Quick And Easy Business Tax Planning Tips - PowerPoint PPT Presentation

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Quick And Easy Business Tax Planning Tips

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Tax planning is a vital element of any business and involves delving into various tax options to see if it’s possible to eliminate or reduce, taxes owed by conducting business and personal transactions in a certain way. – PowerPoint PPT presentation

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Title: Quick And Easy Business Tax Planning Tips


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Quick And Easy Business Tax Planning Tips
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  • Tax planning is a vital element of any business
    and involves delving into various tax options to
    see if its possible to eliminate or reduce,
    taxes owed by conducting business and personal
    transactions in a certain way.
  • While some small business owners are reluctant to
    get too involved in tax planning, and simply wait
    until they are due to meet with their accountant,
    its important to understand that the whole
    process should be ongoing. Your income should be
    reviewed and assessed regularly monthly is
    ideal you should meet with your accountant or
    tax advisor at least every quarter to analyse the
    ways in which your business can try to take
    advantage of the provisions, credits and
    reductions that are legally available.

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  • Strategies for planning your taxes
  • There are a wide range of tax planning strategies
    available to small business owners, but they
    should be structured in such a way that at least
    one of the following goals can be achieved
  • Lowering the amount of taxable income
  • Lowering your tax rate
  • Having some control over when the taxes are due
  • Claiming tax credits that are available to you
  • Being able to avoid the most commonly made tax
    planning errors

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  • Most tax planning strategies are only effective
    if you can give an estimate of your personal and
    business income for the coming few years, since a
    lot of strategies can help save you dollars on
    one income level, while giving you a bigger tax
    bill on other income levels. Should you struggle
    to do this alone, your tax advisor will be able
    to help give you advice and guidance.
  • Some other ways to save money on your business
    income taxes
  • Its often overlooked as a tax planning strategy,
    but deductions for entertainment expenses can add
    to your taxes and save you money. However, there
    are some important factors to consider when
    including them on your return, such as the

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  • fact that the business must be discussed before,
    during, or after any meal that has been deducted.
    The meal must also have taken place somewhere
    that is conducive to a serious business-related
    discussion, as is the case with meetings. Be
    warned that documentation of any entertainment
    expenses must be provided for the IRS.
  • For those of you have ownership of an automobile,
    or more than one, the IRS have recently
    introduced a new mileage deduction rate, of 36
    cents per business mile, 14 cents per charitable
    mile and 12 cents per moving/medical mile.
    Including both cars in your deductions can also
    help you to save money on your taxes and is
    allowable provided you can calculate the business
    mileage, which is a

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  • figure usually reached by dividing the business
    miles by the total miles driven. However, you
    must keep an accurate and consistent record of
    all mileage, and again, your tax advisor can help
    you with this.
  • For a wide range of other business tax planning
    tips, consult with a tax professional at the
    earliest opportunity to avoid missing any
    deadlines, and to be aware of any recent changes
    to tax laws.

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  • At Heyer Associates, we proactively assist our
    individual and small business clients in meeting
    their goals. Our key area of focus is ensuring
    that our clients remain compliant with federal
    and state tax laws by providing them with high
    quality accounting and tax service Coral Gables.
    If you are looking for individual tax preparation
    in Miami, Heyer Associates would be a right
    option.
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