As a small business owner, the taxes you pay are a major concern. The more money you keep, the better off your business will be.
As a small business owner, the taxes you pay are a major concern. The more money you keep, the better off your business will be.
That's why it's important to understand how taxes work for individuals and businesses. Here's some information on how to minimize your taxes in 2022 if you're a small business owner:
1. Keep more of what you earn
As an employee, your employer deducts part of your paycheck for federal income taxes — and passes along what's left to you as net pay on payday. You don't have much control over this process, but as an employer, there are many things that can affect how much goes into your pocket each payday:
Your take-home pay is based on gross pay minus deductions and other withholdings (such as mandatory Social Security contributions). If your gross pay is reduced by too many withholdings or deductions (such as health and retirement plan contributions), then too much money is being taken out of each paycheck — meaning less will be available for saving or spending later on.
2. Set goals
Once you know where you want to go, it's time to set goals for how far in advance you want those things accomplished by. For example, maybe one of your goals is that by 2021, 60 percent of your customers should be coming from referrals. That way, when it comes time to review how close or far away from reaching this goal, you'll know exactly what steps need taken in order to reach it by 2022 or 2023.
3. Hire a Virtual Assistant
Virtual assistants can help you manage your workload, allowing you to focus on what’s important — growing your business. They can take care of administrative tasks like answering emails and scheduling, so you have more time to focus on other things like sales or marketing strategies. If you don’t have the budget for hiring a full-time employee, hiring a virtual assistant may be a good option for you.
4. Upgrade Your Website
If you haven’t updated your website in years or if it looks outdated or dull, it’s time for an upgrade! The first step is making sure that your site is mobile-friendly — over 50% of searches are from smartphones and tablets, so if your website isn’t optimized for mobile devices, they could be lost traffic opportunities. Next, make sure that the content on your website is relevant and useful to visitors — this will encourage them to stay longer and engage with your company more often.
Here at Aquila Legacy Group, we are specialized in teaching small business owners how to keep more of what they earn through investments. If you are curious about our unique approach, schedule a complimentary consultation on our website. We look forward to speaking with you!