Why Doesn’t Everybody Take All Their Deductions?

Why Doesn’t Everybody Take All Their Deductions?

Is It Programming Or Just Lazy?

It amazes me the amount of people that say they want more money, but yet, leave one of the biggest holes in their money bag unplugged.

Even after 40 years of helping people reduce their taxes, I have not come up with a definitive reason. Here are some of my theories:

1.) Fair Share Guilt

Yes, believe it or not, the vast amount of people believe that if they take what is due to them, they will not be paying their fair share. This also points to feelings of guilt about money.

2.) I will get Audited

Well, if I take what is due, it will look like I’m greedy and the IRS won’t like that. Yes, the fear of the dreaded “a” word (and I don’t mean Amway) puts many people on the defensive. I’ve even encountered this on social media. People post, “You’ll get audited!!!” Yes, keep spreading false fears! (sarcasm!)

3.) Lack Of Trust In Their Record Keeping

Well, let’s face it, we can’t all be anal bookkeepers. But we can do what is required if we just knew how. Many people wait all year to do anything and it all just ends up in a shoe box. If you would take only one to two hours a month, it would all be good!

4.) Refund Programming

Well, as long as I have a refund, it’s ok. It’s funny. If I tell a client they have a refund that matches the prior year, all is well with the world. If I tell them they owe, then it ‘s all out chaos until sameness is restored. Even if they missed a ton of deductions, it is the way it should be if the same amount is coming back.

I can say with certainty that all of these theories are real in some people’s minds. They all can be overcome with good, solid education.

Once people realize that it is easy to keep good records and the IRS won’t steal your kids, you can start claiming what is rightfully yours AND build a big business at the same time. That’s right! I tie all tax deductions to business activity. If you do the activity, you get business AND deductions.

That is why my Tax & Business educational portal includes ways to build your business that tie into getting the maximum tax deduction.

CLICK HERE to find out more.