I had a conversation about entrepreneurs doing their own taxes to understand their own money and I was being rebuffed by someone claiming others are better experts at handling taxes. I retorted if an entrepreneur do not want to learn how to manage their own taxes, then they are really not an entrepreneur. But I kept hearing how tax codes are complicated and the IRS don’t play and blah blah blah and I couldn’t take the ignorance anymore.
Look, learn how to do your own taxes and understand how taxes work. Taxes is your money that you pay to the government to enable the US Military to kill and oppress brown people worldwide and pay the Section 8 voucher to that hoodrat who keep getting pregnant by all the cats on the block you grew up with. That is your money leaving your pockets and if a fool and his money will soon part, then only an idiot would argue against learning their own taxes.
Then I mentioned something about the rich fully understand their own taxes like the back of their hand. Then cats are going to say the rich has their own accountants and that’s where I was like what the hell?! So Warren Buffett fully understands how much tax he pays as well as many CEOs understands corporate taxes and how to maximize shareholder value. If you hold stock in a company and listen to the quarterly results report for shareholders, the CEO or CFO talk about taxes as their financial strategy as much as revenue from sales. But I’m arguing with non-rich cats about getting someone else to handle their own taxes?!
And the last statement where I didn’t bother to respond was they were trying to tell me that many entrepreneurs simply do not have the time to do their own taxes and time is money. Now I realize I’m dealing with someone not too bright because the last I checked, taxes are money! Do you pay taxes with anything else other than your money? They may take a credit card but that is still your money that you gotta pay. Again, taxes are your money that leaving your dinner table and that’s the point I’m trying to drive here.
I do my own taxes, on paper and I read all of the IRS web site to understand tax benefits, potential tax shelters and even opportunities to take tax credits. I love looking at that sista on the IRS.gov web site, I want to snatch her from her husband and/or boyfriend and/or her butch because she turns me on just as much as the thought of me managing my own money and my tax strategies.
If we brothas and sistas going to claim we about money, then we have to be about taxes. If we Black folks are going to run companies at the level of having shareholders and raising $1 million in funding, we can’t be half-assing talking about go to the corner tax preparation office and let them do our taxes – that’s some straight bullsh*t. That’s the problem in the Black community is we not controlling our own money and keep running to these tax shops and let them run numbers and we get excited because we getting back our own money we gave to the government interest free through withholding.
You have to understand the way the government works is they provide tax credits as an incentive for certain things and if you position your business around those tax credits, you will have bigger profits. So anybody who talks about taxes being complicated and all that other nonsense is just a fool and the kind of Black folks that ain’t going to help us progress to true economic empowerment.
For example, they have empowerment zone tax credits where you get tax deductions opening up in the hood. They have tax credits for hiring people from the hood as well as veterans – that’s why employers ask you if you are a veteran when they hiring you nowadays. Those are things you build your hustle around so you can max your profits.
Then you have depreciation and capital gains and losses and those things have to be anticipated and no hole-in-the-wall tax preparation firm can help with you that. Those tax strategies are what you need in your execution plan in terms of making you making real money. Many of you probably don’t realize there are tax codes now for transmitting money and mobile money operations – does your corner tax preparation company know anything about that? That’s why as an entrepreneur, you need to know this tax ish.
Basically, this is the current state of Black folks where we outsource the handling of our own money and assets to other people. Then we get mad when they screw us over when it is our fault for not handling ours. I do not understand why the Black community has not come to the realization we need to understand how to do our own taxes. By the way, claiming someone else kids is not the biggest payback and that’s how stupid some people in our community are.
Learn how to do your own taxes and read the forms and the benefits on the IRS site. Learn to anticipate many of the tax implications for the next tax years. Rich cats know they have to sell their losing stocks near the end of the year to claim a loss on their tax returns to offset against the taxes they have to pay on stocks they make money. When you understand taxes, you understand money – no one better not say they on top of their money if they don’t understand taxes.