10 Ways To Reduce Tax Burden For Your Small Business
An ideal lawyer won't just have a string of impressive credentials or gold lettering on his door
. He or she'll be caring, concerned, and devoted to their work. You ought to think carefully before laying your trust in a lawyer when all said and done in some cases your life, future, money or property will be in his hands.
Other than doing encompassing research to short list possible lawyers you should ensure that there is not conflict of interest, that you realize everything the retainer agreement states, and that you have checked the references and points regarding the practice.
You'll be aware the lawyer you have picked out is the perfect one if:
1.He makes a feat to spend time to understand your case himself. He will not designate a legal assistant to take facts of the case down.
2.From experience and knowledge he will have an idea of what is pertinent and what is not. He will reserved and ignore irrelevant facts, opinions, and personal emotions that cloud the case on hand.
3.He will insist that the footwork for the case be done thoroughly. All facts must be investigated for accuracy and solid arguments jotted down with backing of earlier rulings.
4.He won't just focus on the problem at hand but examine the problem from all sides. This will create a complete picture highlighting all factors of relevance and the different ways one can approach the case.
5.He will use his foresight and anticipate moves by the opposition or opinions of the jury or judge and plan way in front. Like a master chess player he will prepare the case not by the day but by many hearings ahead.
6.He will not waste time beating around the bush or create verbose statements-many words strung together which look impressive but mean nothing. He will insist that the case and its arguments be clearly stated.
7.He will be self-disciplined, thorough, and self confident. Courteous at all times he will respect you in addition to all the staff who are employed by him.
8.He is recommended by not just his friends and family but by other professionals of good standing and from his field.
9.He will not just present to you his victories but be happy to let you know why and how he lost certain cases.
10.He will lay the cards on the table and let you know clearly whether your case stands to win or loose. He will not claim that winning is guaranteed. He will be truthful and upfront about his opinions and advice.
The reality is that the lawyer should be suitable for your trust. Use your inborn instincts and don't go by the lawyer's good looks or fancy car or office. When all said and done it is competence in law and in a court room that is of essence to you.
Everyone worries about taxes and looks for ways and means of reducing the tax burden. When you have a small business of your personal you must up date your knowledge of tax laws that pertain to small companies. As a company owner you should understand clearly about accounting systems and tax planning. Sit around with your accountant and plan on ways of maintaining business expenses, filing receipts, planning on tax saving investments, and a strategy for running the business in the most beneficial way.
Did you recognize that:
1.According to law you can reduce your tax liability by hiring members of the family to carry out work in your company. Pay your kids and spouse to perform assigned duties. This way you can shift from higher tax rates to reduce ones.
2.Look at engaging independent contractors instead of staff members. You will lay aside on payroll taxes. Nevertheless ensure that you meet the IRS's criteria.
3.Consider deferring income postpone receiving money to January instead of December. This means that payments received will be up for tax calculations a year away. Even so make an inquiry from your accountant's advice as the benefits are dependant on profit and losses for the year and your corporate legal structure.
4.Take benefit of tax deductions allowed for charitable donations. Make donations in November or December as opposed to January so that you are able to include the donations for tax deductions in the present year.
5.Maximize your expenditure on equipment and office supplies. Buy in advance for 25 percent and use the tax deductions allowed in the present fiscal year.
6.Include expenses of business related travel in today's year.
7.Pay all bills due prior to the end of the year. Payment to cell services, rent, insurance, and utilities associated with the company may be included for accounting and applicable tax waivers.
8.Plan a retirement plan and continue paying before the end of the year. This will lessen your income for the year and proportionately the tax due. Be certain to monitor the limits. Plan a feasible and beneficial strategy with your accountant.
9. Be certain to deduct from your taxable income money paid to licensing fees, businesses taxes, and annual memberships to businesses related organizations. Be sure to deduct interest paid on borrowings for running the business enterprise and related fees. Premiums paid to insure the business office and machinery are eligible for tax deductions. Make a listing of your memberships and check which ones are eligible for tax deductions.
10. Check whether you have subtracted management and administration expenses as well as money spent on maintenance and repairs of equipment.
Decide whether a cash accounting system or accrual one will benefit your business. The tax deductions are different depending on the system you use. When setting up your small to medium size business take the advice of a tax and accounting professional as to which accounting system would be most suitable.
by: Abraham Itunnu
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