As a business owner, one of the most important things you need to do is to find ways to reduce your taxes. Reducing your tax is 100% legal so there’s no reason to be intimidated or scared.
2020 has been a very challenging year for everyone. In fact, we were so close to giving up over the last summer.
Have you hit your financial milestone as an LLC? Are you now in a position where you’re getting a net income? If so, there are things you can do to help you save on your taxes. Because you could actually be overpaying in tax to some degree, depending on your situation.
It’s so easy for us to just mix our personal finance with our business finance. And if you’re not being intentional about it, you’re going to struggle with this later on. Especially when you’re in the early days of your entrepreneurial journey, you might find it very difficult to separate the two. And if you’re 100% the owner of that business, it’s almost always easy to say that it’s yours anyway.
Have you ever experienced getting an email from a client saying they don’t want to work with you anymore? Or how about a team member who has contributed so much in your company decided it’s time to move on?Those are hurtful situations and it’s hard not to take it personally.
Have you gotten to a point in your business where it doesn’t feel like fun? When your business is that taxing on you, and you’re not getting away from it to recharge, the last thing you want to do is quit your business.
Many business owners are continually running on all cylinders in their business and they don’t understand what a good set of books could do for them. That’s why people need to have a clear vision of their business finances so they can reap the “play” benefits of owning a business.