Like the title of this post? I hope it summarizes how I (and apparently others) feel about taxes. I think that's why many people don't get into business for themselves. They like those automated Quickbook payroll stubs that roll out every two weeks and show them how much was robbed from them. They like not having to figure it out. I also like not having to figure it out, but, I have to be a man and face the fact that no friend, family member or otherwise seems to know enough to mentor me.
It reminds me of a quick story to prove my point. I just finished reading a book about Canadian tax strategies (link at the bottom) and realized that I am not obligated to pay my employer taxes every two weeks. Instead, I could save it till the end of the year and pay then. The reason is obvious - compound interest on the money we didn't pay every two weeks. So I approached our bookkeeper (someone who knows something about books) and she said 'You can do it but it's complicated." As soon as I heard that I was like 'Oh. It's complicated' and that little ball of stress came into the front of my head and I broke out into a rash and vomited (ok, the last two aren't true). Anyways, point is is that because of the stress of knowing that I had to figure it all out on my own, I just quit. I gave up. I said 'forget it. Too complicated." I now thoroughly doubt that it really is that hard.
I could pay a CA $395/hour but I'm not quite there yet. And it's not a good investment if you don't speak any of his lingo, unless he is able to dumb it down to street level (unlikely). Further, I think it's a matter of us needing to take responsability for our learning on this one. I therefore propose a BLIP Symposium for 2008 on the topic of:
'Taxes - We're Takin' Back Our Money from the Man, Man." (other titles open to discussion)
I propose that we dig deep and search far and wide for the easiest, more effective books on the topic. We need to learn how to get ahead.
2007 and the beginning of 2008 was a time for me to realize that I am hopelessly undereducated about taxes, bookkeeping, and accounting. The reason is simple - I've never studied the stuff. I fared well in most of my skool courses so why can't I take this one on? And, by jove, this one is worth big $ to us. It can add more dough to our seed money.
Let's start with this book, because I recall Taylor 2 and I were discussing it as an easy read and worth reading
The 10 Secrets Revenue Canada Doesn’t Want You To Know! - by David Voth
B.L.I.P. Heros
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2 comments:
I fear tax time too bro. That book is about a 1/2 hour read, and highly recommended for canucks everywhere. I know if you work for the man, you can claim exempt on your taxes, and pay at the end of the year, but that's all I know. I remember working in the bush, and some hippy told me he claimed 'E' for these reasons. But he was a hippy, which means he is clearly uncredible...and smelly. I stick to my guns that all year you need to make decisions that will lessen your taxes. IE: incorporating and selling all your earthly belong to your bidness. It's like Mo Money always said before he went on permanent vacation "If your wallets empty, borrow someone elses".
I'm known by the lessor known (but legal) "Real estate is REEEEAAL".
word to the homeslice
Thanks Taylor. You're alright with me this week. I'll start taking your advice and selling everything (except my soul and wife, of course) to the business. Since my soul is an eternal and non-physical citizen, it cannot be taxed easily by the CRA. My wife, if she slaves hard in the business, will be like me and able to claim tax stuff.
The thing is, we, as Team Blip, must find out what that 'stuff' is. As legal adults over the age of 18, we cannot force our parents to take care of it. And...guess what? They don't even know the 'stuff'. So, it's up to us, Blip Brethren, to take this tax-bull by the tax-horns.
Posable Joe - could you please give us something tangible to take to the tax people for 2008? Any tip is a good tip.
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