Tax Season 2021

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Santa's Tax Savings Success Business Model

Infographic using Santa Claus Enterprise as an analogy for business owners to enhance business culture and reduce taxes

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.

Technology

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:

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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