A time to forfeit from fright or forge ahead with fight.
The American Tax Payer Relief Act (ATPRA) was passed and there remain many unanswered questions. One answer we all know for sure is most everyone’s taxes will increase. Small businesses are not exempted from the revenue taxing arm of Congress. We will scramble to get into tax compliance, with what seems to be a retroactive tax increase. Good, bad, right or wrong there is enough blame to pass around.
This is not a discussion on the specific tax hikes or employees taxes vs. the business taxes. This is not a discussion of which side is correct. Those topics plus many others have been discussed at nauseum and they’re circumstances we cannot control. It would be in our best interest (and the interest of our businesses) to discuss the one thing we do have control of and that is how we react to the American Tax Payer Relief Act (ATPRA).
Neither Congress nor the IRS cares how we feel about the subject (if any of us disagree with their decision). The decision was made based on what seemed to be in the best interest of “we the people”. How we choose to respond to ATPRA can have a major impact on everything we do from now on in our businesses. We are fortunate enough to have choices (no matter how limited they may seem). Below are some possible reactions:
• Not start a business because it appears to be a waste of time.
• Shutdown existing business for fear of audits and complain about how the IRS put us out of business.
• Run our business according to the IRS regulations and complain, not focusing on growing our business.
• Run our business according to the IRS regulations and realize the opportunity and excel in business.
Not start a business…….
It is understandable to see how business ownership would be looked at as a waste of time with all the rules, regulations and apparent obstacles to keep us from reaching the prize if you will. I have heard my mentor say this many times. “you are going to work anyway, it might as well be towards your dream” and I agree.
Shutdown existing business for fear of audits……..
Fear is a natural reaction to the unknown or being removed from ones comfort zone. Fear can be instrumental in saving one’s life and fear may also be detrimental to ones future. The acronym I associate with fear is, “F.alse E.vidence A.ppearing R.eal.”
Run our business according to the IRS regulations and complain….
In many respects this one is worse than quitting. It’s like going through the motions but not really working toward a goal. The focus is in the wrong place. The focus should be on the growth of the business and not the road blocks. A divided focus creates fragmented results at best.
Run our business according to the IRS regulations (realize the opportunity and excel in business).
Yes there is an opportunity for massive success. It is all in the way we look at it.
• Stumbling block or Stepping stone
• Crisis or Challenge
• Roadblock or Raised pedestal
• Obstacle or Opportunity
The ATPRA could play a role in reducing our competition to half the numbers. There are many business owners choosing alternative points of view other than seeing and seizing the opportunity, creating room to expand our businesses. These are the times where business owners over come the perceived obstacles and persevere, offering more proof that even during difficult times entrepreneurs rise to the occasion and defy odds. We can look at this as a time to make and be a part of history, or we can look at is a time to be victimized by events in history, either way we have a choice. The goal is not to create a false reality but to offer a alternative perspective. There are not many things that we may know for certain concerning the ATPRA until the damage is done, however we can be certain that our reaction of choice will determine if we forfeit from fright or forge ahead with fight. Can you think of any additional advantages for us as business owners with the passing of the (ATPRA)?