| Taxes are something that nobody wants to pay! | | | | paid for gas, repairs, etc., according to a tax code |
| Everybody is trying to avoid (not evade) paying taxes, | | | | schedule. See which one gives you a better tax |
| using the rules framed for the taxes. Businessmen too | | | | advantage, and use it. Be sure to add your hotel/motel |
| are no exception. Even while Government provides a | | | | expenses and also your coffee and tea, breakfast, |
| variety of rebates for business, especially small | | | | lunch etc. The key to deductibles is the receipts |
| business, businessmen still wonder how to reduce their | | | | vouchers. If you can produce them, you are entiled to |
| tax. | | | | the deduction, if not, forget about it, and pay your tax. |
| We give below some tips that are forgotten in the | | | | Very often most businessmen forget to collect |
| maddening rush for business. Remember to consult | | | | receipts for everything they did on the road. Without |
| your tax lawyer to check this out. | | | | receipts, you just can't claim. |
| For starters, businessmen, and indeed other people | | | | Make it a habit to collect receipts. Put them in |
| should know what are 'deductible' expenses each one | | | | envelopes, or better still enter them into your computer |
| is entitled to. For example, businessmen are allowed to | | | | under a head Business Travel expenses, and lock |
| deduct expenses directly related to the business. For | | | | them up. Auditors are fussy about receipts. So why |
| example, the telephone expenses at the office, and | | | | trip them up? If you are too busy with other matters |
| partially the phone at home, provided it is also used for | | | | give them to a junior to keep track and total them up. |
| business, the mobile set, and its charges, airline tickets | | | | Bills and receipts are required for everything you wish |
| provided it was for business, and so on. | | | | to claim under business: telephone bills, mobile bills, |
| Using your car for business? Maintain a log of the | | | | business lunch/dinner bills, flowers bill sent to customers |
| mileage when you started, and when you returned, | | | | or business associates.. the list is endless. |
| with a separate column showing what it was for, like | | | | When you are entertaining clients, you are entitled to a |
| visiting a client, give as many particulars as possible. | | | | fifty per cent deduction - provided you keep the |
| Keep the gas receipt you put in as a voucher and | | | | receipt; when you host a party or any event for |
| paste it in the logbook. At the end of the year, total up | | | | employees you get to deduct the whole of that |
| your mileage and the gas you paid for during that trip. If | | | | expense; provided you keep a bill and a receipt. |
| you stayed out of town, keep a copy of your hotel | | | | The whole sum of the game is that you must keep |
| motel receipt. All these are deductible. | | | | receipts, bills, logs of what you spend, so that you can |
| Time to calculate your taxes? Work out how much | | | | claim those as deductions. Without receipts and bills, |
| you can deduct by using the mileage you rolled, or by | | | | sorry boss, you got no chance of claiming them as |
| another method in which you can deduct the total you | | | | expenses. |