All posts in category Tax
06 / 01 / 2020 in Tax

Is the stuff that makes you cringe important? (Tesla example)

Accounting and most of all TAXES *cringe*, we all hate them, am I right?…

We hate thinking about them, preparing for them, paying them, and generally, just the fact that taxes exist.

 

Want to know a little secret? Even many accountants will put off doing their taxes until the last day possible, because even though we know how important it is to be managing that stuff early, many still avoid this cringy task. No joke!

 

So, you’re probably asking by now “if it’s such a painful thing,  and we have all agreed it’s the worst, is it even important?”

 

Well, unfortunately, it kinda is. Actually, it’s critical… One of THE most foundational aspects of every business is the financial / accounting / tax aspect. Nobody can get away from it, not you and not me.

 

A client once told me: “accountants don’t start businesses: visionaries do”. And it’s sort of true… I think, often times, accountants are hesitant to start other businesses because they know they will need to run the numbers and more often than not, the numbers don’t make sense.

 

Visionaries focus on the vision, and often let the numbers slip away. Take a look at Tesla & Elon Musk: a real visionary, a genius for sure. BUT have you noticed how often articles appear around Tesla running out of money and banks refusing to lend anymore? It’s a great example of where vision is not supported by numbers. Tesla is lucky that there has been enough money so far, however, not everyone is so lucky.

 

Bottom line is the “make-you-cringe” stuff IS super important, critical even. It always will be. Vision unsupported by numbers often has an incredibly low chance of success or its success will come at an extremely high price. So… make friends with numbers. Face it, don’t “fake it till you make it”. You’ll thank me later.

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04 / 10 / 2020 in Tax

Negative income tax

In economics, a negative income tax (NIT) is a welfare system within an income tax where people earning below a certain amount receive supplemental pay from the government instead of paying taxes to the government.

 

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09 / 27 / 2019 in Tax

Tax

A tax is a compulsory financial charge or some other type of levy imposed upon a taxpayer (an individual or legal entity) by a governmental organization in order to fund various public expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent. The first known taxation took place in Ancient Egypt around 3000–2800 BC.

 

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