There’s a popular hash tag these days #IYKYK which means “if you know you know.” I like it. I definitely had to google it the first time I saw it, but now I’m in the club. #IYKYK. 😉 What’s been so shocking to me in this business adventure is how much I don’t know I don’t know. There are smart business strategies that some companies take advantage of and other businesses have never heard of. How did President Trump only pay $750 in federal taxes? I’m not making a political statement here, I’m really looking for literal answers.
As a business owner, I have *tried* to be intentional about working ON my business, not just IN my business. And in doing so, tax strategies have been one of my focuses. No, it doesn’t replace a great CPA – I’m just trying to give her a little more to work with. One tax strategy that I found was something that was applicable to 90% of the customers I deal with to help THEM save up to $5,000! This isn’t just an expense, but an actual tax credit. A tax credit (in layman’s terms for people like me) is like a coupon you can use to reduce your total amount owed to the IRS.
I want to make this crystal clear: I am not a CPA and will not offer any tax advice. To offset my personal lack of knowledge, I have spoken with 4 independent CPAs specifically about this tax credit and all 4 have told me it’s a solid strategy. But before you act on this to take this credit, I’ll also advise you to talk with your CPA and give you all the documentation you’ll need for your business’s taxes and to have that conversation.