Employee Initiatives, Marketing Initiatives, and more!
There are three main ways to use your expenses strategically to reduce your income tax liability:
Employee Initiatives
- Bonus employees (70% back)
- Hire new staff (Office Manager)
- Coaching for yourself & your team
- Employee appreciation/trip (especially if they're already maxed out on salary contribution)
- Employee benefits (front load costs of setting up health insurance or retirement benefits)
Marketing initiatives:
- Billboard
- Vehicle Wrap
- Sponsor Athletes/Sports Teams
- Client Gifts
- Host An Event (Holiday season is a great time to get your name out)
- Referral Drive (incentives for client referrals)
- Pay for marketing for the year upfront
Other:
- Sign up for new CC services (CFO, Tax Planning, Compliance)
- Building upgrades
- Buy a vehicle
- Front load other expenses
- Building/Rental Property owner's - Cost segregation analysis to increase depreciation
- Charitable donations (especially holiday related) such as Toys for Tots Food Drive