Have you ever found yourself staring at your tax bill, wishing you could hit the 'snooze' button like it's an annoying Monday morning alarm? You're not alone. The other day, a client asked me a question that might have you spitting out your coffee: "Can I delay paying my taxes for a year?"
Now, before you start planning a tax-delayed fiesta, let's dive into the nitty-gritty. This isn't a tale of tax evasion or fiscal rebellion. It's about making smart, calculated decisions that can turn your studio from a side hustle into a legitimate source of income. Our protagonist, let's call him Bob, had a golden opportunity on his plate. He could buy a fixer-upper house, do some repairs, and either flip it for a quick profit or rent it out to his employees. But there was a catch - he needed cash, and his tax bill was sitting there like an unwelcome guest at a party.
So, we rolled up our sleeves and started crunching numbers. If he used his tax dollars to buy the house, he'd owe about $60,000 come April. What would happen if he delayed paying that bill for a year? Would the interest and penalties outweigh the potential profit from the house?
Stay tuned, dear readers, as we dive into this financial roller coaster. We'll reveal how we baked smooth financial systems into the DNA of Bob's business, turned his studio into a community treasure, and made sure his business was supporting him as much as he was supporting it.
Join us on this journey where we make financial management as easy as pie, and remember - life is too short for low returns on big energy. So, grab your calculators, financial warriors, and let's get down to business!
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Donna Bordeaux, CPA with PYOPAccounting.com
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.
