Top 7 Small Business Tax Tips
Top 7 Small Business Tax Tips by Here 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:, 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/.
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/An Extended Christmas Animation
According to the blog entitled "Animation" which was posted by Neil last December 2, 2004 at www.eightlines.com, someone spent way too long on a Christmas Flash animation. You can actually view the animation at http://www.tongcom.co.kr/dingani_13.htm. It was definitely enjoyable and entertaining! The animator used the song "Last Christmas" by Beatles as the background for the animated Christmas music video.I must say that the one who made this animation has already mastered the Flash software. For your information, Flash is a powerful software program that can be used to create animated movies that are small in file size, load quickly, and incorporate user interaction and sound. Apparently, it may appear to be a relatively simple program because of its few tools compared to other software programs.
However, a world of complex authoring structures, advanced techniques,...
An Extended Christmas Animation
Incorporate > An Extended Christmas Animation
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
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...
Incorporate > Top 7 Small Business Tax Tips
Interior Design With A Plasma
One of the amazing things about plasma televisions is the multitude of options they create for interior designers. The main feature benefit of the plasma is its slim profile. When switched on, a plasma television can dominate a room, but when switched off it can become an unobtrusive wall hanging.
Of the many design options, camouflage remains one of the most popular. In the living room, a plasma television can be inset in the wall and easily covered by a sliding panel to hide the unit when not in use. That would have been impossible with a bulky CRT television.
The sliding panel can hold a
mounted print and act as a contributing member of the d?cor.
I recently saw another interesting technique used to
incorporate a plasma television into a room's design inside a friend's master bedroom. The TV was mounted with a gilded frame to cover all but the screen itself, and placed at the foot of the bed, on the wall above a dresser. The reflective...
Incorporate > Interior Design With A Plasma
Need New Cooking Ideas? Try Puff Pastries!
If your family is anything like my family, they will be completely tired of eating meatloaf and spaghetti every other day.
Kids need variety in their meals.
The trouble is, sometimes the family cook runs out of ideas of what to serve for dinner!
If this is true for you, you could probably use some new ideas for meals.
If you use puff pastry, you're going to be able to serve a whole lot more choices at the dinner table.
Those of us who like to stock up may even have puff pastry already in our freezers.
Don't be afraid to cook with puff pastry though-- it is delicious and so easy!
Puff pastry is one of the simplest products to work with in the kitchen.
Do you know how to use your timer and your oven?
If so, then you can figure out how puff pastry should be cooked!
Bake it between 400-500 degrees Fahrenheit and watch carefully to avoid burning.
If you pay attention, puff pastry...
Incorporate > Need New Cooking Ideas? Try Puff Pastries!
A Hard Lesson Learned ....
Are you like me? I like to handle things on my own so I don't even THINK about incorporating help with anything I am working on ... especially my business as a whole.Well, I learned something new recently. It was a HORRIBLE experience that actually turned out for the better. Let me tell you my story:I have a team of about 2000 associates. Since all my sites are hosted at Host4Profit except for the site that their websites are hosted on, I decided to transfer everything over.
Well, I have transferred many sites before so I knew how it worked. I knew I would get access to Host4Profit before transferring with my registrar and that all I had to do was upload everything over to the new host while my old host was still active. This would make a seamless transfer. No one would ever know anything happened ...To make a long story short, it didn't turn out to be as seamless as I hoped and things were a little messed up for about a day. Needless to say, I received TONS of emails!"What happened?!""Where...
A Hard Lesson Learned ....
Incorporate > A Hard Lesson Learned ....
Incorporate
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