Small businesses face numerous challenges that differ significantly from those faced by large, publicly-traded organizations. Two of these primary challenges involve —
- Taxes, and
- Finding affordable business insurance.
Business Tax Tips
The best business tax tip: Tax time is a year-round issue. Waiting until year’s-end or after December 31, is both risky and futile. In all cases, by then it’s typically too late to make any meaningful tax savings changes.
- Evaluate incorporation. Although you’ll have more "paperwork," corporations often will pay lesser taxes, including the self employment (FICA) tax you face with sole proprietorships and partnerships.
- Create a legitimate home-office, if possible. Should you have the room and the ability, creating a home-office allows you to deduct some household expenses.
- Always know the financial position of your business. Never wait until year-end to learn if your business made or lost money on paper–too late to save on taxes.
Business Insurance Tips
- Understand your coverage needs. Fully understand the coverage you have and the protection you need to minimize risks.
- Utilize expert advice. Instead of "winging it," get advice from insurance experts you trust to maximize your protection.
If the Dallas/Fort Worth, Texas area is home to your business, contact the professionals at The Schwab Agency, to get the advice you need to protect yourself and your company. For 20 years, The Schwab Agency has helped Texas companies protect their assets with affordable business insurance. Like tax planning, don’t wait. Make this call now.