Stop Losing Money To Hidden Tax Costs!

In this month’s newsletter, I bring you insights on how you can make a growth plan based on this year’s performance and 5 hidden expenses that can derail your tax refund.

Create a Growth Plan Based on This Year’s Performance

1. Look Back at This Year Check how your business did in areas like sales, profits, and customer numbers. See what went well and what needs fixing.
2. Set Clear Goals Decide what you want to achieve next year, like growing sales, reaching more customers, or improving your products.
3. Find New Opportunities Look for new markets, trends, or partnerships that match your business strengths and can help you grow.
4. Plan Your Budget and Resources Figure out how much money and team members you’ll need to reach your goals. Prioritize investments in high-impact areas.
5. Make a Step-by-Step Plan Create a clear action plan with timelines, so you know what to do and when to do it.

Track and Adjust Keep an eye on your progress and be ready to make changes if needed to stay on track with your goals.

Wishing you a season filled with joy and a new year full of financial growth and opportunities.

5 Hidden Expenses That Can Derail Your Tax Refund!

1. Self-Estimated & Self-Employment Taxes

Underpaying your estimated taxes can lead to a big bill at tax time. Set up automatic payments to stay on track.

2. State and Local Taxes

State and local taxes can reduce your federal refund if you haven’t planned for them. Understand your full tax picture to avoid surprises.

3. Unverified Medical Expenses

No receipts, no deductions! Keep all your medical records organized for tax time.

4. Overestimating Charitable Donations

Overestimating donations might cause you to lose the deduction. Save receipts and emails to back up your claims.

5. Overlooked Student Loan Interest

Overlooking this deduction means you’re missing out! Gather all interest statements to maximize your refund.

"Plans are of little importance, but planning is essential." - Winston Churchill

Feel free to reach out if you’ve any concerns.

Here’s to financial success!

Best,

Jaye Subramanian