The other day I met with my accountant, as it is that time of year — tax season. He patiently explained the ropes — quarterly pre-payments, various write off opportunities, and multiple taxes that I pay every single stinkin’ quarter — state, federal, medicare, and social security. Suddenly I had a flashback to my grad school accounting class, where our professor Pete Wilson would exclaim “Ewwww…taxes!” every time we discussed or encountered them on the balance sheet. Ewwwww, taxes…I couldn’t have said it better myself, Pete.
I left my meeting with a notebook full of information and reassurance that I hired a knowledgeable accountant. Yet, I did wonder — if over a third of quarterly profits go back to the government, how does a small business make it?. And why the heck would an entrepreneur want to deal with all of that rigamarole? There’s got to be an obvious reason why 99% of businesses in the US are small businesses. The reality is that there is not one answer, but many reasons that outweigh the downside of Uncle Sam. For me it’s the opportunity to do what I love each and every day, and work with many interesting people to make a measurable impact on their dreams and livelihoods. For my clients, it may be something different. Whatever it is, make sure you have yourself a knowledgeable accountant — and if you need a recommendation in the Boston area, drop me a line.