Ways to reduce your tax problems for your small business.
Ways to Reduce Tax problem for Your Small Business
The owners of small business and the freelancers become terrified of the tax liability when it comes to file the tax return. When starting a small business, you need to be aware of the tax liability and also possible claims for your expenses. It is essential to implement a proper accounting and filing system if you want to make a tax claim. If your business grows in the first year itself, you will have to solve lots of issues in your store. As a business owner, you have to update your knowledge about your tax liability and claims that you are entitled. If not you might lose more money by paying more tax and not claiming your entitlement. Therefore you need to meet with an accountant to discuss your savings, business expenses and the liabilities
What are allowable costs?
You do not have to pay tax on allowable expenses, that spent on your business. The costs that you incurred to run your business will reduce the profit by that amount. But those expenses have to be allowable expenses. For example if your total income is $25000 and spent to run business $10000, so your taxable profit is $15000. However, only certain expenses considered as allowable, so it is essential to learn which is permissible and what is not. If you run a business from home, you can claim a proportion of your costs incurred for your business.
Watch this video: https://youtu.be/8Fy5E9s4p_4
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Do you need a check list for allowable expenses when filing the tax return,
visit this link to access it.
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Last Update : 06 November 2018
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|Item Owner : Vathani Ariyam|
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