Top 7 Small Business Tax Tips
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?
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/
Smart PR Tactics for Small Businesses
Small businesses need Public Relations, possibly more than large corporations, to put them on the map. If you consider that time is money, however, you may find that handling your own public relations is a daunting task and not necessarily worth the monetary savings. Here are some ideas of how to get the best bang for your PR buck by thoughtful outsourcing:
The Key to a Successful Business
Where would a business be without a business plan? A business plan sets the course for the future of the business. It gives the business owner or manager a sense of direction, listing the objectives and goals of the business from the outset.
Collect that Debt - Your Business Depends on it
The efficiency of debt collection is the difference between a business that will succeed and a business that closes up.
Justice In Action
During the 1980 presidential campaign, candidate Ronald Reagan vowed, if elected, to appoint the first woman to the United States Supreme Court. Six months after his inauguration, President Reagan kept his promise ? nominating a member of the Arizona Court of Appeals. The Senate soon confirmed her by a vote of 99-0.
How to Profit Handsomely From a Secret Business Model Virtually No Small Business is Using!
Have you been searching for the perfect home-based business? I have spent nearly twenty-five years searching for the holy-grail of home-based businesses. Now this article is not about a business, but rather a system that Fortune 500 companies always use but it's rarely used by home-based businesses, affiliate or network marketing companies. And based on my experience, you should not even attempt a home-based affiliate or network marketing opportunity unless you use a system that almost guarantees you'll be successful.
Cabinet Refacing Business Opportunities
With all the cabinet refacing business opportunities out there, you could have a home based business that grows in this expanding industry. You've wanted your own kitchen updated, or talked to friends and family who have put out thousands of dollars remodeling theirs. It is an industry that will expand continuously, as homes are getting older and people want a new modern look.
Contract Cleaners ? A Guide for Business Part 2
In the first part of this article I put forward 7 questions that I believed were important to ask of your potential cleaning company. In this article I will explain the relevance of the first two questions and the answers you get to you as a business.
Small Business - Big Business...Whats the Diff?
Small Business, Big Business ? What's the Diff?
Why Clean Mobile Homes for a Business?
Manufactured and Mobile Home owners know that the weather this year will be quite harsh. It's imperative these owners to clean out rain gutters and debris from on top of their homes. They realize that they must thoroughly wash off this summer's dirt so they do not have drip marks on the sides of their cottages this winter. They must eliminate the mold buildup, and unsightly stains. Those mobile homes which have not been cleaned all Winter must have their rain gutters cleaned so when Hurricane remnants dump massive amounts of water in a region the roofs do not collapse. It is equally important to clean the bottom of the eaves and carport to prevent mold spots from forming.
Its Spring - Time For A Compensation Program Tune Up
Now that winter has passed, the annual ritual of spring cleaning is in full swing. Spring cleaning is more than cleaning the windows and clearing the cobwebs that hid in the corners during the winter. "Spring is a time to take a serious look at your compensation program and begin planning for the next budget cycle. Depending on your organization's fiscal year, it may also be time to determine appropriate market adjustments and pay increases for the coming year," said Michael Maciekowich, National Director, Astron Solutions.
The Key to Creating Total System Empowerment
In this paper, I will:
Back when I owned an inventory-based business, one of my better customers had a clever barb in his repertoire. If we were out of anything he needed in his order, he would say "You know, this would be a great place to open a supply house."
When and Why YOU Are the Best Writer for Your Business Plan
WHEN you are operating or planning a small business that is seeking funding for less than five million dollars, it's wise to consider writing your own plan.
Preparing to Launch Your Small Business
Small business owners often enter their field with great expectations. Unfortunately, reality strikes shortly afterwards. Here's how you can enter the entrepreneurial battle ground with confidence...
Specialty Advertising in C-Stores
It appears the mini-blimp indoor theme and concept is making significant headway. We have seen them in the halls of Congress sniffing for anthrax. What else can we use them for? C-Stores can use Mini Blimps Advertising and Surveillance to prevent Shoplifting. These can be paid for by beer vendors, soda vendors as advertising signs, which float around the store like a pool sweeper around the family pool. It does not have to be a blimp shape, it could very well be any shape such as a giant banana or a football?
So You Don?t Believe in Outsourcing
Entrepreneurs are hardy stock. But sometimes hardiness can get you into trouble.
20 Great Ways to Market Your Business Locally
Whether your target audience is in your neighborhood or across the world, you can use your local resources to get the word out about your business. Your local community is easily accessible and provides dozens of opportunities for building a buzz about your product or service. The following are twenty ideas to get you started.
If You Want To Be Remembered...
Send handwritten notes. That applies whether you're a guy or a gal. It's not about being touchy-feely, it's about maintaining good business relationships with the people you know and the prospects you meet.
Want to Grow Your Business? Make an Irresistible Offer
My clients and many of my readers are small and home-based business owners, and one of the biggest struggles they face is getting new customers.
Is Your Business Legally Prepared?
It is imperative to have your business legally prepared. How you ask? You need to have a business license, a home occupation license, if running your business from home, a city or county license, (depending on what State you live) plus you need to register your business as fictious if you are not using your name as a business. For instance, If John Doe has a businessname as John Doe's Grooming Parlor, a fictious name isn't necessary.
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