There's a myth that yesterday we paid our taxes.
The reality is we pay them every single day of our lives and then up to 55% when we die.
(Only a politician can figure out how to tax a dead person.) I used to get upset until I figured out there are three things you can do to about tax day:
- Make a lot of money so you don't feel the sting as much.
- Get a good accountant that stays on top of the tax code to help you find every legal deduction.
- Start your own business.
- Have a lot of kids. (That ties in to #2 above...but that's an expensive way to get a deduction!)
After being an entrepreneur since at least 1992 I've learned I'm better at making money than counting it, so I hire good people to keep me straight because, honestly, I get more than a little angry at how abusive our tax code is in the country.
Then I get happy when my accountant produces a 5 or 10 or 20x ROI on what I pay him.
It reminds me of 1 Corinthians 13:11...
When I was a child, I used to speak like a child, think like a child, reason like a child; when I became a man, I did away with childish things.
Childish things in business include doing your own taxes, mowing your yard, cleaning your house, building your own websites, doing your own graphics, even answering your own phone.
When you do these tasks that can be sub-contracted out for literally $5 to $10 per hour, it means you are holding yourself back—or hiding—from doing what you're great at.
What the world will know you for.
What the world will pay you big money for.
What are you great at doing?
What brings a smile to your face and puts a spring in your step when you do it?
What can you do that nobody else in this world can do the way you can?
The sooner you outsource and give up doing all of the little things, the urgent but not important things, the sooner you can focus on the important things and build a legacy for yourself and for your family and for future generations.
I found out I'm good at making babies, so as soon as I hit "Publish" on this post I'm heading to the hospital with Shannon to deliver Ava, our 7th child and 5th daughter. (That's her up above on the far right. I think she has my nose.)
But my accountant told me it's illegal, immoral and unethical to have a business making babies and I have to keep them all until they are at least 18 because they don't come with receipts (and I've heard rumors some stay around the house longer than 18 years. Is that true?)
What does this have to do with business?
Everything and nothing.
Nothing, because, obviously kids are not business, unless you own a day care center or you're a pediatrician. (If you're either of those, we're all set, okay?)
Everything, because family is why you do what you do.
Spending time with parents, siblings, spouses, children is the name of the game.
Providing for them.
Bringing a smile to their faces.
Caring for them when they are ill. Having someone to care for you when you are ill.
We don't have children for tax deductions, but I appreciate D.C.'s token effort there.
We have children DESPITE the monetary expense because we love our spouse, we love God and God is love and God is community.
Three in one.
Just like a husband and a wife.
Two come together and out of love comes a third person. Interesting how that works, isn't it?
Being a father and an entrepreneurial business owner I can tell you the similarities are eery.
You create something from nothing.
You lose sleep over it.
You worry about it.
You nurture it.
You watch it grow.
You study books and seek expert advice when things don't go right and suddenly it's all grown up and, if you've done a good job, it becomes a productive member of society that pays its taxes (only as much as legally required), provides jobs for others and serves a need in the world.
What more can you ask for?
So celebrate your ability to produce and pay taxes and to create and raise healthy children, because without us making kids today, who's going to buy your stuff tomorrow?
And if you are angry about yesterday, make it your goal to make more money this year and hire a better accountant to take the hassle away.
It will happen if you focus on it and make it a priority.
Now excuse me while I take Shannon to the hospital.
Wish us luck.
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Or just contact me and we'll set a time to speak.