Image by Cayusa via Flickr
Last summer Dirk Dixon of Baker & Associates, LLP here in Des Moines presented to our networking group on the 10 Most Expensive Tax Mistakes. The number one mistake is failing to plan. For those of you who do not have a tax plan I have a question:
Do you like paying taxes?
Given the current deficits, I am sure many appreciate your giving more than your fair share but what does this say about your business?
- You face no margin pressure in your business
- There are piles of extra cash just sitting around
- There are no investments you need to make to keep your product or service fresh
- You have a fully funded retirement account
- Your business loans are paid in full
So let’s assume that at least one of the above statements are not true. Go take a look at Dirk’s presentation and then call your tax adviser!