This article (part 3 of 3) was contributed by Shantel Susan-Haines, the founder of Shantel's Money Guidance.
Continuing on from Part 2 . . .
Becoming Comfortable with Your Tax Authority
You may/may not know the tax authority (often referred to as CRA, IRS, etc.) may request to audit you at any time.
The need to communicate and deal with your tax authority is a situation that all entrepreneurs (even creative ones like you) will encounter, even as just part of your regular activities in your business. However, it is important not to underestimate them to make your dealings with them as comfortable and easy as possible.
Become aware of practical steps that will help you to take decisive action, to place your business in a better and prepared position in order to properly deal with your tax authority. Always remember the key here is not to give them a reason to contact or audit you.
In general, two points to keep in mind about your tax filings are:
- Keeping a good, quality set of books and records that you can rely on to backup and show the business transactions that you have been engaged in is crucial. Don’t underestimate the importance of being able to provide proof and legitimacy for what you are declaring in your tax filings.
- Remember that you are ultimately responsible for what occurs in your business and your personal matters. While you may be able to defer some blame in your mind to outside influences (such as accountants, tax advisors, bookkeepers, other employees), always be aware that you are deemed to know what goes on in your business and are responsible for the consequences when it comes to dealing with your tax authority.
Honoring Your Priceless Time & Creativity
Time is an elusive resource. Most of the time we don’t feel there is enough of it. In reality though, there are always 24 hours in a day and everyone has the same amount . . . but is time working against your creativity?
Liberate your creative time through consideration about what only artistic-creative people like you know - that you are so different from all other entrepreneurs. The demands on you both as an entrepreneur AND artist can make things so much more challenging with reference to your time. Your creative flow must have time to expose and release itself together with your need to feel as though you are using your time to its fullest. If you explore your time and its relation to your creativity you will help to avoid shortchanging yourself on this inspirationally important and irreplaceable resource.
Always think of your time as being divided between your ESSENTIAL ACTIVITIES – what you must do & OPTIONAL ACTIVITIES – what you like to do. Keep in mind that time is often wasted in the “Optional Activities” . . . but it should contribute/nourish: your heart, soul, mind, body, spirit and your CREATIVE-ARTISTIC SENSES.
To stay true to your entrepreneurial purpose as a creative-artistic entrepreneur, your mindset is so important to keeping your focus about how you think about your business money. It starts with your inner thinking.
Remember to always work towards having your best business money good in mind and in place. To achieve that, you need a continuing plan . . . so you are moving it forward into your reality.
Only you can take yourself out of where you have been and position yourself where you wish to be. Keep the momentum flowing and stay true to your business, your creativity and your purpose as a creative-artistic entrepreneur.
Would you be interested in learning more?
CLICK HERE to become part of our Free (for this select audience) Creative Entrepreneurs Business Money Enlightenment – Getting Started program
Shantel Susan-Haines, Founder