| Here are seven ways for owners of small
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| | business related?5. Document Your
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| businesses to save
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| | Expenses Well: Do you document your
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| money on their taxes.1. Incorporate
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| | expenses well so that they would survive
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| Yourself: If you`re still a proprietor
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| | a tax audit?
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| or partner of a business, it`s time to
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| | Have you kept a mileage log so that you
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| incorporate yourself.
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| | can prove the
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| Not only will you limit your liability,
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| | percentage business use you claim for
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| but you may enjoy
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| | your vehicle?
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| lower tax rates on small business income
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| | Have you kept receipts for all your
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| and other tax
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| | entertainment expenses
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| advantages as well.2. Be Home Based: If
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| | and listed the business purpose on the
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| possible, continue (or switch to)
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| | back of each receipt?6. Be Punctual:
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| being a home based business. Not only
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| | File all returns and pay all taxes due
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| will you keep your
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| | (income, payroll, sales, et cetera) on
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| overhead down, but you will be able to
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| | time. This
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| write-off (or deduct)
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| | way, you avoid expensive late filing
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| the business use of your home.3. Income
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| | (and payment)
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| Split: Pay reasonable wages to your
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| | penalties and interest.7. Develop a Tax
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| spouse and
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| | Planning Mindset: Some people only worry
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| children. In this way, you can legally
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| | about their taxes during tax season.
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| divert income taxed
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| | However, you will save
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| at your higher rate to your family
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| | a fortune in taxes, legally, if you make
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| members that are in a
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| | tax planning your
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| lower tax bracket.4. Rearrange Your
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| | year-round concern. Do you make business
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| Affairs For Maximum Tax Savings: Can you
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| | and personal
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| make some changes to turn your hobby
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| | purchases, investments, and other
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| into a moneymaking
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| | expenditures with tax
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| business? Can you use that extra room in
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| | savings in mind?RESOURCE BOX:J. Stephen
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| your house as a
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| | Pope, President of Pope Consulting Inc.,
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| home office for your business? Can you
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| | has been helping
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| arrange to use your
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| | clients to earn maximum business profits
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| car more for business purposes? Can you
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| | for over
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| arrange for more of
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| | twenty-five years.
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| your entertainment expenses to be
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|
