Building A Tax Reserve

Do you know how to create or maintain reserves? For many
people, the concept of creating reserves is something
they've never heard of and therefore never considered. I'm
pretty new to the concept myself, having learned it only a
few years ago from Thomas Leonard (1955-2003), founder of
Coach U and Coachville. Thomas then took this reserve
concept further by creating a super-reserve list and
Integrity Days to help people - including himself - take
these concepts "to the max".

Learning about reserves came in handy back in 2000, because
I started working for Thomas. The only way I was able to fit
this new work in my day was because - you guessed it, I had
created so many reserves. The concept Thomas pioneered works
all the time. Why? Because when you have reserves - of
people, of things, of money - you just have more time to do
the things you enjoy, too!

What does life look like when someone doesn't have reserves
built into their lives? Well, they procrastinate, don't say
no enough, worry consistently and maybe even have a To Do
List the length of a football field. In their lives,
everything becomes "urgent" because they've waited so long
to do things - and they "to do" them, only when forced into
action only or when it's an emergency. Some folks are almost
addicted to the excitement that "urgent" causes in their
lives. Is that you? See for yourself. Download the
Adrenaline Addiction Test, a PDF Report, now at
http://www.coachmaria.com/documents/adrenline.pdf

One of the best areas to create reserves in is-taxes! Yes,
that's right. If you're paying taxes, you are honored with
an income. Traditionally, people think about taxes only on
the first day of a New Year and April 15, and as a business
owner, there are other dates equally important. It's crucial
for your success and the success of your business that you
learn to build your reserves now.

How do you create a reserve in the area of "taxes"? The list
below may help!

--Know your business strengths, what you are capable of
and/or enjoy doing.
--The best way to look for help is before you need it. Do
the research at your leisure.
--Always have at least 1 back up in case your first choice
fizzles out, moves, or just chooses not to work with you.
--Schedule your contact management program to tell you its
time to send in your taxes.
--Join Financial Action Reminder
http://www.coachmaria.com/a/subscribed to receive a
monthly financial paperwork reminder.
--Take an IRS tax classes in person or online.
--Finish your book keeping monthly.
--Hire a bookkeeper.
--If you have employees, consider hiring a payroll
processing company.

And don't stop there. Contact your county, state and local
tax department to see if they hold classes; in addition
to income taxes, you may find classes for business owners
covering business and occupancy (B&O) taxes or sales tax.

Here are some excellent resources to use:

IRS Business Pages http://www.irs.gov/businesses/index.html

Small Business Resources
http://www.irs.gov/businesses/small/index.html

Take IRS Small Business Tax Classroom Online
http://www.irs.gov/businesses/small/article/0,,id=97726,00.html

Attend a FREE in person IRS Tax Class
http://www.irs.gov/businesses/small/article/0,,id=99202,00.html

Call the IRS 1-800-829-1040

Choose the Right CPA (or Tax Advisor) for Your Business
http://coachmaria.com/articles/cpa.html

Best Places For Tax Information
http://coachmaria.com/articles axinformation.html

Ask other business owners what payroll or data processing
companies they'd recommend.

Know where your state stands on taxes. Washington State
Department of Revenue is upping cost of tax mistakes
http://www.wetapple.com/headlines/articles/2003-08-01-HED-05.html

Throw away the excuses, and create your reserve now.