When tax season approaches, it’s easy to feel like taxes are just another burden on your already full plate.

Most of us deal with it reactively, scrambling at the last minute to gather paperwork, answer questions from our accountants, and hope to come out the other side without owing more than we expected.

What if taxes weren’t so complicated? What if we approached them as part of a broader strategy for financial growth and business success?

As a business owner or manager, you have a unique opportunity to take control of your tax situation by changing your perception of it. By changing your mindset and adopting smarter habits, you can reduce stress, make better decisions, and even use taxes as a tool to achieve your personal and professional goals.

Here’s how you can start thinking differently about tax, plus some practical steps to help you take action.

Think long term

Be proactive, not reactive: Most people only think about taxes when they have to, whether it’s tax season or when they receive a notice from the IRS. However, proactive tax planning can significantly improve your financial situation and peace of mind. By thinking ahead and treating tax planning as a year-round responsibility, you’ll avoid last-minute surprises and stress. Most importantly, you’ll discover opportunities to save money and make better financial decisions.

The Growth Mindset: Taxes are not just a bill to pay or an expense to minimize; they are part of the broader framework of your overall financial strategy. When you view taxes as an integral piece of your personal and business financial puzzle, it changes the way you approach them. Instead of focusing on short-term tax avoidance, you’ll start thinking about how taxes fit into your long-term growth plans. Are you making decisions that align with your vision for the future? How can your tax strategy support your goals, whether it’s reinvesting in your business, expanding your operations or growing your personal wealth?

Build Better Habits

Review Financial Status: Many business leaders and owners schedule regular check-ins with their teams to review business performance or discuss progress against key goals. The same discipline should apply to tax planning. Instead of reviewing your tax situation once a year, organize quarterly or semi-annual checks to assess your situation. Are there any new deductions you can take advantage of? Have your financial goals changed? Do you anticipate changes in tax legislation that could impact your strategy?

Delegate, Stay Committed: If you run or run a business, you probably already work with a team of experts to help you financially, including tax advisors, CPAs, and attorneys. Delegating detailed work to these professionals is a smart move, but it doesn’t mean you should remove yourself from the process completely. Stay engaged in high-level discussions about your tax strategy and make sure you understand how their recommendations fit into your overall financial goals.

Make taxes less stressful

Taxes and Decision Making: Whether you’re purchasing new equipment, considering an expansion, or even making personal investments, it’s important to consider taxes in your decision-making process. Understanding the tax implications of major decisions helps you avoid surprises later. For example, purchasing new equipment for your business may provide immediate tax benefits in the form of deductions or credits, but it’s also important to consider the long-term financial impact.

Structure compensation wisely: As a business owner or manager, the way you receive your compensation can have a significant impact (TP1) on your tax liability. From salaries and bonuses to stock options or pension contributions, different forms of compensation carry different tax consequences. It’s worth working with a financial planner or CPA to ensure your compensation is structured in the most tax-efficient way. Small changes here can lead to significant savings over time.

Managing stress

Calm under pressure: Let’s face it: taxes can be stressful, especially if you don’t feel prepared or don’t know what to expect. But letting that stress take over can lead to poor decision-making or even avoidance. By remaining calm and practicing mindfulness during tax time, you will be better equipped to make clear-headed decisions. It can be as simple as setting reminders to start early, organizing your paperwork throughout the year, and keeping the lines of communication open with your advisors.

Clear Communication: One of the easiest ways to avoid tax-related stress is to make sure everyone involved in your tax planning is on the same page. Whether it’s your accountant, financial planner, or business partners, clear and open communication ensures nothing is forgotten. This not only reduces the risk of errors, but also makes tax time a much smoother process for everyone involved.

Tax needs of individuals and businesses

Tax Strategies: If you own a business, it’s easy to get caught up in the day-to-day demands of running the business and forget how your business tax strategy impacts your personal finances. Successful business leaders and owners think holistically about their tax planning. Are your business decisions aligned with your personal financial goals? For example, if your goal is to save for retirement or invest in real estate, your business tax strategy should support those goals.

Keep it simple: You don’t need to become an expert in tax law, but you do need a strategy. Simplifying your approach by setting up automated payments, working with trusted advisors, and establishing clear routines can make tax planning much more manageable. This will free up your time and energy to focus on growing your business and achieving your personal financial goals.

Key questions

Here are some questions you can ask yourself to change your thinking about taxes:

— “Am I thinking about taxes as part of my overall financial strategy?”

— “What small steps can I take now to make tax planning easier in the future?” »

— “Who can I count on to help me with the details while staying focused on the big picture?” »

Thinking about the future

Stay Informed: While you don’t need to become a tax professional, having a basic understanding of how taxes affect your business and personal finances will help you make better decisions. Don’t hesitate to ask questions, learn about new tax laws and stay informed to take advantage of opportunities as they arise.

Plan for the future: Taxes play a role in many of the important decisions you’ll make, whether you’re planning for retirement, considering your estate, or growing your business. By remaining proactive and planning ahead, you can avoid surprises and ensure your tax strategy supports your long-term goals.

By changing your approach to tax – from mindset to actions – you can reduce stress, stay in control and even unlock new growth opportunities. Taxes don’t have to be a headache; With the right strategy, they can be a valuable tool for your personal and professional success.

Patti Cotton is the thought partner for CEOs and their teams to help them navigate complexity and change. Contact her at [email protected] .