As I hope you do, I work closely with my financial team and tax accountant at year end to ensure I pay as little taxes as possible, and maintain as much control over my resources as possible.
Do you do the same?
If so, you’ve only got a little bit longer to do it because there are many tax savings strategies that disappear when the new year starts, and can you believe it – that’s in less than two weeks!
Personally, I far prefer to decide where my money goes, rather than just sending it off to the government to use in ways I don’t necessarily agree with.
This year, I got the projections from my accountant and it looks like I will save $10,000 on my taxes if I decrease my taxable income by $25,000 before December 31.
Typically, I wouldn’t spend $25,000 to make just $10,000. That’d be a losing proposition all day long.
But, I sure WILL invest $25,000 in the long-term growth of my business or something I was going to invest in anyway to save $10,000 on my taxes because that $10,000 is going out no matter what and I’d prefer to keep the value of it on my side of the ledger, rather than have it go to the government, thereby getting a subsidy on resources my business needs or I was going to invest in anyway.
So I’m curious, are you looking at the investments you could be making now to save big on your taxes next year? And, are you considering these sorts of things with your clients?
If not, you could be. It’s part of being a trusted advisor for them. But, first you have to do it for yourself.
In a few days, I’ll share with you exactly what I’m going to do to bring my tax bill down by $10,000 and have the government subsidize my life and business as a result. Not on our email list? Sign up here.
In the meantime, comment below and let me know what you are doing to save big on your taxes in the next 10 days so that you grow your law practice in 2017, and have a smaller tax bill in April.
P.S. On December 31st ONLY, we’ll have a special tax time savings sale. It’s on that day only because that way you get the deduction in 2016 and we don’t get the income until 2017. And you get what you need to make massive improvements in your life and law practice. Win/win
If you need to talk with someone on our team to know what your next best investment is, book in with a Law Business Advisor here.