Is Easier Better?

Published over 5 years ago • 1 min read

This week I decided to work on my taxes. I know the deadline has been extended*, but I really want to get taxes crossed off my to-do list.

In calculating my home office deduction, I did something a little different—I decided to take the easy way out and opt for the standard deduction, which was $1,500.

Then, I went back and recalculated my deduction by itemizing my home office expenses like I usually do, because I wanted to see how much money, if any, that would shave off the taxes I owe.

The result was considerably more than the standard deduction. The net effect of itemizing my home office expenses is about $3,000 in tax savings! That's no small change.

This little experiment reconfirms that easy isn't always better and, in certain circumstances, may actually be considerably worse than a more difficult or time-consuming alternative.

Consider this the next time you're making a decision about your business or when doing/reviewing your own taxes.

The key to deciding whether the easy way is the best way is by understanding your ultimate objective as well as the priority of importance to you of time, convenience, quality and costs.

Once you do, you should have a lot more clarity as to which option is right for you.

For me, I'll take a little extra paperwork and recordkeeping to save myself a few thousand dollars any day.

Want help putting this philosophy into practice for your business, let's talk.

PS - If you missed it, last week I discussed The Biggest Obstacle to Success.

Your success is our strategy!

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