Stress is a huge thing when you talk about the IRS. But it’s a matter of changing your mindset, having a plan in place, and getting the help that you need.
Here are 7 ways to help you deal with the IRS process minus all the stress and fear.
- Know what to expect.
Understand that your goal is not to pay zero taxes. Your goal is to pay as little as you can legally. And knowing what to expect takes that fear away.
- Have a plan in place for the money.
Set aside 15% of your real revenue for the potential tax bill. Real revenue is not gross revenue. It’s sales minus the cost of goods. Doing this will change your tax situation because you won’t have to worry about scrambling for the money.
- Have a partner in place for the strategy.
There are people out there who are professionals that can help you recover. You need a plan and a conversation with somebody who can walk you through it.
- Stay calm when the IRS communicates with you.
Just because the IRS said it, doesn't mean it's correct. Sometimes, they just need more information from you to clear things up. Address it head-on and develop a plan so you can cut down on penalty and interest.
- Understand that the IRS is not as bad as you imagine them to be.
The IRS just wants to see that you're trying to apply what you understand about the law consistently. If it comes out that you've made an honest mistake, they are as nice as they can be about helping you fix it.
- Be patient
The IRS will do things their own way. You just have to stay committed to the process when you find yourself in the middle of needing to deal with things for the IRS.
- Let it be all for you.
If you make it about you, for you, and for your business, you will find yourself having enthusiasm. The intimidation around your finances and numbers will start to slowly fade away.
If you want to learn more about stress less tax preparation, check out 009: The IRS Is NOT Your Boss, So Stop Acting Like It!
