| |
| |
|
Small Business Information |
|
Top 7 Small Business Tax Tips
Here are seven ways for owners of small businesses to save money on their taxes. 1. Incorporate Yourself: If you`re still a proprietor or partner of a business, it`s time to incorporate yourself. Not only will you limit your liability, but you may enjoy lower tax rates on small business income and other tax advantages as well. 2. Be Home Based: If possible, continue (or switch to) being a home based business. Not only will you keep your overhead down, but you will be able to write-off (or deduct) the business use of your home. 3. Income Split: Pay reasonable wages to your spouse and children. In this way, you can legally divert income taxed at your higher rate to your family members that are in a lower tax bracket. 4. Rearrange Your Affairs For Maximum Tax Savings: Can you make some changes to turn your hobby into a moneymaking business? Can you use that extra room in your house as a home office for your business? Can you arrange to use your car more for business purposes? Can you arrange for more of your entertainment expenses to be business related? 5. Document Your Expenses Well: Do you document your expenses well so that they would survive a tax audit? Have you kept a mileage log so that you can prove the percentage business use you claim for your vehicle? Have you kept receipts for all your entertainment expenses and listed the business purpose on the back of each receipt? 6. Be Punctual: File all returns and pay all taxes due (income, payroll, sales, et cetera) on time. This way, you avoid expensive late filing (and payment) penalties and interest. 7. Develop a Tax Planning Mindset: Some people only worry about their taxes during tax season. However, you will save a fortune in taxes, legally, if you make tax planning your year-round concern. Do you make business and personal purchases, investments, and other expenditures with tax savings in mind? RESOURCE BOX: J. Stephen Pope, President of Pope Consulting Inc., http://www.popeconsultinginc.com/ has been helping clients to earn maximum business profits for over twenty-five years. For valuable Work at Home Small Business Ideas, visit: http://www.yenommarketinginc.com/
MORE RESOURCES: Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting |
|
|
|
RELATED ARTICLES
Four Reasons Why Small Businesses Succeed (or Fail) The American system of business management has been admired and emulated around the world. This system is characteristic of two traits in the American psyche: (1) enthusiasm for the future and making things better, and (2) an openness and willingness to change in order to achieve that end. The Truth About Government Grants for Your Business Free money! Receive up to $25,000 that never has to be paid back -- Guaranteed! Get a grant to start your own business today!If you're a small business owner, or you've always dreamed of starting your own business, you've probably run across ads like these. Companies that "guarantee" you'll get a grant to start your own business that never has to be paid back. Market Makers Play a Significant Role in Reverse Mergers One overlooked individual in the process of taking a company public through reverse merger is the market maker. The market marker is critical especially if the company is going to be listed on OTC Bulletin Board or the NQB. SBIR - A Nice Add-on Business If you are a small business and qualify to participate in the SBIR program, it is a natural enhancer to your existing business. If you are small enough you may be able to start a company using SBIR funding, but you will soon come to realize that if your sources of income are not diversified (with SBIR being only one source) you might fall victim to funding cycles and no income. The 5 Habits of Highly Successful Small-Business Owners Have you ever wondered what the difference is between a business that consistently grows and another that struggles just to make ends meet? Or why a business that was started in a basement of a home can outperform some of the best-run "big" companies in sales and profits?Two businesses, operating in the same marketing arena and selling the same products or services, can have extraordinarily different results. How can one business continually grow and prosper, while the other struggles? How can one business owner run a highly successful business while still spending a good portion of his or her time away from the business on trips and vacations with the family, and another owner work day and night only to see his business fail?Such questions have always intrigued me. Corporate Shells A corporate shell could be liken to a house that had been occupied by a family, prior to the family moving out it was a home. But now it is just shell, a skeleton a plain house with nobody in it, but if a family was to purchase the house and moves in, it becomes a home. Small Business Server Business Tips Top 3 Ways to Maximize Your Small Business Server Consulting ProfitsOver the past 7 years, Microsoft Small Business Server (SBS) has gained traction as a widely-respected Small Business Server networking suite.As a result, many small business computer consultants, systems integrators, and value-added resellers have jumped on-board the Microsoft Small Business Server bandwagon. The Failures Guide to Small Business Success How many "get rich schemes" have you joined? Or have you invested in numerous legitimate business endeavors only to have them not work for you? Have you started you business and now facing a complete shut down? Do you consider yourself a failure? Are your loved ones pressing you to give up?Risk-taking is a large part of entrepreneurship, in fact it is what drives it, and it's why so many people avoid small business, despite its many potential rewards. Those of us who have tried it only to have failed may find ourselves right back where we started, which could leave us feeling like total failures. Launching your Business with a Chamber of Commerce Why are Chambers a good launching pad?Chambers provide you with more ways to get to know the business community than most organizations. I was once elected President of a Chamber and the Board strived to get businesses involved with each other. Starting a Small Business: Balancing Risk and Reward In a perfect world, starting a small business would be risk free, but just as with everything else; the degree of risk determines the value of the reward.According to the National Commission on Entrepreneurship, at any given time, 6% to 9% of the United States adult population is involved in planning for a new business. S Corporation - What Is It? For many small businesses, the "S" corporation is the business entity of choice. The "S" in S corporation refers to a tax designation. How To Accept Credit Cards If you plan to do business online, then your website will need to accept credit cards. For many, the idea of applying for a merchant account sounds like a daunting task, but the truth is that building an online store is incredibly easy these days. The More you GIVE the More you GET Why give freebies?We have all seen freebies at trade shows and we have all probably seen the person that goes from booth to booth collecting as much of it as possible. There is always someone that only goes to get the free stuff, but then again there are also people that go there to learn about new products or services. Financial Dose for Business The goals of businesses have undergone much evolution from the times when entrepreneurs were content with anything that they received above the capital invested. Businesses now want to expand their reach globally, riding on the wave of technology. Boston Market; Mobile Auto Detailing Boston itself covers 50 square miles of concrete and traffic, well city limits actually exactly 46 square miles, the entire metro area can be and is often over stated at 1100 square miles, but more realistically about 380 in our humble opinion. And you know some of that is water. What Is YOUR Value Proposition? Every company has a value proposition. That is a statement of their perceived value to their clients. Franchise Buyers Lying On Forms The Federal Trade Commission which governs the franchise industry thru the franchise rule, which enforces Franchise Disclosure laws seems to think that consumers need to be protected even when they lie. Often The FTC takes complaints from consumers who claim they had been ripped off or lied to from someone selling a Biz-OP or some corporation, which sells franchises. Marketing a New or Small Business on a Budget There are almost as many opinions and views on marketing as there are companies to market. The big names and multinationals will have an extraordinary amount of funding set aside in which to convey their marketing message to the masses. Does Your Business Need a Toll-Free 800 Number? Should your business have a toll free number for customers to make sales, service and billing inquirers? The industry began in the early 1970's and today most customers expect you to have it. Providing a toll free line can bring in a number of benefits to your business. Does Your Small Business Marketing Suffer From The Bulldog Effect? If you're an entrepreneur responsible for your own small business marketing, there's a marketing method you should avoid at all costs, which I've coined the bulldog effect for reasons you will understand shortly. Keep reading to find out if you're guilty of using this technique in your own marketing and learn how to fix it.
|
| home | site map | contact us |