Top 7 Small Business Tax Tips
Top 7 Small Business Tax Tips
by J. Stephen PopeHere are seven ways for owners of small businesses to save money on their taxes.1.
Incorporate Yourself: If you're still a proprietor or partner of a business, it's time to incorporate yourself.
Not only will you limit your liability, but you may enjoy lower tax rates on small business income and other tax advantages as well. 2.
Be Home Based: If possible, continue (or switch to) being a home based business.
Not only will you keep your overhead down, but you will be able to write-off (or deduct) the business use of your home.3.
Income Split: Pay reasonable wages to your spouse and children. In this way, you can legally divert income taxed at your higher rate to your family members that are in a lower tax bracket.4.
Rearrange Your Affairs For Maximum Tax Savings: Can you make some changes to turn your hobby into a moneymaking business? Can you use that extra room in your house as a home office for your business? Can you arrange to use your car more for business purposes? Can you arrange for more of your entertainment expenses to be business related? 5.
Document Your Expenses Well: Do you document your expenses well so that they would survive a tax audit?
Have you kept a mileage log so that you can prove the percentage business use you claim for your vehicle?
Have you kept receipts for all your entertainment expenses and listed the business purpose on the back of each receipt?6.
Be Punctual: File all returns and pay all taxes due (income, payroll, sales, et cetera) on time. This way, you avoid expensive late filing (and payment) penalties and interest.
7.
Develop a Tax Planning Mindset: Some people only worry about their taxes during tax season.
However, you will save a fortune in taxes, legally, if you make tax planning your year-round concern. Do you make business and personal purchases, investments, and other expenditures with tax savings in mind?RESOURCE BOX:J. Stephen Pope, President of Pope Consulting Inc., http://www.popeconsultinginc.com/ has been helping clients to earn maximum business profits for over twenty-five years.For valuable Work at Home Small Business Ideas, visit: http://www.yenommarketinginc.com/.
How to Interview Your Way To Ebook Success
Most "create-your-own-ebook" advice tells us to write about something we know or are interested in. That's a good place to start, but it isn't absolutely necessary. And if you follow the advice of successful Internet marketers ? "find the market first, then develop your product" ? it might not even be possible. For example, what if your market research tells you that an ebook about teaching ferrets to do tricks would be profitable, but you've never seen a ferret in your life? The answer? Research. And part of that research can include interviews.
If your initial research turns up the name of a noted ferret expert, for instance, an easy way to incorporate that person's expertise and knowledge into your ebook is to interview him. Here's a step-by-step process for conducting effective interviews:1. Decide WHO to interview. Make sure the person truly is an expert in the field and knows what he's talking about. Contact him (preferably by phone) to see if he's willing to do an interview....
How to Interview Your Way To Ebook Success
Incorporate > How to Interview Your Way To Ebook Success
Tax Trap #1: Waiting to Incorporate: What A Difference A Date Can Make
NOTE: This is the first in a series of 5 articles:"Small Business Tax Traps and How To Avoid Them"If you're a sole proprietor, perhaps you've consideredincorporating your small business or self-employmentactivity.And so maybe you've been wondering,"When is the best time to incorporate?"From a legal standpoint, any time is the best time.The sooner you incorporate, the sooner you make the movefrom the world of unlimited liability to the world oflimited liability.From a tax savings standpoint, any time is the best time.The sooner you incorporate, the sooner you will startputting more money in your own pocket and less in Uncle Sam's.(For more about the potential tax savings of acorporation, see the second article in this series --"Tax Trap #2: Double Taxation -- Isn't Once Enough?"http://www.YouSaveOnTaxes.com/tax-trap-2.html)But from a **tax reporting** standpoint, there is one timeof year that stands out as best: January 1st.Why...
Tax Trap #1: Waiting to Incorporate: What A Difference A Date Can Make
Incorporate > Tax Trap #1: Waiting to Incorporate: What A Difference A Date Can Make
Golf Exercise And Stretch Program For Total Golf Performance
Golf exercise and stretch.
This is a combination I use in all of my golf fitness programs both online and with my personal golf clients.
It's the ultimate combination to improve the golfers swing quickly and efficiently.A fitness program for golfers that does not incorporate a golf exercise and stretch is doing more harm than good.
Golfers need that blend of dynamic strength specific to the golf swing and the range of motion to hold it for 18 holes.So many times I hear a golfer mention stretching only.
This is a big mistake!
Stretching without strengthening does not equal permanent range of motion improvements.
An over-stretched muscle that doesn't have strength opens up the possibilities for injury.That is why golf exercise and stretch is the key.
For every golf exercise, there is an appropriate stretch.
Taking this approach will create a powerful swing with less tension and stress put on the body.An example of golf...
Incorporate > Golf Exercise And Stretch Program For Total Golf Performance
Incorporate Yourself
At the superficial level, incorporating a business is easy. It includes filing articles of incorporation with the Secretary of State where one is incorporating. However, there are lots of issues that need to be resolved before the process is complete like deciding the type of corporation and the state where one wants to incorporate.
Incorporating requires expert knowledge of business laws and consequences, tax compliances and other regulations. It is wise to seek the advice of a lawyer that has this type of expertise to offer. Some jurisdictions require that
filing papers has to be done through a lawyer.
But under certain conditions, it is possible to incorporate yourself. The state offers assistance in this regard, and there are good books available that explain the steps to incorporate.
There are advantages and disadvantages to filing papers by oneself. If you incorporates on your on, you can save hundreds of dollars that would have gone to...
Incorporate > Incorporate Yourself
Death of the search engine? - Arelis finds a new home
It was only a matter of time before an effective tactic was developed to gain widespread competitive advantage from the increasing reliance placed upon links and link text by the major search engines. Simplicity itself, the technique involves using a version of arelis (http://arelis.org/arelis.html) in a radically new and different way.The technique currently sweeping the market has gained proven competitor advantage and with the utlilization of existing technology in a clever and unique way, takes only minutes to perform. The danger lies in that its use may become so widespread that websites will no longer be obtaining a tactical advantage, they will require its use to exist in the world of free search engine traffic.Arelis allows users to download pages of links, categorise these links, automatically produce link pages based upon them and provide webmasters with the contact address for each site on the link page.This combination...
Death of the search engine? - Arelis finds a new home
Incorporate > Death of the search engine? - Arelis finds a new home
Structuring Your Company
Structuring Your CompanyBy Published October 1998[http://home.earthlink.net/~beowulfinvestments/] [http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/] In Canada, you'll pay 60% taxes on your pretax profit. In the UnitedStates you'll pay Federal and States taxes on your pretax profit. Thismeans that a California business pays 41% in taxes. You make money when you save on taxes. I'm not an attorney nor an accountant.
I'd advise that you discuss taxstrategies with your tax advisers. I'm offering the following from mybusiness experience. I work on the premise that you must pay taxes in thejurisdiction in which you earned the money. If you have a local business, don't incorporate in a tax haven state, likeNevada. The taxing state will still want their taxes on the money youearned.
Too many local businesses incorporate in such a way that the corporationpays taxes on the business income and the owners pay taxes on the proceedsfrom the corporation....
Structuring Your Company
Incorporate > Structuring Your Company
Easy Natural Remedies For Hair Loss
There is again no sure-fire way to prevent all hair loss; however, there are some methods that have been used that work on some people. In addition to the dietary improvements and suggestions already offered, there are some naturopathic remedy suggestions. Massage and aromatherapy have been used with some success. In minor cases of temporary hair loss, hair growth can be stimulated by massage, since blood and oxygen flow to the scalp must be healthy in order for hair to grow. A blend of six drops...
electric generator Incorporate
Incorporate > Easy Natural Remedies For Hair Loss
Holiday Gift Baskets
It is that time of the year again, when hearts are filled with joy. It is the time to rejoice and the time to cherish. It is the time to give and the time to share. It is holiday time! And what better way is there to rejoice and cherish than to give gifts to friends and loved ones.
Holiday season brings joy so abundant that only a bounteous gift basket can express it.
Holiday gift baskets can say it like nothing else can. Every holiday brings a special flavor, a special mood....
Holiday Gift Baskets Incorporate
Incorporate > Holiday Gift Baskets
Help! Lost Data, Lost Photos? Digital Photo Recovery & Data Recovery, CD, DVD, Cell Phone Recovery & iPods--eProvided Recovers Photos & Data Worldwide, Recovering from Microchip & Even Device Damage
(ContentDesk) November 8, 2005 -- Digital photo recovery services are fast becoming a solution for those with lost data from the many new flash memory based consumer devices. What options are available if your data or photos become damaged or lost?eProvided has developed a media recovery system worldwide for quickly retrieving lost data and lost images from the many new products on the market including DVD, DVD RW, and CD or CD R/RW and flash based digital assistants. Having your lost photos recovered...
Help! Lost Data, Lost Photos? Digital Photo Recovery & Data Recovery, CD, DVD, Cell Phone Recovery & iPods--eProvided Recovers Photos & Data Worldwide, Recovering from Microchip & Even Device Damage Incorporate
Incorporate > Help! Lost Data, Lost Photos? Digital Photo Recovery & Data Recovery, CD, DVD, Cell Phone Recovery & iPods--eProvided Recovers Photos & Data Worldwide, Recovering from Microchip & Even Device Damage
Incorporate
This page loaded in 0.03127 seconds.