#Business Tax Advice

[finlotax]

Essential tax tips every small business owner should know to maximize savings

Tips for tax savings

1. Deferring income/expenses

As a small business owner, you can consider deferring incomes or expenses based on business conditions. If business for the year has been slow and profits are lower than expected, you can consider deferring expenses and increasing income for taxation purposes. However, such a step should only be adopted if you are anticipating higher profits during the following year. Income growth is accelerated by speeding up cash collection before December 31 while simultaneously deferring the payment of expenses till after the new year. This will result in the income received during this year being taxed at a lower rate, while the expenses carried forward to the next year can be useful to set off against the higher income of the new year. On the contrary, if profits are expected to be high this year, you can consider deferring income to the next year and increasing expenses in the current year to reduce the taxable income for the year. This can be achieved by paying some of next year’s expenses in the current year.

2. Qualified business income deduction

If your business is structured appropriately, you can claim a Qualified Business Income deduction under the Section 199A. As a small business owner, you can avail of a 20% deduction in qualified business income when calculating federal taxes. However, this deduction is applicable on “pass-throughs”, a process where the owner pays the tax on the business income rather than the business itself paying the tax. That tax break is scheduled to expire after 2025without changes from Congress, which could affect millions of filers. Consult a tax professional to know if this deduction is applicable to your business. 

3. Resourceful tax planning

If you have a fairly good idea of how your business is likely to perform during the next tax year, you can prepare for the possibility of higher taxes by creating a cash reserve that can be used to pay the IRS. This will ensure you do not face liquidity problems when it is time to pay your taxes. Another way to meet your tax liabilities for the year is to pay estimated taxes based on the tax paid during the previous year. So, if your business did not do well the previous year, you would be required to pay a relatively low amount of estimated tax for the current year which would preserve your liquidity. Ensure you pay at least 90% of the tax estimated for the current year or 100% of the tax on your return for the previous year whichever is lower, to avoid being penalized. The balance would be due at the end of the current year. These figures should be worked out with the help of your tax consultant or accountant.

4. Use your car for business purposes

Using your car for your business can have several tax benefits for your small business. Car expenses are permitted as deductions from taxable income. Deductible car expenses are calculated at a standard mileage rate of cents per mile or actual expenses are considered. Eligibility for this deduction will depend upon taxable income. 

5. Create a retirement savings plan

Creating a retirement plan secures your future and helps reduce the tax rate on your income. Individuals and businesses can contribute to a SEP IRA or 401(k)-retirement plan. Business owners can set up retirement plans for their employees and the cost of setting up and administering these plans can be claimed as a deduction.

These are just a few ways in which small businesses can reduce their tax liability and increase liquidity. These steps to reduce your tax liability can be adopted in consultation with a tax professional based on your business size and organizational structure.

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[scarlettohairdye]

PSA to printed zine makers

As a 37 year old who's been running a sole proprietorship for the last 10+ years, I just want everyone who is planning to run a fandom project that involves accepting money for printing & shipping costs to know that you're actually running a small business and you need to plan for taxes. It doesn't matter if you don't make any profit: that is business income and the IRS will see it as such if you get audited.

If you only take enough money in to cover the cost of printing & shipping then you can write that off as a business expense and probably not pay taxes on it, But in order for that to fly you actually have to do business accounting, especially if you're doing it at scale. Like, you can probably skate by without reporting a $500 project; I absolutely would not fucking risk it with a $5000 project.

Back when I was producing shows there were years when I was where I made $20k in ticket sales only to turn around and immediately pay $18k to my performers. I only made $2k for myself, but I had to report the entire $20k, because it was ALL INCOME. (I only paid taxes on the $2000, because that's how writing off expenses works!)

Yeah this is boring grownup shit and I'm getting my boring grownup fingers all over your fun fandom, but boring grownups doing boring grownup things are the reason fandom spaces exist at all (paying for servers is deeply boring), and I'm way more fun than an audit

[intertaxtrade]

Website : https://en.intertaxtrade.com

Intertaxtrade, established in the Netherlands, excels in facilitating international business and assisting individuals in Europe with integrated solutions in tax, finance, and legal aspects. Registered with the Chamber of Commerce, they offer services like company management in the Netherlands, Dutch company accounting, tax intermediation, international tax planning, business law consulting, EU trademark and intellectual property registration, international trade advice, and GDPR compliance. Their expertise in financial and accounting services ensures clients have a clear financial overview, aiding in business success.

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[fazcinatingblog]

i sent her an email today like "here's the information you wanted two days ago, also i assume it wasn't included in the individual because it'll be in the trust tax return" new year, same me telling sophia that she was wrong

[ltetax-blogs]

Top Qualities to Look for in a Tax Specialist in Wiley Park

When it comes to managing your taxes, finding the right tax specialist is crucial to ensure you're compliant, minimise your liabilities, and optimise your tax returns.

Whether you're an individual or a business owner in Wiley Park, a competent tax specialist can make a significant difference in your financial well-being. However, with so many options available, knowing what qualities to look for is essential to make an informed choice.

This article will explore the top qualities to consider when choosing a tax specialist in Wiley Park.

1. Experience and Expertise

One of the most important factors to consider when choosing a tax specialist in Wiley Park is their experience and expertise in the field. Tax law is complex and constantly changing, so you need a professional who stays updated on the latest regulations, compliance requirements, and tax-saving strategies.

Look for someone who has been practising in the field for several years, as this often indicates they have a strong understanding of various tax issues and scenarios. For instance, a tax specialist with experience in these areas will be better equipped to provide appropriate advice and solutions if you're a small business owner or have a more complicated tax situation.

If you’re not sure about their expertise, don’t hesitate to ask about their qualifications and any industry certifications they hold. Registered tax agents are generally the best choice because they are formally recognised by the Tax Practitioners Board (TPB), ensuring they meet specific professional standards.

2. Knowledge of Local and National Tax Laws

A good tax specialist must have a strong understanding of both local (state-based) and national tax laws. In Australia, tax laws can differ significantly between states and territories, and your tax specialist must understand these nuances. For example, if you own property or a business in Wiley Park or the surrounding suburbs, your tax specialist should know how local taxes, such as land tax, council rates, and payroll tax, apply to your situation. They should also be well-versed in national tax laws related to income tax, GST, capital gains tax, and superannuation, among others.

3. Good Communication Skills

Effective communication is key to a positive and productive relationship with your tax specialist. A good tax agent can explain complex tax concepts in simple, understandable terms. They should be able to answer all your questions and proactively inform you of any changes or developments that may affect your tax obligations or opportunities. You also want a tax specialist who is approachable and responsive. Whether it’s a quick email or a phone call, a tax specialist should be accessible and available to provide updates or answer any concerns you might have. Good communication ensures that you feel informed and confident throughout the entire process.

4. Attention to Detail

Taxes are all about precision and accuracy. A small mistake can lead to major issues, including overpaying or underpaying taxes, which could result in fines or audits. Therefore, attention to detail is a crucial quality to look for in a tax specialist. The best tax specialists in Wiley Park will thoroughly review your financial records and transactions, ensuring that all income, deductions, and credits are accurately reported. Their meticulousness can also help identify missed opportunities for tax savings or deductions, which can significantly affect the amount of tax you pay.

5. Trustworthiness and Integrity

Given the sensitive nature of tax-related information, working with a tax specialist you can trust is essential. A tax agent should be honest and transparent with you, particularly when discussing the various tax strategies available. They should never pressure you into questionable or unethical practices to reduce your tax liability. You want a tax professional who is upfront about fees, services, and expectations. Always ask for a clear breakdown of their pricing structure before proceeding with any work. Hence, there are no surprises regarding pay. Look for reviews, recommendations, or references from previous clients to ensure they have a reputation for integrity.

6. Proactive and Strategic Thinking

A great tax specialist doesn’t just react to your questions or concerns but actively looks for ways to optimise your tax position. They should help you file your taxes correctly and assist with tax planning. This might include recommending strategies to minimise your tax burden, whether through maximising deductions, utilising tax credits, or helping you understand long-term financial planning options, like superannuation contributions. Proactive tax planning can also help you avoid future tax problems. By thinking ahead and preparing for changes in tax legislation, your tax specialist can ensure that you remain compliant and avoid unpleasant surprises.

7. Reputation and Reviews

A tax specialist's reputation can tell you a lot about their service quality. Start by researching online reviews or asking friends, family, or colleagues for recommendations. Positive feedback from past clients can provide insight into their professionalism, expertise, and client service. Word-of-mouth recommendations are often one of the most reliable ways to find a reputable tax agent. Look for someone well-regarded in the local community and with a proven track record of helping individuals and businesses with their tax needs.

8. Reasonable Fees

While you don’t want to choose a tax specialist based solely on price, it’s essential to ensure that their fees are reasonable and in line with the level of service provided. Compare quotes from several professionals to understand the typical cost for your required services. Beware of tax specialists who offer prices that seem too good to be true, as this could be a sign of low-quality service or hidden fees. A trustworthy tax agent will provide a clear and transparent fee structure so you understand what you're paying for and how much it will cost.

9. Ability to Handle Audits

While the goal is always to avoid issues with the tax office, audits sometimes happen. A skilled tax specialist should be able to assist you if you're selected for an audit by the Australian Taxation Office (ATO). They should help you gather the necessary documentation, respond to any questions or requests from the ATO, and represent your interests if necessary. Having a tax specialist who can guide you through the audit process can reduce stress and protect your interests.

Final Thoughts

Choosing the right tax agents in Wiley Park is an important decision that can impact your financial health. By looking for a professional with experience, strong communication skills, attention to detail, integrity, and proactive tax strategies, you can ensure that your tax matters are handled with the utmost care and expertise.

A good tax specialist helps you meet your obligations and offers valuable advice to help you optimise your tax situation.

Looking for Expert Tax Assistance? Visit LTE Tax

If you’re looking for trusted and experienced tax specialists in Wiley Park, LTE Tax is here to help. Our team of professionals offers comprehensive tax solutions for individuals and businesses, ensuring you stay compliant while minimising your tax liabilities. Visit LTE Tax today for expert advice and support for your tax needs.

[trustedaccountantsmelb]

Unlock Financial Success with Expert Tax Advice and Business Accountants

Running a successful business requires more than just great ideas. Managing finances, staying compliant, and planning for growth demand the expertise of a trusted business accountant. At FJG Partners, we work with businesses to simplify financial management and provide tailored solutions for long-term success.

Our team offers specialised tax advice designed to minimise liabilities and maximise savings. Whether you're a startup or an established company, understanding tax obligations is crucial. We guide you through complex regulations, ensuring your business stays compliant while identifying strategies to reduce your tax burden.

A skilled business accountant does more than handle the books. At FJG Partners, we help business owners understand their financial position, set realistic goals, and achieve sustainable growth. From preparing budgets to managing cash flow, we provide tools and insights that empower you to make informed decisions.

Our tax advice includes year-round planning, not just last-minute preparations during tax season. We focus on proactive strategies that align with your business goals. By addressing your unique circumstances, we uncover opportunities to save and optimise your financial performance.

At FJG Partners, we understand that every business is different. Our personalised approach ensures you receive services tailored to your needs. Whether you need help with payroll, financial forecasting, or tax planning, our team delivers reliable, actionable solutions.

Choosing the right business accountant means gaining a partner who supports your vision. With our expertise, you can focus on running your business while we handle the complexities of finances. From detailed financial reports to actionable tax advice, we equip you with everything needed to succeed.

Contact FJG Partners today to discover how we can help your business thrive. Let us provide the financial clarity and support you need to reach your goals. Partner with us and experience the difference of working with a dedicated team of experts.

Source

[australiantax]

Australian Tax Specialist: Business Tax Accountant Sydney 

Australian Tax Specialist is one of the leading business tax accountants in Sydney. We partner with private businesses and their owners to develop effective strategies and solutions for Business Tax and GST compliance. Our team supports business owners in critical areas of taxation, offering insights and advice on aspects they may not have previously considered, setting us apart in the industry. To know more contact us at 1235.

Visit Here: https://australiantaxspecialists.com.au/business-tax

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Tax Consultant In SCV And SFV - CPA Howard Dagley

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We offer a full suite of tax, accounting, payroll, financial reporting, loan consulting, tax relief services, etc. to help our client’s enterprise grow and thrive. We have been providing Business Accounting Services in USA for years successfully. 

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Finance and Legal Business Consultant - Legal Vistaar

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Business Finance Supervisor in Kolkata: Surana Consultancy

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[ltetax-blogs]

Expert Accounting Services for Entrepreneurs in Melbourne | LTE TAX

Running a business comes with numerous responsibilities, and managing your finances is one of the most crucial tasks. At LTE TAX, we specialise in providing expert accounting services to entrepreneurs in Melbourne. We help you maintain accurate financial records and make informed decisions for business growth. Our qualified team of business accountants Melbourne offers comprehensive solutions covering everything from bookkeeping to tax planning.

Comprehensive Accounting and Bookkeeping Solutions

At LTE TAX, we handle all aspects of business accounting. Whether you're a small startup or an established company, we manage your financial records, ensuring they are up-to-date and accurate. We assist in preparing and lodging BAS statements, creating regular financial reports, and managing day-to-day transactions. Our reliable bookkeeping services allow you to focus on the core aspects of your business while we take care of the numbers.

Tailored Financial Management

Our team works closely with you to understand your business needs and provide the best solutions. We help organise your financial systems, track every transaction, and ensure compliance with Australian tax laws. By offering professional bookkeeping services, we help you avoid costly mistakes and optimise your tax position.

Tax Preparation and Planning

Managing taxes can be complex for any business. Our tax experts help prepare your business tax returns and offer advice on structuring your business for maximum tax efficiency. We also provide strategic tax planning to ensure your business complies with all relevant regulations while reducing your tax burden.

Reliable Support for Entrepreneurs

Business owners need a trusted partner who understands their financial needs. Our team at LTE TAX provides ongoing support and easy access to expert advice whenever required. We take pride in offering clear communication and professional service, empowering you to make confident decisions about your business.

Expert Financial Reporting

Our accounting services give you access to accurate financial reports essential for making informed business decisions. From monthly bookkeeping records to detailed financial statements, we ensure you have a clear overview of your business's financial health. This allows you to plan and make necessary adjustments for growth.

Why Choose LTE TAX?

Experienced Accountants: Our team of professionals has the knowledge and expertise to handle all your business accounting needs.

Comprehensive Services: From tax preparation to bookkeeping, we offer a wide range of services to ensure your business stays on track.

Personalised Support: We provide ongoing support and advice, ensuring your business’s financial needs are always met.

By choosing LTE TAX, you ensure that your business’s financial management is in expert hands. Let us handle your accounting and bookkeeping tasks so you can focus on growing your business confidently.