Tax planning as a small business is crucial to financial success, and that’s all the more reason to get ahead of tax season. Waiting until the eleventh hour to get the ball rolling increases your chances of getting an audit.
You also run the risk of missing out on significant tax deduction opportunities. Create a plan that flips your tax woes into business transactions.
Mike Jesowshek explains that the biggest mistake made by small businesses is failing to plan. “Most people look at taxes and think of taxes as something that you do in March and April.”
He shares that businesses should be thinking about what can be done throughout the year to save as much as legally possible in paying taxes. “The fact is that if we’re only doing taxes during tax season, there’s a lot of strategies we’re missing out on because we did not implement them throughout the year.”
A Sneak Peek
Then you start to have this financial freedom, which kind of clears the worry of ‘what if this all fails.’
More of what you can expect to hear:
- How to see success by modernizing your accounting practices.
- Tips to bulletproofing yourself for an audit.
- Transforming after-tax dollars into pre-tax dollars
About “Winning on Main Street”
“Winning on Main Street” isn’t your everyday business podcast. Learn how to run a small business in today’s evolving landscape.
In each episode, Gordon Henry brings together small business owners and industry experts to discuss the challenges of starting a business, keeping it running and how to get ahead.
About Gordon Henry
Thryv’s Chief Strategy Officer Gordon Henry hosts “Winning on Main Street.” Gordon is passionate about helping small businesses grow, modernize and thrive in today’s environment. Gordon has more than 25 years of experience in client acquisition strategies and marketing. He’s also a leader in enhancing company images through public relations, brand management and advertising.