Navigating the Complexities of Personal and Business Tax Returns

It recently dawned on me that what takes most of my time when processing the Sunday Basket® is the CFO tasks. I used to spend time reconciling the checkbook, now paying bills that can’t be automated, and discussing with Greg what we’d like to do with any extra money. But also as the CFO, I considered the amount of time I think about our money, insurance, wills/trusts, and taxes. And you probably do too! This is a very important role in the part your small business (your home) plays in the nation’s economy.

You Must Prioritize Your CFO Role

You need to have life insurance, a will, and I talk about your taxes; all CFO responsibilities. What happens to your money in the event something happens to you or your spouse? I remember when I earned a cruise out of the country and we were discussing it with friends. It was brought to our attention that we should have a will and life insurance. When we really thought about how life would continue in the event Greg or I weren’t here, we realized this was a wise investment. And let me tell you that $32 to insure me for $100,000 almost killed us every month because we were down to the penny. And every December when we’d get the invoice for Greg’s much larger policy…ugh, I mean I still dread it!! But I understood the financial peace of mind it provided. Years later, I learned about trusts. And by that time we had a little money and some assets and that triggered me wanting a trust to explain our wishes of how the money would be dispersed to our children in the event it was necessary to access the trust. 

As the CEO of Organize 365® and my home, I am always thinking about how I can make us stronger and more resilient. And when I have asked that question in the past for Organize 365®, it has gotten the employees life insurance, Q-SEHRA health insurance, 401K, vision/dental, short term disability, and this year…long term disability for me. There are about 7 steps you need to take to get these safeguards in place for you and your family as the CFO. 

The Breakdown of Getting Financial Plans in Place

The Trigger - Maybe a friend goes through an unexpected event, you get advice, or you go on a trip and you realize it’s necessary. 

Research - Decide what you need and then when you find the right person, they can put all the paperwork in place. 

Contact Agent - Usually by the time I’m reaching out to someone, I’m ready to buy.

Fill Out Paperwork - They will give you the paperwork to get the information necessary to provide what you are hiring them for. 

Meet With and Pay The Agent - Bring the homework back to them and, of course, they want money for services rendered - this stuff ain’t free! 

Complete Actions - Once you get the final paperwork back, review it; update it when needed.

File It - File it for safekeeping and know where it is for quick access.

Knowing where you filed stuff brings me to the next topic of taxes. You all know I take care of a lot for Joey and Abby, including but not limited to their taxes. I have taught my children Organize 365® systems and we all use the same system of the Sunday Basket® and The Paper Solution® Binders. And I have organized my mother in law the same way. This makes it really easy for me to serve as everyone’s CFO. Multiple users, but one system. I look the same place for each person, just a different binder or Sunday Basket®. Now when it comes to Organize 365®’s taxes, things have gotten more complicated over the years and I have hired someone to help and provide advice on tax benefits I could take advantage of. Know when to consult the professional to protect your family’s financial health. 

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