Five useful Year-end Tax Saving Tips.
As an Open Net-worker and Entrepreneur, the best gift you give yourself this year-end may not have been under your Christmas tree. In fact, most of us have been too busy decorating it than allocating any fast approaching 2014 year-end tax planning, yet taxes are the biggest expense most of us (for me anyway).
So, as suggested by many of my associates, here is a final Christmas present that was not planned or was not added as a gift under your tree.
Some words of advice shared with love by yours truly, as a year-end tax planning from InnerVeritas Marketing and Innovations, a simple way to give back with many, many THANKS!
Here’s what others have to say: “Negatives about taxes is heard every day, given so many amazing incentives for all of us, we only need courage to take action… nothing more. Take advantage of the many deductions businesses and even solo – entrepreneurs take advantage.” Well, my friend, you can do better things than just listen to that negative talk, you can take action now and use many of last minute year-end tax tips and strategies.
Here is the short list:
1. You are having a year-end Party correct? So why not throw a party for your team? You can use it as tax deductible and say “thank you” to all members.
2. For certain you have travelled or you will travel these days. Document it and write off the cost as long as it’s legitimate and for business.
3. This is an easy one – Professional Education - As ongoing education, for growing your small business, write off the cost of attending seminars and such.
4. Entertaining. You can travel to Las Vegas and meet with business associates and deduct the cost of air plane tickets for a all the shows and events associates to promote your business.
5. Why not hire Your Kids so Instead of giving your kids money to buy what they want, let them earn their own money; when they earn money working for the business. Find the best way to give them a job that is within their ability and document it with a clear job description.
I am certain you can think of more as long as you take time to reflect on Saving instead of Spending.
Hope many of the tips and ideas above benefited you, if so, please find out with your accountant, what are the rules, since I am not into accounting and implement them.
One of my extra suggestion is to make certain you document the true reason for adding the deduction, keep accurate (written in details, not just Visa or MC or AMX receipts) records with reasonable information for the deduction. (find out what’s best for your situation, by talking to your accountant)
So before the year-end, (you only have 3 days ) consider what ways to use your tax planning now and for the future as well… a few minutes spent today, to figure out how to use the tips above and many more, I am certain you may start to ‘remember” more tax planning ideas, and they can save you at least a little more money this year (and in the longer term as well) and use the proceeds to grow your business.
In conclusion, as an entrepreneur you owe it to yourself and your business to understand as much as possible about the tax deductions you may otherwise leave them on the table, as the saying go.
Individuals, small business owners and entrepreneurs can take advance of all the tips above and find out much more by subscribing to one of nickc LOPWA monthly Free of charge newsletter by Clicking Here or by visiting: https://lopsolutions.infusionsoft.com/go/wafr/ncat/
You can always can reach nickc by email at: email@example.com and let’s set a time and date to get together and discuss how we can grow our business together… email, phone/Skype and Google+ support is always Free of charge.
Take control of your Income and expenses in your business and make it a great year!
The information above is shared from the heart… please share it with others if was useful to you and leave a comment for everyone else to benefit… THANKS!!!
_I am nickc
Open Networker, SOC Marketing Director, Blogger, Entrepreneur and
looking forward for our paths to meet again. Until then ~ Live Healthy,
Love as Your Know is Best, and Make Your Life Matter in every way!