In case you missed it, we caught up with small business expert Gene Marks on Facebook Live to chat about smart money moves businesses should be making in 2021.
Thryv’s social media manager, Chandlor Wright, interviews Marks to get the details on everything from tax tips to tackling credit card processing fees.
No Tiptoeing Around Taxes
The pair jumped into tax talk and Marks wasted no time putting the spotlight on small business owners who haven’t taken advantage of this tax season.
“It’s not even about tax strategies. There are so many tax benefits and incentives because of these stimulus plans and COVID,” he explains. “Taxes are our biggest expense of anything. It’s just really important to take advantage of some of the big stimulus items that are out there.”
Marks urges small business owners to dig into these tax credits:
- Employee Retention Credit
- Work Opportunity Tax Credit
- Families First Coronavirus Response Act Tax Credit
For those taking their time, the filing date has been extended to May 17, 2021 for individuals.
In true Marks fashion, he gave million-dollar advice and suggested viewers look into after-tax plans like the 529 prepaid college fund.
Address Processing Fees & Payments
Ultimately, the cost your business pays to process credit cards will depend on the payment processor you choose.
While there’s nothing alluring about adding more fees on your list of things to pay, accepting credit cards is a key step towards your business’s growth.
“If you’re avoiding accepting credit cards because of the fees, you’re losing business,” Marks advises. “You need to accept credit cards and you need to any type of accept mobile payments. And in a few years, you will be accepting cryptocurrency, like bitcoin.”
The truth is when you say “cash only” there’s a large percentage of potential customers that you miss out on. Marks suggests digging into the math to uncover what more you need to charge in order to cover frees. For example, requiring customers using a credit card for a transaction under $10 to accumulate an added 50 cent charge.
A payment processing service, like ThryvPay, will make it easy for your to pass on that convenience fee to your customers, while also providing flat-rate processing fees, so there’s never a surprise.
To hear these and many more tips and insights, watch the video below for the full interview.