Reference no: EM133186835

The pandemic surely played a huge number in how small businesses operate. We saw a lot of tax relief for both small and large businesses throughout the pandemic, but now that the pandemic is moving past us, we're starting to see what the governmental relief did to small businesses. We saw several small businesses close due to the pandemic while a lot of them also struggled to keep their doors open. With the tax deadline quickly approaching, small businesses are trying to find new ways to pay back taxes that have accrued due to rising tax rates.

Some options that are available to assist small businesses with lowering the amount of taxes they have to pay back would be to invest in capital equipment, load up the pretax retirement accounts, and finally revisit health insurance plans. Encouraging employees to participate in their 401(k) can also assist the organization with saving money. When the employees save, the organization saves. For businesses with under 100 employees, there are tax credits that will allow them to save. Finally, investing in capital equipment will assist against inflation. Additionally, purchasing items on credit right now with a significantly lower interest rate could be beneficial.

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