3 Strategies for Getting More Money Out of Your Business
Your business is finally making a great profit-one that is consistent and reliable. You've worked for a long time to reach this milestone, and as the owner of the business you've paid a steep price for its success, both financially and personally.
It's probably been ages since you took a week off, or much less, worked just an eight-hour day. You are now in a position to start paying yourself for your hard work. Here are some simple strategies to getting the most money out of your business:
1. Year-End Bonus
The end of the year is the perfect time to celebrate and reap the fruits of your efforts during the previous 12 months. Give yourself that lump sum on top of anything that you have gotten in your partner draw. You may want to keep a percentage of the available money to carry over to the next year since there is no way to estimate what your expenses will be.
2. Business Paid Benefits
Health care and other benefits could help you and your loved ones save hundreds to thousands of dollars each year. You should allow your company to provide all those benefits to you, including the need to offer a fair and satisfying retirement plan.
3. Make the Most of Deductible Expenses
Business deductions may not give you more money, but they reduce the sting of the expenditures in your business. Fortunately, it is legal to take tax deductions for all of your business-related expenditures, which include transportation and entertainment costs with your company car. By doing so, some of your income won't be taxed so steeply.
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