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What are 9 steps I can take right now in my business for a better tax situation next year?
Season 6 Episode 348
Are you feeling overwhelmed by your tax obligations as a small business owner? You're not alone, and today we tackle that very issue. Ralph shares nine battle-tested steps that helped Mark save over $30,000 on his taxes while keeping his employees. From reviewing your business structure to maximizing deductible expenses, these strategies merge smart financial planning with faithful stewardship. As we navigate the complexities of taxes, remember that making informed financial decisions can empower you to take control of your business and alleviate that gut-wrenching feeling when tax bills arrive. Join us as we explore practical solutions that align your financial success with your Christian values—laying the foundation for a better tax situation next year.
https://www.askralphpodcast.com/better-tax-situation-next-year/
Podcast Timestamps:
00:00 Episode Overview: Mark's Tax Struggle
01:16 Listener's Tax Dilemma
02:52 Join the Live Community
05:04 Bible Verse: Matthew 25:14-21
07:03 9 Crucial Steps I Can Take For a Better Tax Situation
07:11 #1 Review Your Business Structure
08:02 #2 Maximize Deductible Expenses
09:17 #3 Plan for Equipment Purchases
10:41 #4 Consider Retirement Contributions
11:57 #5 Review Your Inventory Management
13:35 #6 Assess Your Home Office Deduction
14:27 #7 Explore Tax Credits
15:25 #8 Defer Income (Strategically)
17:00 #9 Consult with a Tax Professional
18:40 Big Takeaway
19:08 Call to Action
20:45 Action Steps for Financial Success
22:06 Final Thoughts
Takeaways:
- Review your business structure annually to optimize tax savings and financial efficiency.
- Maximize deductible expenses through systematic tracking and accounting software for better clarity.
- Plan your equipment purchases strategically to take advantage of tax deductions effectively.
- Consider retirement contributions throughout the year to secure your future and reduce taxable income.
- Explore available tax credits relevant to your business to enhance financial health.
- Consult with a tax professional regularly to navigate complex financial decisions and save money.
Links referenced in this episode:
- Ask Ralph Insiders Community https://mailchi.mp/askralph.com/group
- Ask Ralph Show Live https://askralphpodcast.com/live
- What is your question that you would like to ask Ralph? Send Your Question here: https://justaskralph.com/
- Join our email list and get a free copy of “Mastering Your Finances” at https://askralph.com/
Companies mentioned in this episode:
- QuickBooks
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Published on 1 year ago