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Paying taxes is a necessary part of running your jewelry business and a great indicator of the profitability of your jewelry company. But let’s face it – no one likes paying taxes and there are legal ways to reduce your tax liability this year.
Reducing your tax liability can feel impossible, especially this late into December. These tips are simple, actionable steps that you can take right now before January hits.
If you’re asking yourself…
How do I pay less tax with my jewelry business and take home more?
I’ve dialed in 9 different ways that you can reduce your tax liability that are simple, actionable steps to take right now before January hits.
Is reducing your taxes a priority for 2022? Listen for all my tips here…
GATHER YOUR RECEIPTS
Keeping track of all of your expenses is going to help with end of the year accounting. This way, you can make smart money decisions going into the new year. So take some time, and find those receipts and invoices of your expenses this past year.
PAY VENDORS EARLY
Get your marketing wants and needs organized for the new year. Know what you are trying to do in the new year. Plan, and make moves to get those things ready and wait for 2023!
INVEST IN YOURSELF AND YOUR BUSINESS
Take a look at your business. What does it need? That can be a wide range of things. As long as those items add value or growth to your business, you may be able to write them off for 2022.
The key to taxes is knowing what you have paid for and what you are planning on paying for. Keep yourself organized, hire a good accountant. and save your hard earned money.
Listen to today’s entire episode of Thrive by Design for tips to help you reduce your taxes for 2022! Please check with your accountant before implementing any of these tips on your own.