If you were a client of ours this tax season, you’re probably feeling fine about your tax return.
But on the chance that you were not … we’ve helped many Philadelphia business owners “make the switch” over to us, year after year. I know that you may have established a rhythm with your current provider (even if it’s not a “good” rhythm), and that you could dread the prospect of having to teach a new tax accountant about your business and goals.
But we learn very fast.
If you’re already working with us, then I’d like to encourage you to forward this strategy note along to a business friend who might be able to use our help. Copy me on the message, and we’ll make sure to properly thank you when we meet with your friend.
If you did NOT use our services this year, then now is a great time to have us look things over.
I’d rather not badmouth other tax accountants in the Philadelphia area, but suffice it to say we’ve had to do our share of “re-doing” other accountants’ work. In some cases, we’ve recovered significant sums during an amendment process, by reviewing an old return (from the last three years) and taking advantage of ethical, legal tax credits and deductions that other accountants don’t utilize.
And that is ESPECIALLY true this year, under the new tax code.
Now, that might be some good news for you. But what about the bad? I have some thoughts…
Resilience And Philadelphia Business Growth
“Creativity is the answer. I always prefer the creative solution to an expensive solution.” -Keenen Ivory Wayans
The Wall Street Journal released an article at the beginning of March, and the subject matter was bad news.
To be clear, the article highlighted how tax professionals and accountants deliver bad news … something more prevalent this year than many years prior. You and/or your business may have already felt the weight of some big tax changes this year. You are not alone in what the changes have meant for your tax refund, but the article brought up an interesting point:
“Most people are benefiting from the Tax Cuts and Jobs Act by receiving larger paychecks throughout the year, instead of tax refunds that simply result from people overpaying the government throughout the year.”
That quote is from the Treasury Department, and although it won’t put money back in your refund, it does help give some perspective.
The point here is … how does your office handle “bad news”?
Obviously, the TCJA has shaken things up a bit. Although corporate America has benefited more than individuals who bank on a higher refund (not a recommended budgeting strategy), the ripple effect has surely reached us all in various ways.
When it comes to business, it’s important we lead with resilience. When you get knocked down, how will you respond?
This is true when it comes to taxes and finance within any organization. When a trendline shows unfavorable results, we have a few different ways we can respond. Let’s highlight two…
Keep On: This is the more dangerous option. To keep doing what you’ve been doing may only perpetuate negative trendlines.
On the tax side of things, various laws are causing confusion in businesses across America. If your office had trouble this year, trust me when I say things won’t get easier in the years to come. Please give me a call so I can help your team approach 2019 taxes the right way … with precision and care. I would love to get a time scheduled in the next month or two to meet.
In terms of your business’ growth, let’s recall Einstein’s definition of insanity: “doing the same thing over and over again, but expecting different results”.
Is your business stuck in a rut? Perhaps it’s time to reexamine your pricing structure? Don’t let too much time go by without asking hard questions which may reverse negative trendlines. And if your business is rockin’ and rollin’, that’s great! I look forward to receiving your Christmas gift this year.
Iterate: When you take a financial hit, it’s an opportunity to take a step back and reevaluate. Don’t point fingers. Blaming others, especially when it comes to money, gets messy quickly. Now, can some people in your organization spend money irresponsibly? Absolutely. But when you can sit down with your team, and/or individuals on your team, and have hard conversations (in a mature, professional manner), it will only help your business in the long run.
Side note: Although I placed “mature” and “professional” in parenthesis in the last paragraph, I really can’t stress those qualities enough.
When you practice “resilience” in everyday interactions, you will weather the storm when financial distress comes your way (and it does for most of us in business).
That’s the good news. There is a way to combat financial uncertainty, and it’s approaching every day with a good attitude and plan for when things go wrong.
For some, it’s turning to chocolate and tissues (or chocolate tissues … now there’s an idea), but for you, I hope it’s getting back on your feet and moving toward growth.
Feel free to share this post with any of your Philadelphia business associates or clients you know who could benefit from our assistance. While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for families and business owners.
M. Sexton, CPA PC