A lot of small businesses try to save money in the short term. But those short-sighted decisions end up costing them far more over time.
Because, not thinking long term leads to wasted money and poor cash flow, and it’s often what eventually forces brands to close their doors.
But it’s not their fault. Experience is what gives you foresight, and when you don’t have experience because you are just starting out it’s easy to make future mistakes today.
One of the easiest ways to save money, that literally anyone can impliment today, is to do your taxes… properly.
Knowing how to work the tax system is a proven way to increase the cash in your business. And is the preferred secret tool the rich use to get richer.
It’s not that they have a different set of life rules than you, it’s that they know how to work the system, or they hire someone who does so they get the most out of it.
So if you could legally pay a third of the taxes you’re currently are, why wouldn’t you?
I know too many small business owners who do their own taxes. And sadly, when they do this, leave money on the table. FYI, hiring a professional accountant is a small drop in the bucket compared to how much they can save you (legally).
BTW, I’ve also watched too many small businesses try to ChatGPT their way to tax savings and end up getting themselves audited. Don’t use AI for your taxes… please.
So, today I’m sharing five tax hacks that the small businesses I work with love. BTW, this is just a small sampling, there are so many more ways a good accountant can save you money.
I have a lot of good stuff coming up!
Next Tuesday, September 1st, I’m hosting a live Zoom call for paid Substack subscribers called How to Find a Supplier in 15 Minutes.
At the end, I’ll also be doing a Q&A to answer all your questions.
Want access? Become a paid subscriber - it’s only $5/month.
And on Wednesday, September 2nd, doors open to Source My Garment - the 30-Day Challenge where I show you how to find a supplier, communicate your ideas, and start sampling, all within 30 days.
In the challenge, I’ll create a custom, pre-vetted supplier list to give you a head start on sourcing, and my team will build you one simplified tech pack so you have the right materials to communicate with suppliers from day one.
I’m only taking 10 participants, because this isn’t just a challenge - it’s me and my team doing the work alongside you.
Want to be first in line and save $500? Get on the waitlist now.
Side by side fabric evaporation test.
From fabric printing to finished jumpsuit - watch how this garment was made.
The history of fashion week and fashion’s seasons.
Sorry - my premium content is for subscribers only - the good news is, you can join today for only $5 a month, and when you do not only does it unlock this article, but all my other VIP content (including the call on Tuesday).
But I think it’s worth it considering that $5 will unlock over $30,000 in tax savings!
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