We all have paid dumb taxes. But you should only pay the dumb tax for a given mistake once. Then you have bought your wisdom. Hopefully.
Some of us are paying dumb taxes and we don’t even know it. Maybe it’s each week on payday. Maybe it’s on each sale. Maybe it’s on each unhappy customer.
Maybe it’s because we do not have good financials, or we get them and do not understand the tale they are telling.
Maybe it’s because we have blind spots as a leader and we do not get help.
There is a leader somewhere that can take over your business and make it go better than you can. They are not paying as many dumb taxes as you.
Stop paying taxes you do not have to pay.
Hi Larry, Thanks for the post. Would you mind elaborating on what you mean by “dumb tax”? I am a firm believer in proper tax planning and don’t enjoy paying taxes more than anyone else but I find it a bit of a struggle to sift through the extreme theories that are floated out there. One side saying if you manage things right and know the right tricks you basically dont need to pay any taxes. The other side saying just pay them because sooner or later they will catch up with you anyway. Just wondering if there is something I am missing if “someone else is paying less dumb taxes”?
I have heard this term used before and completely agree. The “dumb tax” is the price you pay for doing something “dumb” and then having to make good on it. Of course at the time it might not have seemed dumb but then hindsight shows just how dumb it really was. Hopefully hindsight also teaches us how to better identify being “dumb” in the future. I agree we certainly shouldn’t pay the “dumb tax” more than once! If we don’t learn our lesson the first time we do something dumb then we will literally get “dumb taxed to death”!