Tips to Help You Improve Your Business’ Financial Health

Even with good intentions, this is the time of year in which some of us start to give up on our personal resolutions to become healthier… Whether or not you’ve been successful at losing weight or eating healthier so far this year, you can still work on the financial health of your business. Here are […]

financial tips for your businessEven with good intentions, this is the time of year in which some of us start to give up on our personal resolutions to become healthier…

Whether or not you’ve been successful at losing weight or eating healthier so far this year, you can still work on the financial health of your business.

Here are 5 tips to help you do just that:

Stay aware of your Adjusted Gross Income (AGI). Your AGI, or your Modified Adjusted Gross Income (MAGI) can bring tax breaks, limitations, or have other implications on your taxes, so you want to keep an eye on it.

Be strategic about business expenditures. Whether it be depreciation, timing for purchases, or timing for claiming certain losses, be sure to sit down with us to go over ways we can help you reduce your taxable income this year and next.

Take advantage of fringe benefit plans for employees. You may be able to setup or implement tax-free fringe benefits such as medical coverage, certain retirement plans, disability insurance, educational assistance, transportation benefits, and more. These can be appealing because it can reduce your taxable income.

Remember to reward or reinforce your key team members. An effective way to retain your top talent is to make sure they feel valued. Acknowledge their value through word and if appropriate, be open to increasing their compensation. That can help keep them as engaged as possible, and can reduce potential hiring and training costs in the future.

Ask us if you’d like to learn other vehicles and ways to compensate and/or financially incentivize your top talent.

Meet with us. We want to help you throughout the year, but right now is another time you can be planning for the future. Meeting with us to go over these tax moves can help keep your company as healthy as possible. It can also potentially save you significant amounts of money.

Source: SmallBiz Ahead.

Have questions or want to set up an appointment with us? Give us a call today: (513) 576-1989.