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How to Stop Panicking Over Your Tax Bill

By March 25, 2018May 7th, 2018Cash Management, Profit First

If you ever stress about how much your tax bill is going to be then THIS will solve that immediately.

Most of you know Incite Tax does CrossFit.

That means we’re smart and “fit”… or at least pursuing it.

I bring this up because I had an interesting experience today at the gym.

If you’re not familiar with CrossFit you have a group session where a trainer coaches you along the WOD, (workout of the day).

Today we had a new coach.

And this is great because each coach has a different spin on things, different vocabulary, and different tips or cues to help us perform the movements better.

Today the coach explained the wod and said it’s all about controlling your heart rate for this workout.

It was broken up into three segments.

Work hard for 4 mins – rest for 4 minutes. And that was to be done 3x.

In order for us to be effective in the workout the coach told us to give the first round 80% the second round 85% and the third round 90%.

The reason is so we wouldn’t get burnt out from the get go and by doing it this way we’d have consistency instead of long periods of rest or gaps during our 4 minutes of work.

Overall it was a great workout and of course we all got our sweat on and accomplished more than we thought we could because of his coaching and his strategy.

How do you know if there are any gaps in your financial situation?

Occasionally we have one of our clients ask during the review of their tax return:

“what else can I do to lower my taxes?”

That’s a great question.

Luckily for our Incite community, we are proactive with our client’s situations and help them save as much money as possible.

We even evoke strategies for our clients during the preparation stage that they may not have even  been thinking of or known about.

In other words – we’re not just plugging in our client’s numbers, we are finding out every possible way to lower their tax amount.

So, referring back to that question we get asked, there comes a point where our clients have done all they can to lower their tax.

They’re implementing all the best strategies.

They’re deducting every expense they can.

They’re in a great situation.

There isn’t anything else they can do to lower their tax.

And that’s not a bad thing if you’re an Incite client.

That means you’re making great money or you’re in a situation that doesn’t allow more tax savings.

Either way we’ve got a solution to help solve the financial gaps you may be facing or one day will face.

It’s simple.

It’s going to solve the gaps and stress from paying taxes.

Cash Management

We consult our clients on implementing a cash management system called Profit First.

The only part of this glorious system I want to talk about is setting aside money for your taxes.

When tax time comes, and you find out you owe a chunk of change then wouldn’t it be nice to have that money set aside all ready to be paid?

That’s what this system does.

It takes a percentage from every deposit of revenue you get and sets it aside to be used later.

So, you’re creating this consistent behavior to have your taxes paid for way before they’re even owed. It’s been a game changer for our clients that use it because when they owe tax, it’s already there to pay instead of panicking about coming up with the cash.

“Well sorry kids, we’re canceling our plans for Disney this year, I’ve got to pay your Uncle Sam.”

This one behavioral change will be a massive impact to your life and financial well-being.

And it’s about being consistent with it.

It’s easy once you get in the rhythm.

Start setting aside a percentage of your money each deposit so you won’t ever stress about how much you’ll owe in taxes.

The percentages can be found over on our Profit First page by downloading the report at the bottom.

Click here to get the percentages.

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