Date: February 3, 2023
3 Tips to Stay Ahead of Your Finances in 2023
With the tax deadlines approaching quickly, it may seem difficult to try and remember all the new updates and forms you’ll need to file for this tax season. It’s easy to get overwhelmed since there seems to be so much to do (and not enough time to do it all)! Most business owners aren’t going to think about taxes until April, when the tax return filings are due. The approaching deadlines are leaving many wondering how you can legally pay less in tax. Read on to see our top tips to help you reduce your tax bill and plan ahead.
1. CFO services – Having trustworthy financial support on your side will help you confidently answer important questions like “How can I grow my business? and ‘Am I pricing my services correctly? With a virtual CFO in your corner, not only will they help you answer these (and many more) questions, but they will also help you reach (or even exceed) your financial goals. Think of a CFO as an investment in the growth and success of your business. With this strategic partnership, you can ensure that you will always have a plan in place.
2. Save money by hiring a Virtual Assistant – It may seem counterintuitive to spend money to save money, but keep in mind that learning how to properly delegate things that don’t require your immediate attention gives you an opportunity to focus on more important things, like bringing more revenue into the business. As your assistant gets up to speed, they will really start to save you time, which saves you money. Having a virtual assistant to help manage your emails, schedule clients, and send invoices, etc., will also help you manage your time efficiently, and keep your clients happy.
3. Tax Planning – Many business owners hire someone to prepare their taxes and hope that who they have hired will save them money. Hiring an expert is a smart move and will ensure timely and accurate filing. No doubt your tax preparer is doing a good job, but what you may not realize is that unless you’ve specifically discussed tax strategies to put in place to reduce your taxes every year, there’s a very high chance you’ll wind up overpaying. It is better to be proactive and enlist the help of a tax strategist to ensure you’re taking steps throughout the entire year to reduce your tax bill. By reducing your tax bill, you will be able to put that money into the bank for a rainy day (instead of sending it to the government), and you’ll be that much closer to crushing your goals and having a nest egg to fall back on when the unexpected happens.
We love helping our clients reduce (or even eliminate) their tax bill, so that they can invest in their retirement and future. We are passionate about helping small business owners crush their financial goals and not overpay in taxes, with legal, transparent strategies. If you don’t have someone in your corner, we are happy to help. Click here for a complimentary assessment and start saving!