Paying tax is not as simple as it seems- most small business owners overpay taxes, as they are not tax experts. There are a few things small business owners should know to avoid high tax.
Here are a few business tax tips for you-
If you are a small business owner and use a portion of your home as your office- don’t forget to include it for deduction. You can also deduct the utilities and other costs that occur on your home office.
If you use your car for your small business, you can deduct the transportation cost from the tax.
Every day you will get a lot of receipts, for many different expenses. These receipts might contain the purchase information of different goods and services that can be used to deduct taxes.
If you have a small business and you have a family member who does certain services to support your business, then you can use that as a reasonable cause for the tax deduction.
Selling or Throwing Away
If your business has old equipment you can either throw it away or sell it for a lower price. But throwing it away can help deducting your tax. So, find out whether selling it will be profitable or not.
The best suggestion for a small business owner is hiring a tax accountant. A tax accountant hire is not an expense but an investment for your business. It will help saving you a very relevant amount of money. Besides, a tax accountant will give you a professional service and save you from a lot of hassle.
Looking for accountancy support or need an accountant to deal with your tax return? Call Plant and Associates to get a smooth service for your personal or business accounting needs. Call us on, 07 5596 5758
PO Box 3284 Nerang QLD 4211