#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.

Finlotax: A professional accounting and taxation firm in CA

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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]

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[devilbrakers]

Lrb.. Dante being a tax evader and just generally Like That is soooooo funny to me

[yegtaxmasters]

https://decidim.calafell.cat/profiles/yegtaxmasters/timeline

[australiantax]

Essential Tax Advice for Sydney Residents

If you are searching best tax advisor for your tax planning then Australian Tax Specialists is the top choice for Australian residents seeking expert Tax Advice Sydney. With personalized service, in-depth knowledge and a proven track record, our tax experts ensure maximum tax savings and compliance.

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Tax Consultant In SCV And SFV - CPA Howard Dagley

For The Most Reliable Tax Consultant In SCV And SFV, Howard Dagley Is Ready To Answer The Call This August! Do you know that working with a CPA can yield a multitude of benefits? Working closely with a CPA can help to prevent errors during taxes time as well as save you time. Howard Dagley, CPA will prioritize your tax and business needs for the year of 2024. Learn more about Howard Dagley’s…

[madisonellie1]

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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. 

[legalvistaarconsultants]

Finance and Legal Business Consultant - Legal Vistaar

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[suranaconsultancy]

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[thetaxplanningprosus]

Navigating Small Business Taxes in Plano, Texas: Expert Advice from The Tax Planning Pros

Are you a small business owner in Plano, Texas, feeling overwhelmed by tax season? Don't worry; you're not alone. Tax planning for businesses, especially small ones, can be a daunting task. However, with the right guidance and expertise, you can streamline the process and ensure compliance while maximizing your savings. That's where The Tax Planning Pros come in.

Tax Planning Business Plano Texas: Importance and Benefits

Small business owners often overlook the significance of tax planning. However, proactive tax planning is essential for optimizing financial outcomes and minimizing liabilities. In Plano, Texas, where the tax landscape can be complex, seeking professional guidance is paramount.

At The Tax Planning Pros, we understand the unique challenges faced by small businesses in Plano. Our team of experienced tax professionals specializes in providing tailored solutions to meet your specific needs. Whether you're a startup or an established enterprise, we offer comprehensive tax planning services designed to maximize your bottom line.

Small Business Tax Advice Plano Texas: Strategies for Success

When it comes to small business taxes in Plano, Texas, preparation is key. Here are some essential strategies recommended by The Tax Planning Pros:

1. Stay Organized: Maintain accurate financial records throughout the year to streamline the tax filing process and avoid last-minute scrambling.

2. Take Advantage of Deductions: Identify all eligible deductions and credits to minimize your tax liability legally. Our experts can help you navigate complex tax codes and uncover valuable tax-saving opportunities.

3. Plan Ahead: Implement proactive tax planning strategies to optimize your financial position and minimize surprises come tax time. Our team can develop a customized tax plan tailored to your business objectives.

4. Stay Compliant: Keep abreast of changing tax laws and regulations to ensure compliance and avoid penalties. Our experts stay updated on the latest developments, providing you with peace of mind.

The Tax Planning Pros: Your Trusted Partner in Tax Matters

At The Tax Planning Pros, we are committed to helping small businesses in Plano, Texas, thrive financially. Our personalized approach and attention to detail set us apart, ensuring that you receive the highest level of service and support.

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Whether you need assistance with tax planning, preparation, or IRS representation, you can count on us to deliver exceptional results. Let us take the stress out of tax season so you can focus on what you do best – running your business.

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[lexlawuk]

R&D Tax Credits: HMRC's Clawback Demands

Many SME businesses, which previously were able to apply for and receive Research and Development (R&D) tax breaks from HMRC for their innovative endeavours, find themselves now being pursued by HMRC to reimburse the funds received. HM Revenue and Customs (HMRC) is re-evaluating past claims for research and development (R&D) tax relief, prompted by a realisation of significant levels of error and…