What problem do you solve?
Today John will give us expert advice on cash flow management problems and he will share tax strategies.
Show Notes:
- Cash flow is the lifeblood of our business. Sometimes we get so wrapped up in the emergencies and urgencies of day-to-day business that we forget to address cash flow.
- One mistake is assuming that the IRS is right. While they have a lot of authority, the employees there may not be competent.
- Parkinson’s law for cash flow would say that we will expand to spend all the cash available. We need to be careful not to fall into this trap.
- John recommends using the Profit First method. (See Gary’s interview Ep: 061 Mike Michalowicz – Ascend Business Mastermind (goascend.biz)
- John equates taxes and the IRS to playing a board game. If you read the rules, there is likely something you can take advantage of to decrease your tax burden.
- The 4th quarter is an excellent time to plan tax strategies.
- Make sure your accountant isn’t using the plug and chug method. — They just plug in your numbers and submit them to the IRS and chug along instead of being proactive to seek tax advantages for you.
- John works with clients all over the US.
- Paying yourself first is really important.
- John has a book coming out called The 3.3 Rule. John shares the importance of taking breaks to increase your productivity.
John Briggs’s Best Small Business Tip:
Your best advice may be different than someone else. Be aware that you are at a different point in your business than what others are so just realize you need to work on what you need to work on.
Connect with John Briggs:
Website: incitetax.com
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Learn more about Gary’s Mastermind group at goascend.biz/the-mastermind-solution