Now that we have covered the Business Plan, and why it so vital to your business taxes, you are ready to clear the major hurdle that has to be cleared EVERY YEAR, your small or home-based business Taxes. In this lesson we are going to get down to the nitty gritty about your small business taxes.
Most small business owners worry about paying taxes for their business activities. To some, the subject itself is horrifying. As a result, they run to the nearest Tax Office or CPA, expecting those titles to mean that these people, or organizations know everything there is to know about this area of taxes, and can provide all of the help they need. Therefore the business owner may pay out huge amounts of money to get this “expert” help; only to find that they themselves still have to do most of, if not all of the leg work, in order for these expensive service providers to help them! When, in reality this does not have to be the case.
Since you have to provide these expensive service providers with the information they need, in order to PAY them to help you, why not use this same information, save your hard earned money, and perform these necessary services yourself? All of the major Tax Software available at your local Wal-Mart, Target, Best Buy, and Online, can do the exact same thing that the expensive service providers do, for a whole lot less money!
Once you have all of the information that you provide to the service providers, you have all of the proof you need in case of an audit. You, the business owner, are responsible for any errors or mistakes anyway. Yes, that is correct; even when a CPA, tax office, or any other service provider fills out and file your taxes for you, you are the one the IRS wants to talk to, and expect payment from!!
In order to educate you on what to document, record, organize, and effectively prepare, so that you will be able to legitimately prove yourself no matter how you decide to file, we can only recommend the best program that we have ever found available for the home-based and small business owner: Right Here !!
When you have a small business of your own you must keep up to date on your knowledge of tax laws that pertain to “small businesses.” You must also clearly understand tax planning. Yes, most accountants and bookkeepers are well versed in these areas, but as a start up small or home-based business owner, who can afford them? That is why we are focused on helping those of you who start your small business on a zero, or shoe-string budget.
Although these valuable resources can and will benefit those who are not starting out small, they will definitely benefit the low budget business owner the most. Due to the fact that any gain is a huge gain when you start with nothing!!
In other words, if you are smart enough to start your business on your own, then you are smart enough to educate yourself and manage your business records and taxes “on your own”! Don’t misunderstand, knowing how to properly manage your business records and tax related documents does not mean you have to learn how to do your own taxes: there are thousands of software brands for that. It does mean that you will be ready to use these different tax software products much more efficiently; simply with plugging in the info yourself, and letting the software do the rest.
Then when your business is producing a sufficient profit, to the extent that you can afford to hire an accountant(CPA) or bookkeeper, by all means, go for it. Pay them, and take a vacation, or three. But until then, with enough knowledge and education, you can do it efficiently and effectively yourself. After all, how did they become CPA’s and bookkeepers, knowledge and education!!
Most business coaches would suggest that the best place to start would be to sit down with one of these already rich CPA’s, and plan the different ways that you will maintain business expenses, filing receipts, “tax saving” investments, and a strategy for running your business in the most beneficial way. That is not your best option when you can’t afford it! That only adds to the frustration, and sometimes the confusion of this whole “running your own business” scenario; not to mention the money you will be losing! Why not take that start up money, invest it in your own education, and become the knowledgeable business owner you started out to be?
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That is why, as business coaches and owners, we provide you with the dire necessities that are truly necessary to get you started; help you become self sufficient; then help you graduate into maintaining a legal and legitimate business on your own. Saving yourself as much as possible legally so that you can start seeing profit sooner than later.
Did you know that:
- According to the law you can reduce your tax liability by hiring family members to carry out work in your business. Pay your children and spouse to perform assigned duties. This way you can shift from higher tax rates to lower ones.
- Hiring independent contractors instead of employees. You will save on payroll taxes.
- You can take advantage of tax deductions allowed for charitable donations. Make donations in November or December instead of January so that you can include the donations for tax deductions in the current year.
- You can maximize your expenditure on equipment and office supplies. Buy in advance for a quarter and use the tax deductions allowed in the current fiscal year.
- If you pay all bills due before the end of the year. Payment to cell services, rent, insurance, and utilities related to the business can be included for accounting and applicable tax waivers.
- By setting up a retirement plan and making payments before the end of the year, you will reduce your income for the year and proportionately the tax due.
- Money paid for licensing fees, businesses taxes, and annual memberships to businesses related organizations all can be deducted from your taxable income: along with interest paid on borrowings for running the business, office related fees, insurance premiums paid to insure the business office and machinery, are all eligible for tax deductions. In addition to a ton of other small business owner tax breaks.
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- You can also deduct management and administration expenses as well as money spent on maintenance and repairs of equipment.
The best resource to go into all of the details with you, break it all down so that you can read and understand it, provide you with all of the tax law changes, in real time, related to your small business, is This Website.
In our 29 years of the tax related and home-based business arena, this is the “Best” program we have ever come in contact with that actually does what it claims 200% over!! Click Here Now
and learn all you will ever need to know about Home Business Tax Breaks, Records to keep, expenses to record and how to record them, and how to legally qualify for every home-based business tax break available to you. Click Here Now !!