It’s getting close to the end of the year, which means business owners across the country are freaking out about their tax bills.
When it comes to taxes, there is a misconception in the entrepreneur community that you should spend a bunch of money at the end of the year to reduce your tax bill. That somehow getting a bunch of new stuff you don’t need is better because you’re maximizing your deductions.
We are not a fan of this strategy at all, but for reasons that we think every online entrepreneur should understand.
So for today’s episode, we discuss:
Why being prepared for your tax bill throughout the year can help you avoid having to create unneeded deductions
Why unnecessary deductions are counterproductive to a successful online business that creates wealth for its owner
How to never be surprised by your tax bill
Why pulling expenses from January into December is a futile system that only hurts you the next year
Why big tax bills are a sign of a successful business