My 5 Step Process for Paying Taxes as an Entrepreneur

Taxes. Everyone’s favorite topic right?

And the crowd goes wild!

“I love paying taxes!” says no one ever. But what if that could be you? What if you could view paying taxes as a PRIVILEGE?

I just prepared my quarterly taxes with my accountant in town. Their office is literally two minutes down the road (don’t we love small town USA?).

It was the largest amount of quarterly taxes I have ever had to pay and it initially freaked me out. My mind went into survival mode. Money is a resource that we have linked to our survival. My reaction was a normal human response.

Instead of spiraling down the rabbit hole further than I already was, I decided to take a deep breath and reframe.

I challenged myself.

“Wait, isn’t this something I should be celebrating? My business is doing so well that I now have higher tax payments to make.”

Want to know what makes me really sad?

There are people out there in the world with incredibly innovative, beautiful ideas who are not bringing them into the world because they are scared of leaving a “safe” 9-5 job, having to figure out how to pay more taxes and get healthcare on the individual market.

HOW HORRIBLE!

If you are one of those people, you are basically robbing the rest of us of something that we all need. Something that ONLY YOU can give to the world. And it is all because of fear.

Don’t get me wrong, I understand. It is scary. I’m hoping that some of my thoughts in this blog might help.

Here is my view on taxes (and paying for healthcare as an individual):

Who loves taxes? No one.

Who appreciates high-quality schools, policemen, firefighters, paved roads and other infrastructure? Most everyone.

Rather than getting worked up about all the ways that out government is messed up (because I know it is), I choose to think about all of the really amazing things that my tax money will go towards.

I pay my taxes as a thank you note to all the people who are doing great work for my community and country.

And yes, I still research tax breaks and continue to learn about investing money. I do my part. I am intimate with the details of my money. I am smart with my money and a steward of it because I want money to feel comfortable coming to me and making a home with me.

Money, as with any resource in our lives, is a relationship.

Here’s the thing – we will all always have to pay taxes. We might as well use it as a thank you instead of a reason to ruin our day.

No more excuses.

Reframes are available for even the most annoying tasks associated with running a business.

As always, the choice is up to you. I would personally rather live in a bubble of gratitude than a cave of stagnancy. 

So, if you’re with me, here is my 5-step process for paying taxes with love as a heart-centered entrepreneur:

1) When you receive your tax payment estimates and begin to feel overwhelmed, ask yourself a few questions:

a.     What am I afraid of right now?

b.     Is my fear absolutely true? In other words, is it without-a-doubt true that you cannot pay this amount, that it is way too much, that this is the worst news you have ever received?

c.     How can I reframe this fear into a new perspective? How can I see this differently?

d.     Is this something I can choose to celebrate instead?

2) Recognize that it has always worked out before. I remember the first time I paid quarterly taxes (which was a fraction of what I now pay) thinking “Wow, this is so much money.” I wouldn’t even think about it being a large amount today.

If you are on the path of growth and expansion, then your future self would not even blink at this current amount of tax, bill, payment, etc. Because as you grow, your ability to hold more grows. Act as your future self. I know that my future self would not think twice about releasing this amount of money.

3) Do not make your payment until you feel completely aligned with it. Take a couple of hours, work through your limiting B.S., listen to something uplifting, remember your own beliefs about money (see below), and get in touch with gratitude. It will feel much better to make your payments from this energy than a spiral of anxiety or resistance.

4) Do your research. As a steward of this money, I would ask my accountant questions and look into future investment options as a tax deduction. It’s not all “love and light.” Do your part.

5) Remember that, unlike people, money is replaceable. Listen, I love money. I have no shame about that. Why would money want to show up in your life if it makes you uncomfortable or if you don’t love it? But I also understand that money is a replaceable, regenerating resource. Which also means that when money goes out, it comes back in. Don’t let payments, taxes or any other fear get in the way of you building a beautiful relationship with money. And as a side note, definitely do not put money over your relationships with others. Money is replaceable, people are not.

The energy in which you pay taxes really does make a huge difference for not only your emotional wellbeing, but also your bank account! The day that I reframed my most recent quarterly taxes I had two inquiries come in for new work. Coincidence? I think not.

I would rather own my own business. I would rather continue to make more money. I would rather be building wealth than cap my income to receive a tax credit.

I will not make myself small because I fear paying taxes and I don’t think you should either. The world needs that special thing that only you have. Don’t hold back.

I have done SO much work around my relationship with money and I truly work on it every day. Stuff comes up, our edges are pushed, so I am always returning to what I know to be true about money. Here are some of my core beliefs about how money works for me. I’ll let you borrow them (I’ve borrowed some of them from my mentors over the years) if it feels right for you:

• I love money and money loves me.

• Money is an unlimited resource, and it is always flowing my way.

• I can always make more money.

• Money always shows up for me.

• Money is a reliable, trustworthy resource in my life.

• As soon as I release money, 10x that amount is already on its way to me.

• The more gratitude, the more joy, the more love in my heart, the more money in my bank account.

• The more fun I have, the more money I receive.

• Money loves to support me.

• An overflow of abundance is my natural state.

• Money flows to me like oxygen.

• When I support life, money supports me.

Just a few to get you started. Remember, money does not have feelings about you. Money is a neutral resource responding to your energy.

Release. Receive. Release. Receive. Gratitude. Gratitude. Gratitude.

Xoxo,

Em