2018 Tax Implications
In honor of last week, our favorite American holiday -- Tax Day!
Many entrepreneurs rely solely on accounting professionals to handle their taxes. "My accountant takes care of that" -- a rookie mistake.
Accountants are technically proficient, yes, but they are not as strategically proficient as you, business owner. If you are the type of person who wants to be strategic about your business, then study, and plan, for the implications of the 2018 tax changes. It sounds basic, but too many people do not do this.
Tax planning should be a fundamental tenant of your business operations throughout the year. After all, what you spend, save, and where you invest directly impacts your bottom line as a business owner/operator.
Your rate of return should be compared against your effective tax rate to determine if money is better reinvested or saved this year. This is what large corporations do as a matter of course. Act like the big guys, and plan.
Every entrepreneur (who hasn't already) must study these changes, and consider their implications, carefully.
Jessica Higgins, JD MBA BB is a workplace design expert. She researches, writes and consults in organizational culture design including the future of work, millennial workforce management and the power of workplace diversity. Her book, The 12 Most Effective Business Communication Skills, will release in August of 2018. Her writing has been published in Huffington Post, Entrepreneur, Thrive Global and over 20 other news media outlets. She is based in Miami Beach, FL and travels worldwide.