Five useful Year-end Tax Saving Tips

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. imagesIn 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.

download (2)So in the interest of Paying it Forward on this season of giving, InnerVeritas we’ll offer some of the tax tips and ideas for you to take advantage now.

Here is the short list:

1. You are having a year-end Party correct? So why not throw a party for your team? You candownload 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.

images (1)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 download (1)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: nicavita@gmail.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

http://www.nickcatricala.com
http://www.InnerVeritas.com
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!

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About nick catricala

Passionate to help, support, add value and wings to our unique and exciting life journey! _nickc is author of "The Commitment of a Lifetime" as well as an avid self improvement practitioner, spiritual truth seeker and entrepreneur. _nickc lives in Ontario, Canada, and love to publish positive, uplifting content at his InnerVeritas sites and can be contacted 24/7 at: (206) 203-2170 (Tel./Fax) or by eMail: nicavita@gmail.com
This entry was posted in Goals, Income, Strategy, Taxes. Bookmark the permalink.

42 Responses to Five useful Year-end Tax Saving Tips

  1. Nile says:

    A lot of cool little tips… though around my house, I’m picky about things and just do my own chores. I leave the little 10 to 15 minute jobs to my kid and he gets his regular allowance. It’s no sweat and I really don’t care to document his job for taxes.
    Nile recently posted..The Art of Blogging: Building A Sturdy FoundationMy Profile

    • Nile,
      good you see the cool tips..

      Interesting that what and how you do it you feel not to take advance about the tax issue with your son…

      I understand very well, I done that for years.. BUT I must say that I recognized it was wrong, not because I did not take advance of the tax savings.. BUT because I did not teach my kids about it and now they do the same as me.. if I would educated them earlier in life, they would see as a good practice..
      Anyway, we all do good and bad in life..

      Great you have your own way of dealing with this and you and your son enjoy it.
      Thanks for your comment.
      _nickc

  2. Hi Nick,

    For some reason, I never think about income taxes until March or April. It makes sense to think and plan now, at year end.

    Thanks for these tips. I am really bad about keeping detailed descriptions–I just retain the receipts.

    Have a Happy New Year!
    Rachel Lavern recently posted..How to Select the Right WordPress Theme for YouMy Profile

    • Rachel,
      surprised that you do not think of taxes.. but as I know, we are all different and some how we function in some ways..

      Hope the tips will make things easy for the future and some how you can use them

      Thanks for your comment,
      _nickc

      • I know, right? The last week of a year through the first week of the new year I do what I always do. Set aside time to reflect on my goals for the coming year: health, relationships, spiritual, home, financial, and of course, business.

        So now I will add a new activity during the last days of December–make sure to take full advantage of every available tax advantage of self-employment. After all, the American tax system is set up to benefit the very wealthy and the self-employed.
        Rachel Lavern recently posted..Is Your Business Equipped for a Disaster?My Profile

        • Rachel,
          so nice to see your comment here.. and sharing this important missing part, setting aside time to reflect or set next year goals.. in regard to such important parts of our life such as “health, relationships, spiritual, home, financial, and business.”

          I am glad you shared the above info, because it is essential, and now adding another important task is easier and more profitable for you and your family.
          Thanks so much for your support.
          _nickc

  3. Many great tips Nick. It brings me to wonder if I could write off the $10. month maintenance charge for GDI, as it is a core part of my online business. If I could, there goes about $60 I could write off. I don’t know how if the Canadian tax process is different from the American tax process, but I am sure they are similar. When I feel that my business is more legitimate to be written off, I will use these tips as a guide to allow me to earn a return on the money spent. Thanks again for the tips. Hope you have a great year to come, and that we come in contact more often.
    Ashton
    Ashton Dawson recently posted..Powerful ResolutionsMy Profile

    • Ashton,
      we both in Canada and the info is for Canadians… and YES, you can claim the GDI expenses and other expenses for tax purpose… just keep detailed information and save them for 7 years.. in case someone ask for it… if there is anything that is not accepted they tell you.

      Your business is already legitimate, just treat it as a legitimate :-)

      Any time I can support you in any way, please give me a call.
      _nickc

  4. Hi Nick, these are great tips, I’ve used all of them for tax deductions for myself. It’s especially good when I can travel from here to America and claim it on my tax.

    We’re lucky in Australia because our financial year is from 1st July to 30th June, so our tax returns are due in sometimes in September or October. I don’t know the history behind the reasoning for changing the dates, but I think it’s better than doing taxes around end of year holiday time!

    Happy New Year Nick!
    Julieanne van Zyl recently posted..10 Must-Do Tasks Before Blog CreationMy Profile

    • Julieanne,
      wonderful that you already use the tips as you are, hope some of them triggered a better way and do better in the future.

      Yes, you are lucky.. I can imagine how great it is to have more time away for the rush of the holidays.

      Thanks for the best wishes for the new year.. THANKS SO MUCH and the same to you and yours.
      _nickc

  5. Dawn Golden says:

    Never thought of hiring our kids for paid fee services. I know I like the idea… wonder how they will feel about it?! I use a spreadsheet to track expenses by month, color coded of course by category, and capture the mileage also. So much paper and math!
    Dawn Golden recently posted..What Did You Do All Day?My Profile

    • Dawn,
      you already doing a great job… better than most of us and this part of hiring your kids will be great as well, great for all of you and especially for their future since they will learn the same thing themselves.

      I am certain that as you continue doing what you do, soon you will find a simpler way to track everything much easier.

      Good luck.
      _nickc

      • Dawn Golden says:

        Great news Nick… I was able to hire our son for some digital art work on a logo for a client. Keeping it in the family and a return on our college investment! Whoa!! Thanks again for the tax tips.
        Dawn Golden recently posted..Wireless Logitech H800 HeadsetMy Profile

        • Dawn,
          what a wonderful news.. thanks for sharing.. I truly believe that hiring a family member into your home based business is a life changing experience, not only because they learn about money and earning and such, but give them the incentive to start their own at some point in their life.

          You are very welcome and happy I was of some help,

          I wish you and your son all the best in every way and I look forward for more great news in the future.

          _nickc

  6. Alan Jenkin says:

    Handy tips -thanks, Nick! Actually, they fall into two categories: thing that MUST be done before the end of the year, and things that can be done during tax preparation (but are often better done at the time the expense is incurred).
    I missed the end of the year, but was pleased to see that I had taken care of those items. I’ve started already on preparing the tax information for my business.
    One tip I have found useful is that it often pays me to use standard per diem rates for travel expenses rather than actual costs, and it certainly simplifies the record keeping.
    Alan Jenkin recently posted..2 Prospects a Day Builds a Solid BusinessMy Profile

    • Alan,
      sorry I was late, or the other way hahaha :-)

      the good news is that you are correct, the tips are just part of a longer list but are great to use them before the end of the year, BUT also more important to start using the beginning of the year so by the time tax time come, all is in place and done :-)

      The tip that you shared is great, my tax guy always use that, But I never truly agree 100% but I know I should since that is an insurance to keep the sharks away hahah :-)

      Thanks for your comment and for your extra tip.
      _nickc

  7. Great tips Nick. I can’t believe I’m going to say this, but last year was the first time I actually took all of the tax deductions due me as a solopreneur – you know, home office, etal. Crazy, but as fearless (or stubborn) as I am at times with all the things I do in life, when it comes to finances I tend to lean toward being outright timid. I learned my lesson last year and while it’s an ongoing process, I’m continuing to learn and grow. Wishing you a happy, healthy and prosperous New Year Nick!
    Marquita Herald recently posted..Are You Dreaming BIG Enough?My Profile

    • Marquita,
      thanks for your great comment (you confessed hahah :-)

      I understand what you said… it is easy to be “fearless (or stubborn)” especially as an solopreneur, we feel like we know it all.. till some one point out something that we some how neglected for a reason or another and some how still resist to accept… I know al about it BUT I am changing and you are ahead of me, you start last year haha :-)

      We always learn.. I love learning, but as many others, I have my own way of learning and sometime is not the best.. so I keep making mistakes and learn from them hahah :-)

      Thanks for your love and great best wishes., may be returned to you and your family as well.
      _nickc

  8. Good tips, Nick.

    You’re right, too. Many of us spend so much time on so many things, and we totally overlook the importance of cutting into one of the biggest expenses we, as entrepreneurs have… taxes!

    There’s a lot of creative ways we can not only reduce our overall tax burden, but as you suggest, do it in such a way as to improve our business. That’s what I call a win-win.
    David Merrill 101 recently posted..Content CurationMy Profile

    • David,
      great you enjoyed the tips.. I know you may have your own ways since you have been doing your own business for so long, but I am happy than perhaps the few tips got you going to revise what you are doing and add some more so at the end of next year you will have more of your “win-win” strategies in place.

      All the best.
      _nickc

  9. Hello Nick! great tips my friend! Top of my list of gols this year is to be more organized! This will defiantly come in handy at tax time.

    I have two rental homes as well as my online business so it is very important for me to take advantage of every credit I can get my hands on.

    Thanks for sharing Nick! Wishing you a prosperous 2014 My Friend! I am seeing a few changes going on here very interesting..
    Chery :) )
    Chery Schmidt recently posted..5 Easy Steps To Help You Pursue Your PassionsMy Profile

    • Chery,
      glad the tips inspired you to take closer look to the taxes you are paying and what can you do to minimize them and taking advance of what is yours.

      Thanks for the best wishes again…the same to you and yours, and continue doing as great and more so I can learn more from you my friend:-)
      _nickc

  10. Nick,

    Some useful tips. Having been audited several times many years ago when I had just completed my doctoral program and had written off all those expenses, I have learned the importance of keeping all my papers in order. I carefully document all my income and expenditures for the year but every year it is a really tedious chore. I know there must be a simpler way to keep the books, but my system has worked – as long as I spend the time to carefully list everything. Finally, the listing is done and the tallying part is much easier. That is my task for late January.

    Warmly,

    Dr. Erica
    Dr. Erica Goodstone recently posted..Holiday Relationship Blues6 Ways to CopeMy Profile

    • Dr. Erica,
      thanks for the compliment on the tax tips… Wow, get audited once I heard is not great, but in your case, “several” wow, I am sure you know what to do now and as you mentioned, it is hard work but you got the system that works and you stick to it.. that is great.

      Keep up the good work and stay away form attracting the tax man…:-)

      Thanks again.
      _nickc

  11. Sarupa Shah says:

    Hmmmm you have just reminded me that it is tax time for me in the UK too…must get on ;-)
    Sarupa Shah recently posted..The truth about living the dream…My Profile

    • Sarupa,
      reminding you anything make me feel good because I know you are aware of so much mire than me and so you made my day hahah :-)

      Hope you are done with preparing for tax time…

      _nickc

  12. Nick, Here in the UK we slightly different tax system. However when it come to business tax there is an awful lot that you can claim but which people overlook. So it’s a good time to review what is (or isn’t)rightfully yours.
    The Food Curator recently posted..Kitchen PresentsMy Profile

    • Michael,
      I never though of the UK to be different with taxes, but perhaps it is similar with other nations as well, but since I never lived anywhere else but Canada since I had to pay taxes,.. I only know what is going on here and a little in the USA…

      Hope the little of what I suggested was helpful in some ways… good luck.
      _nickc

  13. Wowza I haven’t been thinking about these things at all! Thankfully my hubby does but if I am to be serious about Bliss Habits being a business then I need to start paying attention too! Thank you for this Nick!
    Kathy from Bliss Habits recently posted..How to Live like it is Christmas Morning Everyday!My Profile

    • hey Kathy,
      lucky you that you have a loving hubby doing all that.. usually is the other way around hahah :-)

      I would suggest that even if what you do now is not a serious business.. you keep track of what you spend… it will be a great exercise that will train you to keep track of expenses and income in case you do do some business.

      Hope it helps…
      All the best.
      _nickc

  14. Hi Nick,

    Great tips for year end and also to plan for the beginning year. I often forget to document things; like the ink cartridges I just ordered. Such a small thing but will help.

    Thanks and have a great evening. Monna
    Monna Ellithorpe recently posted..The First New Day to Your Exceptional LifeMy Profile

    • Monna,
      I just finish reading your article about being organized.. and made a HUGE difference for me since I learn and got to know so much that I did not not know.

      Happy that my small contribution made a difference to you as well.

      Thank YOU for sharing and for coming to my blog.
      _nickc

  15. Hi Nick,

    It’s never too early to think about Taxes! My accountant is great because he is up on the latest and greatest. He actually tells me the deductions as we sit and talk.
    Hiring your kids is the best yet. I used to hire my daughter when she was younger. But now, she is grown … too bad!
    Because I work from home there are a lot of deductions I can make. But lately, the laws are going a little nuts here and things change faster than Google! he he.

    -Donna
    Donna Merrill recently posted..How To Make New Year Resolutions WorkMy Profile

    • Donna,
      yes, correct, this is why I had the idea to share some tips at the end of the year BUT with a hint for all of us to start early in the year to prepare for the next one in case we did not do good the year before.

      You are ahead of the game and I am happy fro you…having an accountant who know what to do is priceless.. so keep smiling so he would not quit on you hahah :-)

      _nickc

  16. Sue Bride says:

    Hi and thank you for these tax tips Nick. I will keep them in mind when it comes around to our financial year end. It is June 30 in Australia.

    If I paid my kids,I would have to do tax returns for them too and then there would be considerations such as superannuation payments for them. It would be complicated.
    Sue Bride recently posted..How To Protect Your Blog From CopyingMy Profile

    • Sue,
      you are welcome, hope the tips will be useful for you always.

      Not sure how the taxes are tackled in Australia.. hope some of them are easy to implement and if not, at list give you some new ideas or incentive.

      Thanks for your comment.
      _nickc

  17. Nick, Great advice on tax saving tips and info on getting your expenses organized at the end of 2013 for your business instead of waiting until March or April of 2014. Keeping accurate records of your spending and expenses and making sure you include all possible things that you can write off that are business related is so important for filing your taxes correctly. Thanks for all the tips!
    Shelley Alexander recently posted..Orange Fennel Salad + Exciting Detox Cleanse Program NewsMy Profile

    • Shelley,
      you are very welcome.. and happy to know you find the this to be a great advice… yes, you are correct, starting early and have detailed records make thing easy for tax time and the tax people, but it is also useful to understand where the expenses are going and watch them if there is a need.

      Thanks so much for taking time to read and comment, wish you all the best and hope all the tips will be helpful; to you and give you incentives to come up with more of your own.

  18. Hey Nick,
    Yeck. It’s that time of year again. And it’s true – we take ourselves fro granted and don’t consider could actually save money at tax time! Great tips. I appreciate you Nick :-)
    Lesly Federici recently posted..Shine The Light On YouMy Profile

    • Lesly,
      wonderful that you come to read the article.. and as you I feel the same “Yeck”.. but as they say, taxes and death cannot avoid hahah :-)

      Thanks so much for the personal appreciation.. very nice of you…and YES< I also appreciate you very much for being an inspiration in creativity and much more.
      _nickc

  19. Kyle Nelson says:

    Nick these are some great tips and great timing as well. I am doing my taxes next week. The gift of working from home and having a ft job is great because i can get a ton of different legit write offs!
    Kyle Nelson recently posted..Why Entrepreneurs Should Become BloggersMy Profile

    • Kyle,
      thanks for coming here to read the article and taking advance foe the tips offered, I wish you will use all of them and than some.. you are working hard so it will be great that your earned money stay in your bank account and not the tax people.

      Thanks again.
      _nickc

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