James H. Willis, III
Founder and President
The Willis Agency, Inc
1 Peter 5:7
The short answer is yes! Even Jesus speaks about taxes directly, reference Luke 20:25: “He said to them, ‘Then give back to Caesar what is Caesar’s, and to God what is God’s.’”
Romans 13:7: “Give to everyone what you owe them: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor.”
You see, how I pay taxes is a direct reflection of my integrity. Here are a couple beliefs that I have:
1) Paying income taxes is not a “bad” thing
2) Integrated tax planning is critical to long term financial success! I work very hard for you on this, it’s what I do.
3) Income tax planning requires legally specialized expertise. What is good for one home may be different from another.
4) Getting a large refund check can be a sign of poor stewardship. I know, I know, some people like that “surprise lump sum.” Nevertheless.
5) Even Jesus and the disciples paid taxes to the Romans, and we know they disliked the Romans.
That info in itself is a lot to think about and process. Sorry. I do not have room to elaborate, but we can set aside some time to get together. But wait, there is more. I want to give you several “conceptual” ideas.
Here we go!
• There is a direct correlation between income and income taxes due
• Tax reduction is a legitimate goal
• Tax reduction should never be the “tail that wags the dog.” Examples: Tax shelters and mortgage deductions.
• Inability to pay taxes that are due is symptomatic of poor planning. Taxes should never be a source of cash flow problems.
• Tax reduction and debt reduction are in direct conflict with one another. In order to decrease your taxes, you must decrease your income, which decreases your ability to pay off debt.
• Ultimately, all income, from whatever source, is taxed.
• Tax avoidance and Tax evasion are two entirely different things
• Disagreeing with the government is not a legitimate reason to not pay taxes
2 Corinthians 4:2: “Rather, we have renounced secret and shameful ways; we do not use deception, nor do we distort the word of God. On the contrary, by setting forth the truth plainly we commend ourselves to everyone’s conscience in the sight of God.”
And I also send with you this verse, which is a great set up for next month, Investing!
Proverbs 13:11 “Dishonest money dwindles away, but whoever gathers money little by little makes it grow.”
I know this is a stressful topic on so many levels. Planning and expecting to pay taxes helps avoid increased trauma. Personally I wish there was a flat tax, but that is just me. Keep it simple and everybody plays.
Caring for you and yours,