What Elon Musk does on tax day (IRS look away)

An all-too-common tale for business owners in the $1M - $10M range this time of year is…

You have to pay six figures in taxes and you’re not happy about it.

That ever happen to you?

I get this being frustrating. Even though it’s a sign you had a good revenue year, no one wants to cut a $200k check and watch that money evaporate out of your bank account.

Especially while you have billionaires like Elon Musk sitting pretty building rocket ships without a care in the world about taxes.

But here’s the thing…

It’s not the billionaire status that makes tax day a non-event for Elon…

He doesn’t concern himself a single lick about a large or unexpected tax bill because he’s got a team of elite CPAs who know how to navigate the complex world of taxes with their eyes closed.

All of his tax liabilities, credits, refunds, filings, money owed, etc...

...is accounted for WELL in advance.

So he’s not worrying about proactive tax planning or strategic financial moves…

He’s spending his time doing the things that keep his business innovative and exciting. 

And guess what.

That’s what Nth clients are doing right now too.

Sitting pretty. Building their dreams. 

Not rushing to file an extension. 

No surprise that’s about to drain their bank account.

Able to focus the vast majority of their attention on running their companies and building their dreams (and having the cash flow to do it).

If you and your accountant don’t know what your tax situation is going to be every calendar day of the year, something is hugely wrong.

To make sure your financials are being properly taken care of, ask your accountant the following:

• Can you communicate my estimated tax liability and refund/credit status any day of the year, not just in the first weeks of April?
  

• Are my finances being proactively managed so we’re not scrambling come tax season?
  

• Are you confident in your knowledge of my unique business, certain that we’re using the most advantageous accounting method, and positive that we’re claiming every type of deduction and credit possible?
  

• How are you leveraging the newest tax laws and loopholes to minimize our tax liability? (In fact, ask them what ARE the newest tax laws and loopholes in 2024)
  

• Do you know my risk tolerance, and are you taking that into account when crafting my financial and tax plan?
  

• What strategies are you implementing to ensure our financial systems and processes are automated for maximum efficiency and profitability?

If they can’t answer those questions right away… it may be time to have another type of conversation. 

Better to do this now than find yourself scrambling again come April of next year.

Here's to your success and financial certainty,

Warm regards,

Dan Nicholson
Founder, Nth Degree CPAs
Author of "Rigging the Game"

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