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Tax Saving Tips: Keep More of Your Hard Earned Money in Your Pocket


Save your hard earned money with the best tax savings schemes. Avail dual benefits of tax savings under section 80C, of the income tax act, 1961 on investments & life insurance cover with tax-free returns. – PowerPoint PPT presentation

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Title: Tax Saving Tips: Keep More of Your Hard Earned Money in Your Pocket

Tax Saving Plans
Tax Saving Tips Keep More of Your Hard Earned
Money in Your Pocket
During Tax Season, everyone's biggest concern is
how to keep from paying in more taxes. Often it's
too late during those lag months to do anything
different, but there are a few things you can do
now to plan for next year. Discuss your tax
issues with your Tax Preparer and put a Tax
Saving Plans in effect now for this year's income
to save money on next year's taxes. By creating a
Tax Plan Budget now, you will have an active
lead on what you should be doing during each
quarter, not only to make your business more
profitable, but also to save those extra dollars
you pay to IRS and the Government.
Use investment, tax deferment, and alternate
income sources to cut taxable income. Invest in
your future, for a time when you won't be making
as much money, so you'll have a lower tax
bracket. Put money in savings for your children's
education and defer your tax costs until you have
fewer children at home to support. IF your
children literally do work in your business, put
them on the payroll, let them pay their own
expenses for summer camp and education, and
reduce your tax burden. They paychecks are
deductible, summer camp and education is
not. Adjust billing, collection, and payables
for maximum tax advantage. Yes you can defer
billing a client until after the New Year, to
avoid taxing that income in the current year. It
may or may not be advisable, depending on the
client. Prepaying for long term services can
increase your deductions. Providing you really do
use the services, this is an excellent method of
reducing taxes.
Document your expenses, keep good records, and
write a daily activity diary. Document
everything, no matter how trivial, keep good
records of your activities and expenses related
to business. When your receipts are confirmed by
a diary entry, IRS can't argue with your
deductions. Be a Good Steward of your
Money. When your bills are due, pay them. IRS
understands the value of punctuality. They charge
penalties for being late. Penalties increase your
Tax Debt. So, it's always best to pay your Tax
bills when they are due or before. Donations,
time, money, and objects are deductible on some
level, keep good records to determine your legal
donation limits and prevent overpayment of
taxes. Work from Home Home based businesses get
the cream of Tax Deductions. These deductions are
legitimate if you have proof. Your daily diary
will provide active proof of your business
operations, duties, and deductible expenses. If
in doubt write it down. Ask your tax preparer to
be certain.
Incorporate Your Business Corporations pay less
for the same Taxable income. In general, this
statement is true. However, before going to the
expense of incorporating your business, ask your
Tax Preparer to advise you. Tax Saving Plans may
not save enough money to pay for the legalities
of incorporating.
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