Are you looking to take your business tax strategy to the next level? Here are some basic – but powerful – tips to keep you on track for next tax season. Leverage Your Business Expenses One of the worst feelings, from a business operations standpoint, is learning about a new or applicable deduction after you’ve filed your business taxes. Business expenses, in nearly every form, are a perfect opportunity to boost the effectiveness of your tax strategy. And it’s more than just keeping your receipts organized. When you are thinking about your business taxes, you should also be thinking about your business expenses – the ones you have, the ones you need, and the ones you could take on to optimize your tax return and refund status. From loan interest to home office expenses, insurance, and work-related meals, you’ve got a lot of expenses tied to your business. Start strategizing ways to make those expenses work for you. Instead of waiting for old equipment to break down or reacting to expensive, production-halting expenses, plan them out where you can. Your company cars are always depreciating – create a good schedule for replacing them or servicing them that also maximizes your financial benefits come tax time. Donate with Purpose Some of the biggest tax deductions can come in the form of charitable donations. But creating a good tax strategy means not only taking into account how much your business can give, but also what organizations you’re giving to and how they could build helpful professional connections down the road. Partnerships with charitable organizations are a great way to: connect to specific communities build rapport with philanthropic movements in your industry show your clients and customers that your business is an asset to the field you work within. You can choose where to donate based on the charity’s proximity to your industry, your brand values, and the communities in which your businesses reside. Choose Your …
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