8 Tax Tips Only Your Bookkeeper Will Tell You
The end of the financial year is literally just a couple weeks away. Are you ready to complete and file your taxes? Normally it’s best to make strategic plans to minimise your tax bill at the start of each year. This way you aren’t in such a rush at the end and are less likely to leave out an important deduction, or file late. The following are a few tax tips that every good bookkeeper knows that should help you get your tax and other paperwork in order. Did you invest in assets for your business? Don’t forget about the passage of accelerated depreciation for small businesses last year. This tax break allows small businesses with annual revenue of $2 million or less to write off the full value of the asset in the first year, up to $20,000! Keep track of your deductions and keep your receipts. In addition to writing off $20,000 in asset purchases, don’t forget to track, and get receipts, for all of your regular deductions. For example, most small business owners have expenses associated with their home office, or expenses related to business travel, repairs, and other costs. Just don’t forget to log the...
Read MoreTax Time – A Time To Look Ahead
If you are a small business owner then of course it is your intention to dot the I’s and cross the T’s in order to complete everything that needs to be done at tax time. While this is important, what you really should be doing in addition to this, is planning ahead for the new financial year so that things run even better than ever. Did you know that most small businesses fail in the first five years of start-up and generally this is due to cash flow issues, high expenses and low profits? For this reason you need to review the previous financial year so you can better position yourself to meet and exceed your financial and business goals for the year ahead. Were there unexpected periods (whether high or low) that shout “anomaly”? Try to understand why these occurred so you better plan for these events should they happen in the current financial year. Not writing it down can be an exercise in disaster. If you keep relevant information in your head then miscalculations and assumptions can occur. Write it all down even if it is not part of the specific budget – you can always include...
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