woman counting coins into palm of hand

It’s Tax Time – Are You Prepared?

At this time of year, many of us are in tax mode. Sure, not everyone will pay their taxes in January, but if you are self-employed, this the time when money is due. And if your taxes aren’t due yet, you may also want to be thinking about any payments that you have coming up. So, it’s time to ask yourself, are you prepared?

Working With An Accountant

First of all, if you’re not working with an accountant, you might want to consider that now. Yes, they can be an expense, but you’re also going to find that you get invaluable advice from your accountant that can benefit the business going forward. Plus, you’ll also get your taxes processed for you.

Finding A Financial Balance

Then, when it comes to your business finances, you need to make sure that you have a balance in place. This is between making enough profit, but then not overpaying on your taxes either. And there’s a fine line.

Being Tax Efficient

And finally, to make sure that you’re able to do that, you absolutely need to make sure that you know what you need to do to be tax efficient. Your accountant should really allow you to do this. And, at the same time, you need to educate yourself on that. From ways in which this can benefit your business finances, to benefiting the business overall, influencing the insurance in the infographic below, this should help you to improve your business finances going forward.

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Photo by rawpixel on Unsplash

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