Tax Planning & Anticipating Tax Changes
There is a lot of uncertainty about potential tax changes on the horizon – particularly in light of the Build Back Better suggested tax changes. Make sure that you anticipate any changes and prepare for them as best as you can. Talk to your CPA or tax preparer to make sure that your business is structured to reduce tax liability where it makes sense under the law. It’s never a bad idea to meet quarterly with your CPA to discuss any recent or upcoming changes. You’ll thank yourself for having these meetings well before your business taxes are due.
Consider New Benefits for Team Members
Let’s face it, the advent of Work From Home has changed the game when it comes to our workplace dynamics. Many of these changes allow employees to be more productive and the flexibility can offer those like working parents crucial time needed to help their children – something that can make for more productive employees in the long run. Consider adding benefits that can offer your team more flexibility and give you a competitive edge with hiring. Consider more flexible Paid-Time-Off (PTO) or a hybrid work schedule for parents. At Scandia, we have found unconventional, flexible approaches to PTO particularly effective at creating a strong company culture, improving morale, and increasing productivity.
Examine all of your systems and processes and look for ways to streamline or digitize these processes. Whether it be something as simple as implementing a workplace time tracking program like Kronos or something more complex – these changes can lead to an increase in productivity. Many software solutions do require upfront investment but gains acquired by productivity improvements can offset said impact.
Consider Other Sources of Funding
We saw many businesses, particularly small businesses, accept grants or federal incentives at the height of the Coronavirus pandemic. While many of these grants are no longer available, perhaps there are still other sources of funding that you can find for your business. Contact your local Chamber of Commerce and see if there is anything available that might fit your business model – many Chambers are eager to invest in local businesses, even small businesses!
Scandia is a family office and we pride ourselves on caring more about our clients than just dollars and cents. If you’d like to learn more about Scandia, click Contact Us and get in touch.