Steps to Management Success – Step 140: The IRS Can Be Nerve-Racking; Hire People to Calm You Down

Written By Rick Frishman Published April 15th, 2010

STEP ONE HUNDRED FORTY

The IRS Can Be Nerve-Racking; Hire People to Calm You Down

You always have a business partner—Uncle Sam. How much of your income your partner takes can be the difference between success or failure or great and mediocre profits. Killing yourself running your business and constantly taking risks makes absolutely no sense if the bulk of your profits goes to the government. To retain the maximum amount, hire a tax specialist in your field and restructure your business in accordance with the expert’s advice.

WHAT IT MEANS: Our tax code is complicated; it’s loaded with thousands of exemptions, deductions, credits, benefits, and special programs that have been created for who knows why. Many are industry specific, and since our tax laws frequently change, keeping up can be a challenge. Business operators who are not tax experts may rely on accountants or firms that they have used for years. Those accountants may not specialize in your particular field, so you may not be receiving all the tax benefits you could.

ACTION PLAN: Identify accountants who are the best in your niche. Ask your colleagues, vendors, suppliers, customers, or clients whom they use. Check with your attorney. Contact business schools to get the names of the top practitioners in your special field. Compile a list of candidates and interview each of them. At the interview, ask them how they would handle specific problems and what benefits they can provide that your current accountant does not. Find out what structural changes or programs they would recommend to cut your tax liability.

EVEN BETTER: Stay abreast of tax changes by subscribing to tax newsletters that cover your field. Many accounting newsletters are available online.

(Excerpted from: 10 Clowns Don’t Make a Circus. . . and 249 Other Critical Management Success Strategies by Steven Schragis and Rick Frishman)


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