A New View on Tax Filing Season

This week’s tax tip is less technical and more mindful:  I’m going to talk about the positive side of tax season.

What?!!

You heard (or read) me.  “Positive side.” I know – it sounds bizarre, but stay with me:

Every year, when the excitement of the holidays is over and we realize we should probably take down the holiday decorations, the stress and dread of tax season begins for U.S. business owners.

“Ugh,” we moan. “I have to gather all that paperwork and the calculator and the tax software and fill out all these forms and send them in.”

Of course, we do it – because we’re required to by U.S. law.

But in our complaining, we’re overlooking the fact that this annual obligation provides us with something all business owners should have:

A record of the business’s financial performance for the year.

Think about it:  We’re obligated to submit a document that outlines our business’s revenue, expenses, and profit – a document all business owners need to review to run their business!

So, this year, why not try changing your perspective?  Instead of looking at tax preparation as a chore required by law, look at it as a way of reviewing your business’s performance.  You have to do it anyway – might as well do it with a positive mindset!