Business owners: has your CPA ever told you that you need to make less money to pay lower taxes?
CPAs tell us this all the time, but this is wrong on so many levels!
As business owners, we want to have an abundance mindset where we know the more money we make, the more wealth we create in the economy. Making less money to pay less tax is a scarcity mindset and taken to its crazy extreme means you shouldn’t sell anything so you won’t have to pay any taxes.
It’s downright stupid. As business owners, we’re all about creating jobs and creating wealth not only for ourselves but for the people around us (our team members, their families, our community). The more we make, the more we can spread it around!
The truth is, your CPA’s advice has to do with your tax return, a once-a-year exercise your CPA has to perform for you – it is purely compliance work.
Whatever your tax accountant or CPA tells you shouldn’t be construed as good business operations practice, and you shouldn’t be running your business operations in order to achieve outcomes on a tax return.
Click to discover 4 other pieces of bad business advice I often see CPAs give (and why you shouldn’t follow it).