5 Ways Your IRS Tax Refund Can Benefit Your Small Business

For those who have filed taxes early, you have most likely received your tax refund already; the average amount refunded is typically more than $3,000. If you’re a small business owner who has received your tax refund, it’s time to start thinking about how this extra cash can benefit your business.

At Verdeja & De Armas, we highly recommend that you invest your tax refund in your business. Our Miami accountants have provided five ways your tax refund can benefit your business’ success in the future.

1. Hire an Assistant

As a small business owner, it’s only natural to feel stressed or overwhelmed. Hiring an assistant will provide you some stress relief. They can help you answer phone calls, respond to emails and schedule client meetings. Although the tax refund alone may not cover a full year’s salary, it will allow you enough leeway to hire someone for a few hours per week.

2. Marketing Purposes

Before your tax refund, there may have been a marketing strategy that you could not execute because it didn’t fit your budget. With a tax refund, this option becomes more readily available. There are many marketing mediums in today’s society. Before you decide which one to use, consider your target market and which strategy will effectively reach your consumers.

3. Upgrade Your Equipment

It may be time for a system upgrade if your equipment is not functioning as well as it should. Using your tax refund to upgrade your equipment will give you and your employees the opportunity to perform their work as efficiently as possible.

4. Open a Brick-and-Mortar Location

Having a brick-and-mortar location is many business owners’ dream to have. Your tax refund may not be able to make it happen immediately, but it’s a great start to saving for it. If you’re unable to own a brick-and-mortar location, your tax refund can also be used for renting one.

5. Pay Your 2016 Tax Bill

Since the 2015 tax season is now over, you always have the option of putting your tax refund toward your taxes for the next year.

At Verdeja, De Armas & Trujillo, LLC, our team of dedicated professionals in our tax department constantly remains abreast of the changing tax landscape,. We provide tax consulting and compliance services to individuals, corporations, S corporations, partnerships, limited liability companies, trusts and estates and non-profit entities. Contact our Miami accountants today for a consultation.