“A lot of people believe tax planning isn't for them. That it's only for the elite or the very wealthy and that's not true. Once you are an entrepreneur, you need someone on your team who understands the tax space pretty well because it is constantly changing,” explains Dawn Hryshko, Founder and President of Hryshko and Associates, a boutique firm that tailors growth and advisory packages for small and mid sized businesses. Today, Dawn brings her over 30 years of accounting and tax law experience to talk with host Kiley Peters about tax strategies for small businesses.
Many small business owners make the mistake of thinking tax preparation is a one step process when really it should be continued throughout the year. The business is always changing and tax laws also change every year, so it is important to have someone on your side who understands and can keep up with all these changes. You do not have to wait until your business is pulling in a ton of money before hiring a tax strategist. It is important for every entrepreneur to have a tax professional on their team who will help them to get the maximum benefit and spend the least amount of money on taxes as possible.
Does your small business have a tax strategist? Learn more about why you need to hire one and how the right tax plan can help you to save money each year.
“A lot of small businesses think that when they meet with their tax preparer in the spring, that's it, one and done. But it's a continuous process throughout the year, because your business is constantly changing. So that's the number one mistake.” (2:47-3:01 | Dawn)
“I always tell people I'm working with, don't worry about paying for it. I'm a big proponent of using other people's money when it comes to business.” (8:43-8:50 | Dawn)
“You can take a deduction now without paying for it yet. You can finance it, as long as you get it in your possession.” (17:13-17:18 | Dawn)
“If you're an employee of your company, or you're not an employee of your company here is one of the sweetest tools, or loopholes, I should say, is you can start your payroll on December 31 of the year and it's treated as if you were an employee all year.” (17:44-17:58 | Dawn)
“A lot of people believe tax planning isn't for them. That, ‘Oh, I have to be making millions of dollars before I'm really going to see it, it's only for the elite or the very wealthy.’ That's not true. Once you are an entrepreneur, you need your team, and part of your team should be somebody who understands the tax space pretty well, because it is constantly changing.” (26:46-27:11 | Dawn)
“If you can when you start your business, I tell people, you want to plan for the very end of your business, and a good tax plan and strategists on your team can make that happen as well.” (27:45-27:56 | Dawn)