Overpayment of Taxes - Read This!!
According to an investigation by the U.S. government’s General Accounting Office, small businesses over a two year period OVERPAID taxes to the tune of:
government found that American small businesses
OVERPAY their taxes by $18 BILLION DOLLARS!!
Does it really make sense
to sit back and continue to let this happen to
YOU and YOUR BUSINESS, or is it time for a
– The Cost of Doing Nothing………………….............
- Diminished cash flow
- Lost profits
- Continued failure to address one of your largest expenses - taxes
- Unnecessary cost cutting in areas of the business that impact service or quality
- Loss of competitive advantage in the market place
- Diminished market value of your business
- Lost planning opportunities if tax laws change
- Increased risk of litigation
- Potential full exposure of business and personal assets
- Diminished viability of the business after litigation
- Overpayment of income taxes
- Overpayment of payroll taxes – company and personal
- Overpayment of corporate taxes
- Forfeited fringe benefits
- Diminished retirement funding
- Forfeited ability to retire early
- Lost growth of deferred income (see Einstein and the Power of Tax Deferrals)
- Diminished ability to acquire necessary funding, bonding, or line of credit
- Required to sign personal guarantee for business financing
Your procrastination results in dollars lost forever. For every year that goes by that you don’t utilize strategic tax planning, and over pay your taxes – those are dollars, income, and business cash flow lost forever. Strategic tax planning creates opportunities through entity structuring, changing the character of income, deferring income, capturing lost benefits, reducing out of pocket expenses, and increasing business and personal income – just by taking advantage of all the tax strategies available that align with YOUR goals and objectives.
Strategic tax planning has a dramatic impact on the taxes you pay now and in the future. Planning generally cannot impact taxes from prior years. The strategic planning MUST be PROACTIVE and in place BEFORE the taxes are paid. Taxes paid are a redistribution of wealth.
“Pay your fair share – not one penny more!” Timothy Foster