TAX saving strategies for Small Business Owners, especially for COOK county residents

by Dange Durett

Earlier this week on Monday, at the “Redhouse Bar and Grill” in Downers Grove, IL Labas Connect hosted its first networking event of the season.

Although the tax season is over this year, the theme of the event was not chosen by accident. Now, at the end of the first quarter of the year, is the best time to set your strategy on how to save on taxes for the upcoming year. We all know how hard we work for our money, and the question we always ask ourselves at the end of the year is, did we do everything we could to keep the share we should or do we pay too much in taxes?

Ilona

Mrs. Ilona Dovydaitiene

One of advices I give to my clients is – to improve the bottom line of your business you must be sure your taxes are done properly. To that effect, I had the pleasure to introduce my two guest speakers, who have a lot of knowledge about taxes. I was very glad to see some of my guests asking questions and taking notes. The audience learned few new things about saving money they didn’t know ever existed!

Mrs. Ilona Dovidaitiene was the first speaker at the event, who is enrolled to practice Before the IRS, was happy to share a few important points that every business owner should know such as, why it is important to pay yourself wages?, could you hire your family members, including children and pay them when they are ages 8-18?, why is it better to have a business or to be a self-employed?, just to name a few.

You can find more information about this topic on Ilona’s business website tipincpro.com.

Mr. Tomas R. Astrauskas

Mr. Tomas R. Astrauskas

The second guest speaker was Mr. Tomas R. Astrauskas. He is an entrepreneur with multiple business interests around Chicagoland. He is a founder of ATJ’s Home Improvement, and now Tomas was very excited to share the newest business adventure he has started, the www.SadTaxMan.com. Just in case you’ve have never heard about SadTaxMan.com, it is an innovative online service that helps homeowners successfully appeal and dispute their property taxes. In Tomas’ words: “Townships and cities usually adjust their property tax rates. Sometimes these adjustments are rather drastic, like the latest one affecting the City of Chicago. With the property tax increase kicking in, some neighborhoods will see the average tax assessment rise by more than 48 percent this year… Thankfully, Cook County residents have a right to appeal their property taxes and I have the tool to help you”.

Most of us in the audience were surprised to learn there is something like that available. After Tomas finished his presentation, everybody who was a Cook county resident or an investor, were submitting their applications to find out if they qualify for any tax savings. The platform Tomas created is very new and very easy to use. Do not wait to try it out.

From everything we’ve learned Monday night, I would say that business managers, sales people, service providers, realtors, CPA’s, accountants and lawyers could benefit from educating their customers and clients, and have a positive financial impact to the bottom line of their business.

I was very pleased with my guest speakers and the response from the audience. They asked a lot of smart questions. I wish we could have more time to respond to all their questions. And finally, I have been thinking that if you are some of those people who ask me all the time how does hosting networking events is related to my business consulting entrepreneurship. My answer is simple – the networking events are one of the multiple ways I can help business owners and entrepreneurs – by growing their networking, connecting them to people and services they can partner with, educating about new trends and offers in the market to have a positive impact to their businesses.

I love what I do – help business owners to find tools to better run their companies and create opportunities between small business owners and potential customers to improve the results of their entrepreneurships!

April’s message – Plan your business and taxes in advance! Do not wait until the end of the year to find out all the possibilities.
For more upcoming Labas Connect networking events check our website at labasconnect.com.
If you have any business related questions, I would love to hear from you!

Photo credit Sandra Scedrina with “Studio Light, Inc.“, Flower arrangements – “Royal Petal“.

 


 

Dange Durrett
Founder/President
Labas Connect
+1(630) 303 7883
Dange@LabasConnect.com
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By | 2017-06-13T18:02:50+00:00 April 28th, 2016|Business, Events|1 Comment

One Comment

  1. Elisa Fritz May 25, 2017 at 11:59 am - Reply

    Nice to read. So useful and informative tips. Many thanks for sharing them all.

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