Business taxes could be very difficult to handle particularly when you are just starting to earn. The good news is the government provides assistance to small business owners regarding this matter. You need not resort to tax evasion just to keep some bucks to yourself. Here are the most effective practices to note.
1) Maximize your donations to charitable institutions - Yes, the government do take note and appreciate any help your business provides for the poor and needy. You can declare the total amount you spend in charities under the legal deductions category. Did you purchase packed foods and dozens of shirts for the fire or storm victims? Just keep your receipts for these items. They'll be useful in the calculation of your total expenses. Ensure though that your chosen charities are the ones that are registered and recognized by the government.
2) Manage a registered retirement plan - No matter how far you are from retirement age, you can have a registered retirement plan as early as now. After all, who else is going to take care and prepare for your future but yourself. Decide on how much contribution you will designate to your retirement for the present tax year. Do not forget to keep the receipt for filing and computation purposes.
1) Maximize your donations to charitable institutions - Yes, the government do take note and appreciate any help your business provides for the poor and needy. You can declare the total amount you spend in charities under the legal deductions category. Did you purchase packed foods and dozens of shirts for the fire or storm victims? Just keep your receipts for these items. They'll be useful in the calculation of your total expenses. Ensure though that your chosen charities are the ones that are registered and recognized by the government.
2) Manage a registered retirement plan - No matter how far you are from retirement age, you can have a registered retirement plan as early as now. After all, who else is going to take care and prepare for your future but yourself. Decide on how much contribution you will designate to your retirement for the present tax year. Do not forget to keep the receipt for filing and computation purposes.