Suprisingly Simple Small Business Tax Strategy
Are you taking advantage of small business tax strategies?
Right here, you will read of a shockingly simple but often overlooked tax strategy that can line your own pockets instead of Uncle Sam’s!
Some time ago, after the prodding of two sons, I decided to try hi-test gas in my car and see if it made a significant difference in my gas mileage.
Although the final jury is still out, let’s just say I was pretty surprised when I saw how many miles my tank had clocked for the duration of the initial testing period.
But, being particular about giving you verifiable results, I have decided to do another test to see what readings I get.
I have (reluctantly, I might add) put 5 gallons of regular gasoline in the car to measure the mileage I get.
Then I will do the same with the premium gas and let you know what happens!
Why the attention to detail?
Simply because I’ve learned that testing the “little stuff” leads to saving the “big bucks” all across the board!
Case in point:
I asked my hairdresser the other day if she was self-
employed. She is. Then I thought to ask her if she
writes off various expenses. She does.
But then I asked her if she writes off the mileage to and from work?
“I only live 5 minutes away,” she said.
But she also told me she goes into town at least 2-3 times a week to buy hair products for her customers.
So I did a quick calculation in my head, based on
what she just told me. (This is a very conservative estimate)
3 trips to work at 10 miles = 30 miles.
3 trips into town at 15 miles = 45 miles.
At the current IRS allowance of $.51 per mile, any idea what that amounts to over the course of a year?
Are you ready?
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Without including her conferences and trainings, but just counting the “little” mileage she travels each day, she has earned $1989 in tax write-offs – that she has never claimed!
See what I mean? I was pretty shocked when I realized how much money she was giving away that is rightfully hers!
Let’s see – what could I do with an extra 2 grand per year in write-offs that I don’t have to pay Uncle Sam?
What would YOU do with an extra $200 – 2000?
This is a simple small business tax strategy that can save you mega bucks!
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So, you can see that testing and tracking are a vital part of your business – whether it’s the gas in your tank, the mileage you put on your car for business purposes, or the return on investment you gain from your various methods of advertising.
Are you tracking and testing?
Or does someone do it for you?
* Are your Yellow Page ads bringing in clients?
* Is your website converting visitors to leads and prospective customers?
* Think through the methods you currently use to gain exposure to your target market – are they effective?
I encourage you to begin tracking – and to capture those results and create a blueprint for how to improve on the winners, and leave behind the losers.
Attention to detail is a quality that always shows – and it pays.
Related Posts
Susan’s Story – Part 4: Putting It All Together – Strategy in Business for a Balanced Life
Susan’s Story – Part 3: Powerful Business Strategy Tools of Action & Accountability
Susan’s Story – Part 2: Overcoming Overwhelm with a Family Business Strategy
Susan’s Story – Part 1: Business Strategy Case Studies
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