting, or finance professional who is thinking of leaving the cooperate America rat race to start your own boutique advisory firm and don’t know where to start, head over to Amazon and order a copy of my self-published advisory book.

Advisory Pearls of Wisdom: Tales, Tips, and Thoughts as Told By a CPA Who Has Worn Many Hats

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Happy Tax Day everyone!