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February 1, 2023
Today marks the start of Black History Month in the U.S., so for your reading pleasure, check out marketing advisor Lola Bakare’s article on what your Black employees wish you would and wouldn’t do for Black History Month.
Hot off the SMB press this week:
But first, here are some headlines that caught our attention this week.
TL; DR
TAX DAY COMETH
Just a friendly reminder:
The U.S. business tax filing date is coming — and it’s coming soon. In fact, we’re talking about a matter of weeks:
That means that it’s time to take a look at your business’ tax situation and figure out how much you owe the IRS.
But did you know…
You can potentially save yourself quite a bit of dough? In fact, there are a ton of ways for small business owners to reduce their tax liability every year.
The bad news: The IRS doesn’t make it easy to file taxes, especially for businesses. So, how can you save the most money without wading through piles of paperwork? Fret no more — here are seven of the best ways for small businesses to save money on their taxes:
1. Fund retirement plans.
You can get some pretty sweet tax savings by setting up and funding a retirement account through your business. The IRS recognizes several retirement savings accounts (including Simplified Employee Pension Plans and one-participant 401(k)s) that can help you maximize your retirement savings and get you some nice tax deductions.
Even if the tax year has ended, you can still make retirement account contributions and reduce your total taxes for that year. Plus, setting up an employee retirement plan can save your business money on employee payroll taxes (under the Federal Unemployment Tax Act).
2. Set money aside for healthcare needs.
Healthcare isn’t cheap — the good news is that as a business owner, you can lower your taxes by setting aside some cash for your healthcare needs.
If you’re self-employed, you may be able to deduct some — if not all — of your health insurance premiums from your tax bill. And if you set up a Health Savings Account (HSA), you get a triple tax advantage — your HSA contributions are considered pre-tax, grow tax-free, and can be withdrawn for qualified medical expenses tax-free.
👉 Read on for info on tax credits and 4 other tax-saving tips.
BUSINESS GAINZ
It’s time to take the business to the moon. 🚀
So. Your business is ready to take the next steps towards growth. 2023 is THE YEAR. You can feel it.
But… what’s the best way to scale your company efficiently and effectively so that you’re ready for all of that unbridled growth heading your way? We asked our top six Trainual Certified Consultants their advice for small business owners looking to start 2023 on a strong note and hit their goals. And since these are the top six out of nearly 400 Certified Consultants, you know this advice is top-shelf.
Well, let’s get started!
First up:
1. Don’t rely on common sense when it comes to documenting your processes.
That nugget comes from our top certified consultant Connie S. Falls. “There is no such thing as common sense,” says Connie. “There is only documentation.” Meaning, when you’re documenting your company’s processes, you can’t rely on what you think is common knowledge if you want your team to execute those processes the right way. Be as specific as possible with your documentation — don’t assume anything is common knowledge when you write down the process.
2. Reduce your financial risk by standardizing your processes.
When people think of reducing financial risk, slashing expenses is typically the first response. But our number two ranked certified consultant, Chris Gwinn, suggests there are more powerful ways to do that.
“Become more lean by standardizing your operations,” says Chris. By coming up with standard processes of what you do well in your company, it’s easy to bank on getting consistent results every time. That means steadier revenue — and less financial risk. Chris also suggests documenting those standard processes in a system like Trainual that can help get your team aligned on executing those processes in the correct way.
👉 Read on for the rest of our consultants’ tips.
LOOK MA, WE MADE A PODCAST
Some of the best things in life come in small packages. Like, the fun size candy bars you buy for trick-or-treaters (and end up eating yourself). The New York Times’ daily mini crossword (because the full version is a commitment). And Organize Chaos episodes (business tips and tricks in less than 10 minutes? Sold.).
Throughout the week, founder and CEO of Trainual, Chris Ronzio, offers up free entrepreneurial and small business leadership advice on the podcast, covering everything from people to processes to productivity — and how to organize your life around it all. The best part? Each bite-sized episode is less than 10 minutes.
Check out some of our most recent episodes:
