Death and taxes – am I right?
SIDECAR co-founder Dr. Doug Sea is wise in the ways of finance.
Any of us who have read Dr. Sea’s book, “$even” know about his system and how effective it is for managing your money.
We were reminded of that recently during our February Fuel Tank which featured Dr. Sea and Mark Vanden Burg from SIDECAR Accounting Services.
In the session, Dr. Sea recounted the origin story of the Seven Accounts System that is the basis for the book.
It’s a tax time tale with a moral. It all started when Dr. Sea’s then accountant told him he owed $53,000 in taxes for the year. What he didn’t know is that Dr. Sea knew that taxes were part of life, so he’d saved $56,000 in anticipation.
That’s where it all started, he said.
“The Seven Account System was truly birthed by the understanding and appreciation that the IRS does not make a good business partner.”
You can watch the replay of the Fuel Tank here.
It’s a great quote. “The IRS does not make a good business partner.”
It’s also a reminder that you need business partners and advisers to make sure you’re maximizing your earning potential.
You can’t get out of paying taxes, but you don’t have to pay more than your share, either.
And in a real sense, letting the government hold your money is making them a partner. You don’t have to do that.
That’s why we created SIDECAR Accounting Services. We are the advisor who can help you make the best decisions about managing the finances of your practice.
Dr. Sea and his wife went out and celebrated that night. After all, they had an extra $3,000 in the bank, a pretty good tax return.
But it could have been the other way around, owing money.
“If I would have had Mark as an accountant 35 years ago, it would have been a whole different story,” Dr. Sea said. “Having great tax planning so you can run your business by data and not emotions and guessing.”
It’s that time of year when many of us are taking stock of finances and the annual reconciliation with the government.
If you have any questions, give us a call at 877-727-2705 or email at info@sidecaredge.com.
