For most people, tax season is an eternity away. But, for business owners, managers and entrepreneurs, this is the time to start getting your ducks in a row.
The fiscal year’s end marks the point of no return. What happens in 2017 stays in 2017. After December 31st, your books are closed, your debits are your debits and your credits are your credits. So, why are savvy business people scurrying right now instead of enjoying their holidays and their profits?
Well, the fiscal year may be coming to an end but business goes on. That’s why now is the time that the smartest business owners are getting ahead. Right now is the last chance of the year to not only reduce your taxes owed on your profits but also ensure continued profits in the year to come.
The one trick to reduce your taxes due and also increase sales in the next year is simple. Be proactive and stock up!
Here’s how. While you may be up-to-date on inventory, office supplies and other expenses, there is one thing that you can never have enough of- SALES! So, now is the time to stock up on those things that drive sales in your business. This is helpful for two reasons. Firstly, you can offset your business’s profit (and therefore taxes due) by making purchases before the closing of this year’s books. In addition, you can set yourself up for success next year by getting your marketing in place now rather than after January.
To do this successfully, however, you will have to be tactical. There of some expenses that are on-demand, some that are unforeseen; but, there is one thing that you know you will be doing in the upcoming year- marketing your business.
By getting your marketing materials now you can ensure a prosperous new year while avoiding paying taxes on all your profits this year. The best things to order now are things that do not expire and can be used anytime. Order a few thousand Flyers with a great offer and you can distribute them throughout next year, order new Signage and Point-of-Sale Materials to give your storefront a fresh look or even increase traffic to your website by getting started with Search Engine Optimization and Email Marketing. Order any of these products now to reduce your taxes due and ensure you business is ready for the new year.
Bottom line, want to make sure to pay minimum taxes for the year while boosting sales for next year? Get your marketing started now.