Nov 25, 2019
It’s getting close to the end of the year, which means business owners across the country are freaking out about their tax bills.
When it comes to taxes, there is a misconception in the entrepreneur community that you should spend a bunch of money at the end of the year to reduce your tax bill. That somehow getting a bunch of new stuff you don’t need is better because you’re maximizing your deductions.
We are not a fan of this strategy at all, but for reasons that we think every online entrepreneur should understand.
So for today’s episode, we discuss:
-
Why being prepared for your tax bill throughout the year can help you avoid having to create unneeded deductions
-
Why unnecessary deductions are counterproductive to a successful online business that creates wealth for its owner
-
How to never be surprised by your tax bill
-
Why pulling expenses from January into December is a futile system that only hurts you the next year
-
Why big tax bills are a sign of a successful business
