Transforming Your Tax Time Nightmare into a Sixty-Second Dream
by Bud Chapplain
Well it's that time of year again. Christmas? New Year? Yes, you are correct but let's add one more date that comes with the passing of these joyous events.
It never fails that as soon as I mention , people's heart rate speeds, their palms begin to sweat, and they usually get glazed look in their eyes...sounds familiar?
Well, let me show you how to Transform Your Tax Time Nightmare into a Sixty-Second Dream.
No, I am not out of my mind. It is possible as I will show you.
The first thing we are going to touch on is building your dream.
You start work every day with a sense of accomplishment. This business is yours! Your product is in demand. Business flows steadily through the doors. Life is good.
Yet, this bright sense of accomplishment begins to fade slowly as you acknowledge those little nagging questions that seem to constantly disturb your dream.
Why is my cash flow always a problem?
How much real profit is in my business?
What's really happening in your business?
The subject I am going to talk about is not some new trend that promises to make you your fortune. Rather, it is about the fundamentals that will help to protect your dream and make your tax time much easier.
I am talking about the basics of good record keeping.
And whether you are a veteran in the network marketing business or just starting out, this applies to you.
An article from Business Concepts Magazine reports that 80% of new businesses fail to succeed and the top two reasons for failure are:
Does this sound like you?
- Inadequate accounting records
- Misinterpreting financial records
Do you shuffle the papers on your desk over and over trying to get motivated to do your business paperwork? Are you having trouble balancing your work and life priorities? Could you make better use of your time? Do you own your business or does your business own you?
Let's face it: Record Keeping is not a sexy thing to talk about, let alone doing it. It's almost as exciting as watching paint dry, having a root canal, weighing yourself or watching grass grow.
Here are some of the most popular excuses that I have collected over the years
And then there is the unspoken fear of accountability to yourself, to the Tax Man and to your family.
- I'm too busy
- It's boring
- I'm not making any money while I'm doing it
- It won't change anything I do anyhow
- I don't understand how to do it and the software available confuses me
No matter how exciting or boring it may be to you, it is really important because whether you're Enron Inc. or Rhonda Inc, good financial management makes or breaks businesses.
Good financial records help you manage your business, operate more efficiently and make more profit.
Then there is tax time.
Have you ever been audited by the IRS? I hope not as it can be a horrific experience so you want to be prepared, confident and ready just in case this happens.
As an independent business owner, you can take advantage of. a number of taxation benefits. But along with these benefits comes responsibility.
The burden of proof that you are running a legitimate business falls on your shoulders and the way you keep your records is a major indicator that you are operating in a business like manner.
The IRS increases their audits of home-based businesses every year because they know that a large percent of Independent Business owners are disorganized in their business record keeping and are therefore easy targets.
Is this you at tax time?? Sweaty palms!!! Frantic searches for records. Garbage bags or shoe boxes filled with small pieces of paper. Increased anxiety levels?
Well, a few simple steps will have you relaxed, carefree and in control knowing that you have good records backed up with all the required supporting documents.
So how do you keep good records?
The first step is to choose the right tool.
Most off-the-shelf record keeping systems try to turn the end user into a mini accountant. They are overkill for what you need and too complicated for many small business owners who have not been trained as accountants.
The solution is a simple, easy-to-use program that will allow you to:
With the right program at your disposal and a time investment of only 10-15 minutes per week, it takes less than 60 seconds at the end of year to print the reports ready for you or your tax preparer to file your taxes.
- Record money coming in to your business e.g. for sales or commissions
- Record money spent e.g. in the day-to-day running of your business
- Match your records to your bank account
- Provide the reports you need
So where do you find such a tool that is easy to use, and requires little or no experience or accounting knowledge?
Well, the focus of our upcoming Webinar will be on a customized web based tool called 'One Minute Books' that has been customized especially for the network marketing professional.
Its unique design allows you to spend your time building your business rather than putting in hours and hours of paperwork. And best of all, it produces all of your customized reports needed at tax time in less than 60 seconds.
If you want to find the easy way to keep excellent books that turns your tax nightmare into a 60 second dream, come and join us on January 2nd 2008 and see how this amazingly simple program works.
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