Tax season, you shouldn't be scared...

Hi there sports fans today I have a very excited post to share with you and anyone wanting to not worry about taxes ever again.

I am joined by Sam over at the Comic Accountant. When I came across his blog I immediately resonated with the message of Sam’s blog. His views on money and business are insightful and very helpful! Make sure to show him love over at his blog.

I asked Sam some questions around business and taxes, and wow did we get some interesting answers.

Why do you think people or even businesses find it so difficult to do their taxes? Is it something that should be difficult?

The average wage earner doesn’t have to worry about taxes – that is taken care of by their employer. Business owners need to worry about taxes, not only for themselves but for their employees as well. Why do people find it difficult? I think it boils down to the fact that taxes are often thought of as being complex. In fact, there is an entire industry built around tax advice which quite frankly perpetuates the ‘tax is complex’ mantra that many business owners believe. I don’t believe tax should be difficult – by the end of the day it really boils down to paying your dues back to society which is a % of whatever profit you make. It is quite simple really!

I see you have started your own blogging genre? Clogging whats that about? 

Hahaha! I’m not sure if I’ve ‘started’ something here – there are many other bloggers that draw comics too. But I decided to create a portmanteau for my blog, combining comic and blog to form clog – which is really a silly little word that sounds like those wooden slippers that Dutch people like to wear. But since you asked – Clogging is about drawing original comics to go along with my blogs. I often use my comics as a way of injecting humor and light hearted ness into a topic that people often find scary and intimidating (like taxes!)

I think we can both agree that a budget is essential, however why would you say a budget is so essential for a family or for anyone wanting to get control of their finances?

Well, like you said, each family/household needs to understand what their baseline is. I don’t believe in having to budget for every single expense – it is important to keep the budget simple and set a limit for spending on what I like to call ‘The Big 4’ which are Rent (or mortgage), Groceries, Power and Transportation. To achieve this, I find it very powerful to use accounting/budgeting software to keep track of your spending and make sure that you are within your limits. Any excess should go towards paying down your loans or any investments which you are making for the long term future. 

How have you seen businesses affected with this virus and what it has done for the economy? 

Yes, I personally know of many businesses affected by the virus.Some of my clients in hospitality are very concerned about the future. One of my clients in tourism has literally shut his doors for the year! The economy as a whole has been shocked by the sudden changes resulting from lock downs and movement control orders around the world. We are likely heading for a recession – but it is important to not be scared about it. The best way to beat a recession is to start spending money locally – go and help your local businesses! Buy local takeaways! Support local entertainment outlets! The moment we start feeling scared and start hoarding money  – that is when we have lost to the recession. There needs to be a balance between spending locally and putting money away for the future.

I see you are helping anyone get up to speed with their taxes and how to do it? What is the easiest way people could get in touch with you so you can help lift the mighty tax filing burden for them?

Yup I sure am! I offer free 40 minute consultations for anyone looking to get up to speed on taxes or wanting to discuss their business plans with me! The easiest way is to flick me an email at sam@samharith.com or text me on my Facebook at www.facebook.com/thecomicaccountant. I find that some clients find it easier to engage my services as an accountant as I charge only 1% of their total annual sales with a minimum rate of $30 to prepare their tax returns for the year – sometimes it’s easier to pay a professional rather than do it yourself!

That is so cool Sam! Thanks so much. Sam seriously loves helping people and he has received massive praises on his Facebook page above.

Some of you might be here for my portfolio (This was my porfolio on Tuesday 19/05/2020

Insights

• Invest for the long run (ETF’s and bundles of companies)
• Even still in a global event my portfolio is in the green
• Don’t be scared to invest, not investing is scarier

Our porftolio :

Thats going to do it folks! Love being in the black!