The pandemic changed everything, including the way Americans spend their annual IRS tax refund.
According to a recent study, the NRF found that 59% of people are expecting a refund this year. The top 3 choices for using that refund are:
- Savings
- Paying Down Debt
- Everyday Expenses
Only a combined 27% plan to use the funds for a major purchase, vacation or a “splurge buy”.
If you don’t need to do one or all of those above with your refund, consider a fourth option. You could use it to open a business or to further your existing brand and company.
It’s so easy to receive a lump sum payment and spend it on “splurge” items if you don’t have an immediate need or emergency to take care of.
Many of you have dreamt of starting a business, whether that’s a record company or something else. But life gets in the way, and you set those dreams back on the shelf. If you have the chance this year, use that refund to launch your dream.
There’s nothing wrong with purchasing new electronics, clothes, or taking a trip. But consider taking steps to put that money into your business, it’s investing into yourself and your family. Don’t let procrastination get the best of you. Make the decision to dust off that idea and bring it to life!
Not to mention, investing that refund into your business or branding means you can claim it as a deductible expense the following year. There are many tax benefits for owning your business. In a recent article, here we highlighted the main items that are generally considered deductible.
Put some serious thought into this, assess your overall financial situation, if things look alright, take the leap! If you need assistance getting started or furthering your business, give us a call! We work with indie music artists, record co owners, producers and business owners in various industries. Our music business services are unmatched and our marketing services will make you stand out from the rest!
Please take note that the Last Day Records’ team are not tax professionals, CPAs, attorneys, or financial advisors. We prepared this material for informational purposes only. It is not intended to provide, and should not be relied on for, tax, legal, accounting, or investment advice. All recipients should consult their tax and financial advisors for information regarding their specific circumstances.
For more reasons why you need a record label, click here!
If you’ve been considering setting up a record label, give us a call today 314-334-5501.
External Sources:
https://nrf.com/topics/holiday-and-seasonal-trends/tax-returns