Tax Season Has Arrived
If you are like me, it is stressful!
If you find tax season stressful, you are not alone. Many consider the top causes of stress to include lack of time, lack of money, health issues, and being overburdened. Small to mid-sized business owners face those same stresses plus we can add lack of control to the list.
According to the American Psychological Association, “an extreme amount of stress can have health consequences and adversely affect the immune, cardiovascular, neuroendocrine, and central nervous systems.”
The question is: why does tax season bring on so much stress?
1. It is hard to understand and control how to manage the financials of your business, including containing costs, increasing revenue, maximizing profits, managing cash flow and allocation of resources
2. Taxes are complicated and there’s a lot of paperwork involved.
3. Tax laws are ever changing – what applies to your business and what does not, what credits or deductions you may qualify for
Be Proactive. Having the information you need on hand to file your return makes the filing process that much easier. Filing before the deadline is the best way to make sure your entitled benefit and credit payments are not interrupted.
So how do you get control?
Good news, having a financial team to take care of you and your business is the answer. Our Core Universal Management Principles always include Financial Controls. If you haven’t got that in place, it's never too late. How to find the right person and find a way to compensate? Follow our Principles at SEF Sustainable Economic Futures.
Lucky me, I have my team in place, although questioning whether I have to pay or not, is stressful!
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