The new tax law will offer tax cuts to businesses which raises many questions among leaders as to how to best utilize that capital/ tax savings. Many companies have decided to invest in their people by giving away generous bonuses which embodies the employee-centric philosophy. In addition, to demonstrating your appreciation for your employees you also may find the following tips useful.
- Set a % amount to be automatically transferred to a high yield savings account
- Reinvest a percentage of the tax savings into your business
- Utilize a portion to pay future taxes (again, a high yield savings account dedicated to taxes)
- Optimize your employee benefits package
- Invest in municipal and treasury bonds (offer great tax savings)
- Make those business building improvements you’ve been putting off (another great tax deduction)
I hope you’ve enjoyed these tips!
As always, “Success is continuous improvement!”