Many small businesses are thriving despite high inflation, labor shortages, and other challenges. Unfortunately, some businesses are struggling.
Xero’s Small Business Global Index Update for July-September 2023 found that sales are down from a year ago. Even worse, it’s been reported that nearly 1,500 small businesses filed for bankruptcy in the first 9 months of 2023, which is almost as many as in all of 2022.
If you look at your profit and loss statement year-to-date and don’t see good numbers, what does this mean tax-wise for you?
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