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Building A Tax ReserveDo you know how to create or maintain reserves? For many people, the concept of creating reserves is something they've never heard of and therefore never considered. I'm pretty new to the concept myself, having learned it only a few years ago from Thomas Leonard (1955-2003), founder of Coach U and Coachville. Thomas then took this reserve concept further by creating a super-reserve list and Integrity Days to help people - including himself - take these concepts "to the max".Learning about reserves came in handy back in 2000, because I started working for Thomas. The only way I was able to fit this new work in my day was because - you guessed it, I had created so many reserves. The concept Thomas pioneered works all the time. Why? Because when you have reserves - of people, of things, of money - you just have more time to do the things you enjoy, too! What does life look like when someone doesn't have reserves built into their lives? Well, they procrastinate, don't say no enough, worry consistently and maybe even have a To Do List the length of a football field. In their lives, everything becomes "urgent" because they've waited so long to do things - and they "to do" them, only when forced into action only or when it's an emergency. Some folks are almost addicted to the excitement that "urgent" causes in their lives. Is that you? See for yourself. Download the Adrenaline Addiction Test, a PDF Report, now at http://www.coachmaria.com/documents/adrenline.pdf One of the best areas to create reserves in is-taxes! Yes, that's right. If you're paying taxes, you are honored with an income. Traditionally, people think about taxes only on the first day of a New Year and April 15, and as a business owner, there are other dates equally important. It's crucial for your success and the success of your business that you learn to build your reserves now. How do you create a reserve in the area of "taxes"? The list below may help! --Know your business strengths, what you are capable of and/or enjoy doing. --The best way to look for help is before you need it. Do the research at your leisure. --Always have at least 1 back up in case your first choice fizzles out, moves, or just chooses not to work with you. --Schedule your contact management program to tell you its time to send in your taxes. --Join Financial Action Reminder http://www.coachmaria.com/a/subscribed to receive a monthly financial paperwork reminder. --Take an IRS tax classes in person or online. --Finish your book keeping monthly. --Hire a bookkeeper. --If you have employees, consider hiring a payroll processing company. And don't stop there. Contact your county, state and local tax department to see if they hold classes; in addition to income taxes, you may find classes for business owners covering business and occupancy (B&O) taxes or sales tax. Here are some excellent resources to use: IRS Business Pages http://www.irs.gov/businesses/index.html Small Business Resources http://www.irs.gov/businesses/small/index.html Take IRS Small Business Tax Classroom Online http://www.irs.gov/businesses/small/article/0,,id=97726,00.html Attend a FREE in person IRS Tax Class http://www.irs.gov/businesses/small/article/0,,id=99202,00.html Call the IRS 1-800-829-1040 Choose the Right CPA (or Tax Advisor) for Your Business http://coachmaria.com/articles/cpa.html Best Places For Tax Information http://coachmaria.com/articles/taxinformation.html Ask other business owners what payroll or data processing companies they'd recommend. Throw away the excuses, and create your reserve now. © 2003 Maria Marsala. Home and Main Street Business Owners: Learn how you can quickly improve your bottom line with our Wall Street expertise and blue-chip strategies. Join our ezine, "Elevating Your Business" now. http://www.coachmaria.com
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