I know the perfect way to reduce the time, energy and money you spend paying Uncle Sam. Quit all your jobs. I did.
As part of Starting Over, step one was to chuck the 9 to 5 which was more like 24/7 as a experienced and producing real estate agent in a hot market. Fortunately, this was done prior to the current real estate slump so I’m thinking the Universe had my back on that one. From my ten years in real estate, I learned about money, investments, rentals, law, land, contracts, and problem solving. I worked with people from all over the world . I became friends with many of them.
From that business I also learned about ambition, greed, corruption, and how intensely one can feel for their clients. Protecting the first-time-home-buyers with those stars in their eyes was gratifying. Seeing someone cash in an expensive property in favor of a simpler life made me happy. I loved helping people move on to the next exciting stage of their lives and I became witness to much “starting over”.
Step two, let go of a music equipment retail operation. This was tough because it affected a lot of people besides myself. But it was my part-time gig (my able partner took care of daily operations) as bookkeeper (bill payer) that had become rote and sucked up hours weekly. After 17 years, we had so much invested. Investments in friendships, associates, and the community were hard to leave.
Step three: finish up all other part-time income producing projects like the triplex we were renovating on the week-ends in “our spare time”.
Now with out all of this eliminated from your life you will find your tax preparation will be reduced from 3 or 4 long days to a matter of hours. I don’t mean the actual tax form preparation (that’s done by M. our accountant), I’m just talking about the amount of time it took to round up the contents of that huge box (papers, receipts, daily records, tax statements, inventory sheets, 1099s, bank statements, etc.) that had to be dragged to M’s office by appointment.
Now my tax prep time is quick and easy. A slim brown mailing envelope contains all the info M. will need to determine our governmental tithe. This is great. So why am I stalling? Some things never change!
Warm wishes until next time.