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Santa's Tax Savings Success Business Model
Texas business owners are facing serious challenges, from finding reliable workforce to preserving a cash flow that allows their business to grow. Like Santa, you could also hire a tax strategist and take advantage of the operational aspects of your business to slash your tax bill:
Advertisement for Your Small Business
There is a tax deduction for advertising expenditures. This means that if you advertise your business and meet certain criteria, then some of those expenses can be deducted on your income taxes. Advertising can include things like radio or television ads, flyers on the street, print media such as newspapers and magazines and internet ads.
The key to claiming this deduction is proving that the advertisement was primarily for business instead of personal reasons. A common example would be an ad on Facebook for a store’s sale items; this would qualify as an allowable expense under IRS guidelines.
Target your Business Audience
To be successful, any business must know its target audience. Understanding who you are targeting is the first step in developing a marketing strategy that will resonate with them.
This means knowing what they want and need, when they want it, how much they will spend for it, and where they find their information or shop for it. This knowledge can help you tailor your product or service so that potential customers see themselves reflected in everything from your logo to your company culture.
If you’re not sure which market segment to focus on, consider which age group do you think would most likely buy your product? Which gender? What lifestyle does this group lead? Where do these people live? And what values do these potential customers hold?
These are the questions that you must answer before you can determine who your target audience is and how to reach them.
The first step in knowing your potential customers is understanding what they want or need. Drawing on information from secondary research (such as surveys and demographic studies) helps you learn more about your potential customers.
Small Business Budget
If you run a business, chances are that you have to decide about money. Whether to spend extra money on advertising this month or how much of your budget is still available for the rest of the year; deciding about money can be stressful and time consuming.
In order to ease these problems, one must create a budget. A well-planned out budget will help you avoid financial pitfalls such as running out of funds before reaching your goal due to lack of planning. You will also know what expenses need to be cut if necessary in order to keep your company afloat when times get tough. Without a budget, it’s difficult, if not impossible, for any type of business to stay afloat and profitable.
We live in a world that is constantly changing. The pace of change has skyrocketed over the last decade, and will only continue to speed up as we move into the future. It’s not just technology that is changing; everything from demographics to consumer tastes are adapting at a breakneck pace. In order for your business to survive, you need to adapt quickly too!
In today’s economy, it’s not enough just to have an excellent product anymore; you also need an excellent infrastructure to support a robust customer service if you want people to buy from you day after day.
Technology has become such a large part of our businesses that it is now impossible to operate without it.
You can deduct the cost of technology from your taxes to save money in the long run. There are many ways to do this, but the easiest way is to keep records and receipts for all your technology purchases throughout the year. You should then go through them and find out which ones qualify as business related by checking against IRS guidelines on what qualifies as a necessary business expense. Once you know which expenses qualified, submit these expenses with your tax return so the IRS will consider them calculating how much you need refunded back to you.
Finding and keeping a Qualified Workforce
It’s not just about the paycheck; everybody wants to know they are appreciated at work, which is why employers should offer benefits that keep their employees happy and productive. Some of these tax deductible fringe benefits include:
- Health insurance
- Employee referral bonuses or awards
You can claim a tax deduction for the cost of providing your employees with fringe benefits.
Reduce your Tax Payments
If you want to learn more about how you can reduce your tax payments, reach out today. We would be happy to discuss our services with you and see how we can help you:
Do you need assistance lowering your 2021 tax payments?
Let’s work together to make your business more successful. We are here to assist you with any tax obstacles that are currently holding back or slowing down your company growth!
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End of Year Small Business Checklist
The end of the year is a great time to review your small business financial checklist and make sure that you are ready for the upcoming year.
Santa’s Tax Savings Success Business Model
Today’s business owners are facing serious challenges that allow their business to grow. Learn from Santa’s Tax Savings Success Business.
High Interest Rate on Commercial Loans
Commercial loans are great because you can fund your business; be on the lookout for high interest rates when you apply for a commercial loan.
How Rising Inflation May Lead to Higher Tax Bills
Inflation has been rising over the past year. Taxes haven’t increased as quickly as inflation, but now it’s possible to pay more in taxes than you used to; this is because the IRS calculates taxes based on income and inflation.
2021 Tax Law Proposals Timeline
The Biden administration has introduced a series of tax proposals as part of the Build Back Better initiative to pay for new government programs such as education and infrastructure.
Bipartisan Infrastructure Bill
House has agreed to a motion to concur in the amendments made by the Senate to the Bipartisan Infrastructure Bill.
Senate Democrats Float “Billionaires Tax”
A billionaires tax on unrealized appreciation has floated to make up for the billions of dollars in new revenue that would be raised by tax increase.
Build Back Better Act (Draft Released)
Build Back Better Act has been launched includes approximately 1.75 trillion dollars to combat climate change, extend health care and ease child poverty.
Capital Gains, a Retroactive Timeline
With the new tax hikes proposal developed this week in Washington, there are notable changes coming to your capital gains and dividend income taxing.