Wealth Generation Insights

What is Your Vision Plan?

As a wealth generation coach, I recommend that you set a date for your own “Vision Day.” A Vision Day is a 24-hour period of reflection, relaxation, dreaming, and planning where you mull over your current year’s achievements and set goals for the new year for both your personal and professional life. It’s a practice that I love to use to find clarity and direction for my life.

In this article, I’ll share what to do on Vision Day and how I make it easy.

On your selected Vision Day, turn off your phone and find a location that is inspiring without distractions. You want an environment where you can envision the life you want to live in vivid detail.

Whether it’s wealth generation, personal goals, or something else, focus on areas that are important to you.

I want my business to grow by a certain percentage each year, but I also want a full and fulfilling personal life. Therefore, I set personal goals in the following areas: faith, family, fitness, health, personal development, home life, charity, travel.

I also set 4–6 primary business goals. Your priorities will revolve around what is important to you. It’s important to give yourself enough time to meditate and create a clear picture of your ideal future. So, I don’t forget ideas as they swirl around my mind, I’ll jot them down on a piece of paper.

Envision your future in as much detail as you can. For example, when I envision a 16-mile hike in the Appalachians, I focus on what it feels like to have accomplished that goal, the beauty of the old mountains and smells along the way. These are my “feel-good” motivators that help me stay on track of my goals.

Once I am done thinking and dreaming, I start to write down my goals and organize my plan in one of the two Vision Day templates I created for myself.

The first template creates a framework that helps me visualize my “12-month,” “1–10 year,” and “next 10-year” plans for my life and

Dream of wealth generation
Do you dream of wealth generation, travel, time to yourself…?

my company. It’s amazing how putting the ideas on paper not only provides clarity, but also often reveals challenges and conflicts between goals.

This process includes my business (or professional) goals, and I often find that I am trying to put 2,000 minutes in a 1,440-minute day. So, now I have to select the most important and effective objectives. The second template makes this easy, and I will explain how you can get your free template in a minute.

Your primary business and personal goals should be broad and push you to excel. Whether it’s wealth generation, having more free time to spend with family members, or something else, the objectives set under each goal help define the goal with actionable and measurable steps. Then each objective will have several strategies on how to reach the objective.

Finally, under each strategy, list several tactics or actions steps you’ll need to take to fulfill each strategy.

Your Vision Plan is your road map for the year. It lets you know what you should be working on and when. If used correctly, it will help you say “no” to things that do not fit your objectives. Charting each goal, objective, strategy, and tasks/action steps makes them easy to track and evaluate.

You may find some strategies aren’t working. Scrap them and focus on the other strategies or try a new one. The process also makes delegating simpler, and it can provide a clear performance measure for each team member. Most likely you will find that one day is not enough time to complete your Vision Plan, but you will be far enough along to complete it in the week to come.

After a year where many surprises made many of us feel helpless, you will appreciate how invaluable this process is for recovering in a happy and prosperous way.

I believe this so strongly that I’m happy to give you my ACTION STEPS template for free! It’s easy to use and you can personalize it to your situation.

To get the free template go to DLJTaxServices.com/VDtemplate21.

For more hands-on direction, wealth generation coaching or if you want someone to help lead your team in the process, call me to book an appointment at 920-944-6020 or 678-491-9744.

Take Advantage of Your Taxpayer Bill of Rights

Tax tips to help you avoid scams and stand up to the IRS

Did you know as a taxpayer that you are protected under a Taxpayer Bill of Rights?

You can read more about the Taxpayer Bill of Rights on the IRS website, but I wanted to make certain you are aware of your rights. By being familiar with these “rights,” you will easily identify scammers as well.

Here’s an overview of your 10 Taxpayer Bill of Rights:

1. The right to be informed. You have the right to know what is required to comply with the tax laws.
2. The right to quality service. You are to receive prompt, courteous and professional assistance.
3. The right to pay no more than the correct amount of tax.
4. The right to challenge the IRS’s position and be heard. More details below.
5. The right to a fair and impartial appeal to an IRS decision in an independent forum.
6. The right to finality.
7. The right to privacy.
8. The right to confidentiality.
9. The right to retain representation before the IRS on your behalf. More details below.
10. The right to a fair and just tax system.

The IRS tries to administer fair and just processes while trying to identify those who are trying to cheat the system. For the tax code to be fair, all citizens must fall under the same rules and regulations.

However, most people are not aware of their rights. Plus, many scammers out there try to convince you that you don’t have any! That’s why we want to help the IRS get the word out about these privileges and go into some detail on two, important ones.

First, you have the right to challenge an IRS position and be heard.

Have you ever received a letter from the IRS that said you owed money or made an error and know that you didn’t? Well, before you yell obscenities and throw the notice in the garbage, you have rights!

Specifically, the IRS reports their changes to you based on the information they have been provided by other entities. Sometimes, these entities do not file correct forms with the IRS. So, if you have an issue with the IRS, there is no need to feel defensive.

Just gather the letter you received from the IRS, and/or other correspondence so you, or your tax preparer, can view the information and make the appropriate adjustments. Often times, the IRS is correct… but not always! That is why you have a right to challenge a decision and provide additional documentation to support your position or objection.

What if you disagree with an IRS decision?

The key is to respond promptly. If you receive correspondence from the IRS you do not agree with, they usually provide the timeframe you have to respond. You have the option to call or mail in your information. For example, let’s say the IRS notifies you of a simple mathematical or clerical error, and you disagree with any adjustments the IRS made to your tax return. You have 60 days to respond to their letter and provide copies of your records to help correct the errors.

If the IRS agrees with the documentation you submitted, they will send a correction. If not, they will send you a written notice in the mail proposing the tax adjustment they recommend. But they will also outline how to challenge their decision if you disagree with it.

If you still disagree, you have the right to be heard before The Independent Appeals Office. As an independent organization within the IRS, they will try to work out a settlement with you via an informal, fair administrative process.

If you still believe you are being taxed or treated unfairly after exhausting your administrative options, you may file a petition to the U.S. Tax Court. This is a federal court established by the U.S. Congress that, “is committed to providing taxpayers, most of whom are self-represented, with a reasonable opportunity to appear before the Court, with as little inconvenience and expense as is practicable. The Court is also committed to providing an accessible judicial forum with simplified procedures for disputes involving relatively small amounts of tax.”

Note that it is important for you, the taxpayer, to respond within the timeframe stated in the letter. For appeals, this is typically 90 days from the date of the notice. (If the taxpayer is living outside the U.S., they have and an additional 60 days to respond.)

Does this seem a bit intimidating?

Well, the second Taxpayer Bill of Rights I want to point out is that you don’t have to do this alone!

You do not need to self-represent yourself before the IRS, Appeals Office or U.S. Tax Court. Instead, you can retain and authorize a qualified representative to help you deal with the IRS. This includes attorneys, CPAs, enrolled Agents, enrolled actuaries, or other persons permitted to represent taxpayers before the IRS. It you hire a representative, you will not have to appear unless formally summoned by the IRS.

There is even an independent, Low Income Taxpayer Clinic available to taxpayers whose income is below a certain level and can represent individuals in audits, appeals or tax collection. To learn more, go to https://www.irs.gov/advocate/low-income-taxpayer-clinics. This service is one of the Taxpayer Advocate Services programs.

You have rights!

The next time you get correspondence from the IRS that has errors you want to correct, remember your Taxpayer Bills of Rights! There are procedures, independent organizations and tax professionals available to help you review mistakes with the IRS and correct the information without massive legal fees and stress. And the best part is that you don’t have to do it alone!

Did you receive a letter from the IRS or just need help with your taxes? Please contact us here for additional information.

Wealth Generation Coaching Insights

Do you really need a financial coach to boost profits?

Small business owners go into business for themselves for several reasons. They are looking for independence, control, security and/or to prove a concept. Some are just not employable as their personalities just don’t fit the corporate mold. Whatever their motives are for starting a business, each individual sets out to create wealth to sustain the lifestyle they desire.

However, reality shows 80% are living paycheck to paycheck and often paying employees more than they are taking home themselves. This surely is not the outcome the entrepreneur’s expected.

Business owners do not have to settle for this type of financial outcome. With an open mind and some changes, they can be proud owners of profitable businesses that produce the wealth and life they set out to achieve. But that won’t happen if they do not know what steps to take.

So where should you start?

Seek help. If you are one of those business owners living paycheck to paycheck, don’t suffer any longer. We provide a simple and comprehensive program dedicated to not just your profitability, but to business sustainability and to growing your personal wealth.

Wealth generation begins with one’s ability to make, save and invest money.

This is why financial coaching is an integral part of our wealth creation and retention program along with tax minimization and wealth management strategies.
Some think of our coaching program as a “High Voltage Wealth Generation System” because of the success they have had improving cash flow to generate profits! Finally, they have the money to invest in their business and personal futures. It takes some work but the pay-off is more than worth it!

Our four-pillar coaching program strengthens a business’ profitability and value while helping the business owner find more time to do the things that are most important to them.

At the beginning of the coaching program, clients are introduced to Mike Michalowicz and his “Profit First” system. It’s a system that plays off a business owner’s strengths yet creates a moat around their cash flow. While the system may not be right for all businesses, running the profit assessment on the business reveals areas that need improvement to enhance profitability.

Who wouldn’t want to have a profitable business where one is now paying themselves a higher income plus receiving a quarterly dividend?

That is what the Profit First system can help you accomplish.

Sounds too good to be true? It’s not!

While the system is easy to implement and allows business owners to focus on what they do best to grow their business, the Profit First system requires the owner’s commitment, patience and diligence to organizational performance. In other words, it requires commitment. This is not a one-shot silver bullet but an ongoing process that works to increase the value of your business and its sustainability. So, if you are not 100% committed to reaching your business and wealth goals, this program is NOT for you.

The second pillar concentrates on the importance of planning, identifying what key tasks are predictors of your revenue growth, and monitoring outcomes.

These steps enable the owner to take proactive steps before the business is negatively impacted. It’s almost like the business owner can predict the future, and in a sense, they can. However, these predictors have to be based on the facts and data from tracking the business’ systems, processes and performance.

Sometimes finding these leading performance indicators requires some experimentation and help from an outside perspective. But once in place, these indicators can help a business owner run their business smoothly, increasing their business confidence and provide a clear direction for their employees.

The third pillar is essential to your financial success.

This pillar sets the framework to grow your business efficiently and effectively. The business owner will evaluate their business systems and processes to uncover ways to improve outcomes or fill in gaps. Where systems do not exist, we will help the owner assess their most critical needs and work them to get the most important systems and processes implemented. The key word here: implementation!

So why are systems so important?

First, they make better, more efficient, use of the owner’s and employee’s time. Systems can also help improve the service level a business offers its clients. Lastly, good, solid and efficient systems can boost the value of the business if the owner eventually sells it.

The fourth component overlays the other three components: it is accountability.

Business owners must be willing to be accountable for the outcomes and willing take action to reach the level of success they desire and live on their terms. Helping businesses succeed is why this program exists… not to prolong the agony of living paycheck-to-paycheck.

The riches may be in the niches, but prosperity lies in the implementation. And lucky for you, 60%-80% of businesses and salespeople are not focused on the follow-through. So just taking the first step to improving your situation rises you above the competition.

Now, let us help you obtain the prosperity and wealth generation you deserve. Are you ready to start?

We offer three levels of coaching programs so you can select the level of service your business requires.

For more information about our program details, contact us here.

We are in the process of rebranding. More changes to come after tax season.