In this short “Vast Voice” episode, R. Kenner French and Liliana Falconer dive into a quick but impactful discussion on the importance of tax planning for entrepreneurs. Kenner explains that most business owners don’t prioritize or organize their taxes throughout the year, often scrambling to gather receipts and information only when tax season arrives. This reactive approach leaves little room to reduce tax liability. Instead, he stresses that starting tax planning early allows business owners to structure, strategize, and potentially lower what they owe when filing time comes.
They emphasize the value of quarterly meetings with a tax professional, whether through VastSolutionsGroup.com or another trusted provider, to continually review cash flow, employee numbers, and past tax liabilities. Kenner warns against the common “rearview mirror” approach to taxes—only looking backward after the year has ended—likening it to driving through a forest while staring behind you. By contrast, proactive, forward-focused planning enables adjustments during the year that can meaningfully reduce the final tax bill.
Liliana caps off the discussion with a memorable analogy: “rip off your rearview mirrors” and look ahead, contacting a tax professional to map out the year. She explains that by doing so, business owners can identify and remove obstacles (“boulders”) in the way, making the financial road smoother and more predictable. Kenner praises this analogy, reiterating that entrepreneurs should be working with tax professionals who understand forward-thinking strategies. The episode closes with a reminder that VastSolutionsGroup.com is ready to help entrepreneurs plan proactively and add value to their businesses.
Takeaways
• Begin tax planning as early as possible to allow time for strategic adjustments.
• Avoid the “rearview mirror” approach by planning before tax season arrives.
• Hold quarterly check-ins to track finances and make timely changes.
• Looking ahead helps uncover strategies and deductions to reduce your tax bill.
• Work with a tax professional who actively plans for your future, not just reviews the past.
Soundbites
• If you’re preparing early, you can structure and plan — and maybe even lower your tax liability.
• Waiting until tax season is too late to do much of anything except write the check.
• Tax planning is like driving — you can’t keep your eyes in the rearview mirror.
• Rip off your rearview mirrors and look ahead.
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