Financial Tips for Small Business Owners in Ohio
Owning a small business in Ohio is that much easier with the right financial planning and guidance. Recognize you can’t do it all on your own, obtain assistance from a financial advisor in the Greater Cleveland Ohio Area and you’ll be liberated to focus on taking your business to the next level.
Let’s take a look at a couple of financial tips for small business owners in Ohio.
Learn From Other Ohio Small Businesses and Local Agencies
It is often said that imitation is the finest form of flattery. Take notes when studying other small businesses in Ohio, learn from their successes and failures, implement those lessons at your business and you’ll be that much more competitive. Ohio also has several helpful resources available for small business owners.
As an example, the Ohio Development Services Agency’s Entrepreneurship and Business Assistance Centers are available to small business owners in Canton and the rest of the state. This agency’s centers provide financial counseling, employee training assistance with technical matters, and plenty more.
The Northeast Ohio Startup Network was launched by Ohio entrepreneurial groups in an effort to help new businesses establish a network, tap into helpful counseling, and obtain financing. The network works with the Youngstown Business Incubator, the Tech Belt Energy Innovation Center, and other organizations to help Canton, Ohio businesses, and others throughout the area fulfill their potential.
Small business owners don’t have the time necessary to master the stock market or other aspects of investing. Instead of spending the precious few hours you have remaining in the day focusing on potential investment opportunities, let the experts do the work on your behalf.
Our full-cycle investment advisors in Ohio study the domestic economy as well as economies around the world. Factors ranging from inflation to potential deflation, stagflation, current events other market catalysts are factored into our investing decisions.
There is no reason for you to attempt to keep your finger on the pulse of the economy and stock market when our team is here to analyze the idiosyncrasies of those dynamics on your behalf. Our investment advisors in Canton employ a holistic approach to investing that accounts for your risk tolerance, economic factors, the threat of prolonged inflation, and your unique goals for retirement.
Ohio Government Incentives
Your business needs to take full advantage of government incentives and tax benefits to maximize its potential. Thankfully, local businesses in Canton and other parts of Ohio have plenty of tax programs and additional incentives that make it that much easier to transition from the red into the black or stay in the black if already there.
As an example, the InvestOhio program available through the Ohio Development Service Agency provides non-refundable personal income tax credits to those who establish an ownership stake in a Canton business or other enterprise in Ohio. This benefit is provided to business owners by way of pass-through entities. Such entities are owned by people who hold the investment for a minimum of two years.
Every business owner in Canton and beyond should be aware of the Ohio Small Business Deduction. Created in ’13, this deduction is applicable to 70% of the initial $250,000 of net business income that is apportioned. The deduction is provided to Ohio residents who report income stemming from pass-through entities on their year-end personal income tax return. Examples of such pass-through entities include S corporations, limited liability companies, business partnerships, and even sole proprietorships.
Ohio Tax Incentives
Let’s shift our attention to Ohio taxes. Ohio is revered as one of the best states for business taxation as there is no capital gains tax or corporate income tax. The minimal tax burden has set the stage for your business in Canton or elsewhere in Ohio to thrive. Every local business owner should know the Ohio Small Business Investor Deduction has been on the books since 2013. This deduction decreased small business tax bills by $1.09 billion in ’16 alone. The deduction increased thereafter. Add in the fact that the filing process has been simplified to make it easier for Ohio small businesses to claim the deduction and there is even more reason to consult with a financial advisor in Canton for tax guidance.
Canton small business owners will also be interested to learn that the Ohio Opportunity Zone program, applicable to more than 40% of census tracts within the state, increased small business investment throughout poor neighborhoods. The program provides federal tax reductions as well as deferrals and even the exclusion of capital gains resulting from investment income considered taxable.
However, those investments must have been held for a decade. This is just one of many examples of the nuances of Ohio programs and financial idiosyncrasies that our investment advisors in Canton can help you take advantage of.
Meet with our team for comprehensive financial planning highlighted by wealth-building strategies tailored to your unique financial situation and the stage will be set for you to expand your nest egg in the years and decades ahead. The best part is you won’t have to pore investment websites, newsletters, TV programs, and other media.
Our financial planning team’s holistic approach to investing makes it that much easier for you to catalyze your business toward its true potential rather than spend your limited free time attempting to master the market. We consider every aspect of your financial situation as well as the economy and the stock market to tailor an investment plan that helps you make a timely transition to rewardable golden years.
At McGervey Wealth Management, we will get to know you on a personal level and keep things simple, using common language everyone can understand. To learn more about how our full-cycle portfolio management techniques can help your business contact us today.