We’ve hit the end of tax season! April 30th is the deadline to report your income to the federal government if you work for an employer, while business owners have till *June 17th to do so.
We know how exciting it can be to receive your tax return, especially if it’s a big one. Think of all the awesome things you can buy, vacations you can take, heck even the gifts you can get for others. These spending opportunities all sound great but don’t let the excitement of “extra money” cause you to spend recklessly.
We’ve got some great suggestions on how to spend your return as an entrepreneur that will help you in both the short and long term.
Invest in Better Branding: In 2019, your brand is everything! Branding includes your logo, colour scheme, slogan or anything that makes your company unique. If you’re looking to start a business, invest the necessary amount in branding. If you’re currently in business, invest in aspects that can enhance your brand (i.e; new images for social or outside services to better yourself). It’s well worth it!
Pay Off Your Debts: Review any current personal or business debts that can be paid off or reduced with the amount you gained from your return (i.e; credit cards, student or business loans ).
Purchase New Equipment or Invest In New Ideas: If you’ve been running your business for a while and recognize you’re in need of some new equipment, purchase it! Maybe you have a new product you’d like to invest in and introduce to your customers. Go for it! Spending your return on these items and ideas are an investment that will ultimately benefit your business and clients.
Save: This one is pretty self explanatory but saving is crucial for entrepreneurs. If the remainder of your finances are in check, place your money in a business savings account for a rainy day.
Depending on the size of your return, you can designate funds to more than one of the suggestions above.
Let MAGS know how you plan to spend your return in the comment section on our social media pages!
*Please note that if you owe taxes on your income made from a job, you must still submit your return by the April 30th deadline.