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Do You Know Your Tax Liability

Sep 17, 2008

Several of my newest clients paid extremely large tax liabilities for their successful business performance a year earlier.  That's not unusual.  However, they did not know the extent of those tax liabilities until it was too late to plan how to finance those obligations.  Sound familiar?

One of my favorite chapters in The Danger Zone by Jerry Mills is The Black Cloud that Haunts.  In that chapter, Jerry addresses how to alleviate the frustration of not knowing that tax liability. 

The answer is very simple, and here's how I do it for my clients.  After we complete the financials in a timely manner, I prepare a very simple one-page estimatation of the projected tax liability as of that point in time.  We repeat the process each following month.  I leave it up to my client if they want their tax CPA to review the estimates, but I require tax CPA input for solid tax planning strategies throughout the year.

I cannot eliminate your tax burden, but we can help you eliminate those sleepless nights by removing your black cloud that haunts each year.

By the way, I recommend Jerry's aforementioned book The Danger Zone.  You can buy a copy at www.dangerzonebook.com.

More from Mark Gandy…

About the Author

Lou Gehrig said he was the luckiest man on the face of the earth during his farewell speech in front of Yankees fans. Well, I guess that makes me the second luckiest man on the face of the earth. That's because I've enjoyed serving many business owners in a business-to-business CFO or controllership capacity since 2001.

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