The Accidental Tax ManagerSubmitted by TR Financial Management Group, LLC on September 10th, 2020
It was the summer of 2003. I was nearing the end of my fourth year at a large investment house in downtown Washington, DC. I had done ok for myself, but the collapse of the internet bubble had taken a toll on all of us. So, one Tuesday work night in July, I swallowed hard and turned in my resignation. I was going independent and for a variety of reasons, I had to keep that to myself. I did not recognize it at the time, but I was about to become a 1-man business.
Those first few years were tough, far more so than I had anticipated. Not only did I endure the lean times, but I had to do the sales & marketing, portfolio research & management, books, taxes, everything! As time went by, my 1-man business felt more like a 1-man band.
As my business improved and the cashflow with it, I came to realize something important:
While I could not always control the flow of new clients, I could control the flow of cash and its impact on my taxes.
This ability to control cashflow and taxation is ultimately what separates a business owner from an employee. I had made the leap and survived it!
For me, the significance of being on the right side of the tax code (read self-employed professional/business owner!) was compelling. Over the years, I had saved myself thousands by deferring and/or eliminating taxes, legally, morally and ethically. I so thoroughly enjoy this aspect of business that I became an IRS Enrolled Agent so that I can help other business owners build wealth and freedom in the same manners. And, I am sure I can help you, too!