Before you can give 2020 your full focus, you have to wrap up 2019. You probably have an idea of how profitable the year has been and are thinking of ways to reduce your 2019 tax bill. Here are 5 opportunities to invest in your 2020 success, while reducing the check you’ll write to Uncle Sam.
Depending on your business model and your accounting practices for cost of goods sold, you can likely save a chunk on your 2019 taxes by investing in the consumables inventory you’re sure to use in your product production in 2020.
Digital Art Solutions is offering savings from 10-70% on materials including rhinestones and other consumables between now and December 30th, 2019. Call Timoree at 800.959.7627 to hook up your savings.
2. Graphics+ Annual Membership
If you haven’t signed up for Digital Art Solutions’ Graphics+ Membership, now’s the time. While you can save a few bucks with just the monthly membership, you should think about the Annual Membership payment option to get the full tax savings this year, and the full membership benefits through November of 2020, then make the same smart decision next December for 2021.
Graphics+ members enjoy access to the latest versions of Smart Designer Pro and Rhinestone Designer, access to a members-only training and education site, free ongoing support, and perhaps most importantly a monthly graphics pack of fresh new professional designs and templates for screen printing, rhinestone patterns, and embroidery files – all presented with a powerful client-facing lookbook sales tool to help you close new business. Check out Graphics+ here, then select the Annual Option for your best tax saving strategy.
3. Optimize your Graphics Library
Your image and reputation are only as professional and creative as the ideas you deliver. And, your ideas can only be as engaging and fresh as the graphics in your library. Digital Art Solutions has consolidated and optimized what used to be 80 graphics packages into 6 collections. If you’re in the mood to double-dip on savings, buy all 5 of the premium collections at once and save almost $1,500 off the list price and then write off the $3,499 purchase price as a 2019 business expense. Winner! Request a product tour to select what Optimized Graphics Collections fit your business plan for 2020.
4. Take Advantage of Tax Write-Offs
If you need another write off, maybe it’s time to purchase that GCC Cutter or Heat Press you’ve been thinking about. Depending on your tax situation, these capital assets are probably eligible for you to take the full purchase price as a Section 179 deduction and realize the tax benefits of full equipment depreciation in 2019. Call Digital Art Solutions at 800.959.7627 or send an email to explore what equipment is best for you!
5. Become an InkSoft client.
If you’re not already using InkSoft, there’s never been a better time. All InkSoft fees are deductible as business expenses. You can get set up in December and write off the one-time software license fees in 2019 and keep writing off the low monthly fee in 2020. Set up your online stores, improve your close ratios on new business with Inksoft’s Proposals tool, and give your sales team and prospects the power to create their own designs with InkSoft’s Online Designer. Then improve your profits by increasing your efficiency using InkSoft’s Jobs management features. Take a Product Tour online, or Request a Demo today. Let’s get you set up for success in 2020!
Yes, we need to say this article is a general overview, not specific directions for your business situation. Get help from a tax professional in calculating and reporting your business taxes.