Before a new product or service comes into the world, there’s an idea. Some of the most successful ideas were sketched out. Did you know that the Laffer Curve was sketched on a restaurant napkin in 1974 by economist Arthur Laffer?
This concept was the foundation for supply-side economics. That’s only one example of world-changing ideas exchanged in restaurants and over cocktails. Cisco began with an idea on the back of a napkin, too. Here’s a great video called “The back of the napkin” explaining why this happens a lot. And maybe tonight, a couple of aspiring VIPs are meeting in one of our famous San Francisco clubs or dining establishments, sketching out the next big idea.
Great ideas can come from anywhere at any time. If an individual struggles with a problem, the process of finding a solution can last for months or years. Or it could be as simple as jotting down the current problem. Normally, there is a creative process to achieving a good idea. Clemson University explains the five-step creative process. Stages include brainstorming and letting the mind wander. The next step is to walk away from the idea and let the subconscious continue to work on it. Eventually, it all comes together, and that ‘Eureka’ moment arrives.
This process doesn’t just work for creatives and business leaders. It can span any sector, and the idea could come from anyone. Living in the Silicon Valley region shows that creativity isn’t just for the arts. An idea can impact healthcare, financial institutions, and the way we conduct commerce. We definitely know this applies to technology!
Don’t get a headache over how to manage tax preparation. Go directly to an expert instead
If you are ruminating over how to create a smart tax preparation plan, there’s no need to wait for your subconscious to bring things to the surface. That problem has already been solved by our Safe Harbor CPA’s. We understand a solid plan for business or individual tax filings isn’t a ‘one size fits all’ solution. There are plenty of details to consider when we customize a tax prep solution for each of our clients. Like a solid idea, there are also a few foundational practices we apply to each one, such as;
- Gather and organize all documentation: social security numbers, tax IDs, Federal EIN, partnership agreements, and articles of incorporation.
- Collect and review all assets, including rental property, business property, cars, boats, and planes.
- Review receipts and expenses: leases, deductible items, charitable donations, debt, etc.
- Review past tax filings and current financial software used: Is it working? Should there be an upgrade in financial tools?
This is only a basic outline, but it moves our process in the right direction. During the planning stage, we will look at how to optimize tax assets and mitigate tax expenses. We’ll also look at new strategies that leverage investments to help build income that can be reinvested into the business.
Our Safe Harbor CPAs can help San Francisco with other financial services, including bookkeeping and tax analysis to support long-term tax planning. Don’t try to sort out the problem on your own; let us help you get from a simple sketch to a full-blown, successful tax filing practice!
