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Sign into your account5 Ways to Invest Your Tax Refund In Your Business
April 06 2017
If you're lucky enough to get a tax refund, it's a nice infusion of cash. It's easy to want to spend it on something lavish or fun. But as a small business owner, you can invest your tax refund in your business and have it compound in value. Take a look at these tax refund spending ideas that can help grow your business and your wallet.
Buy New Equipment
You can claim a tax deduction for buying qualifying equipment for business use. Yet, many entrepreneurs go year after year with the same outdated equipment. Take an inventory of the equipment you use in the course of day-to-day business. This could include computers or software.
Invest your tax refund in new equipment if your business can benefit from it. The deduction helps offset the purchase price. The new equipment and software will help your business run more smoothly.
New equipment may seem expensive upfront but just think about the gains your business can have. If you're waiting five minutes every day for your older computer to boot up, that's 20 hours a year you're wasting. And that increased productivity is also combined with the deduction at tax time.