All businesses are expected to:
A) Big businesses:
1. Compile the financial data;
2. Analyze and make informed decisions;
3. Generate reports and file taxes.
B) Small businesses (one person operations; sole proprietor):
1. (Should) compile financial data;
2. (Should) analyze and make informed decisions;
3. Generate reports and file taxes.
In the real world, most small businesses skip 1 and 2, therefore kind of run their businesses to only know how much taxes to pay.
As a small business, shouldn’t you always remind yourself that you are in business for the purpose of maximizing the potential and build wealth, not to worry about the tax bill?
Yes, you should explore ways to minimize your taxes (Afterall that what big businesses do), but it shouldn't be your primary concern.
It is time to drive your financial success from data (because technologies allow us); taxes are just a consequence of your results.
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