Being
knowledgeable with taxes and accounting could increase the business profits
your company gets before the dreaded half of April arrives. If you think you’ve
done all your taxes with your accountant right, maybe you missed some on the
following.
1.
Employee
Travel Expenses
Credit card
statements are valid as proof of payment for the Internal Revenue Service. If
you use the company’s deductible statements, you could actually get tax reimbursements
for something that you could register as company travel.
2.
Retirement
Savings
Retirement
savings for yourself help reduce the taxes by lowering your taxable income for the
year, disqualify you from paying taxes until you reach the age of 70.5. The
earlier you decide to start on your retirement savings, the better resuls you
could get.
3.
Property
Taxes Deduction
If your house
or unit is what you use as an office, then you could reduce the tax percentage of
your total home cost. However, it is important to highlight that this part of
your house is where you work, and not where your family does recreational and
bonding activities.
4.
Donations
Making donations
had been a staple of tax easing. Incentives on donating and aiding in community
work, you could use the receipt from qualified charitable organisations to
reduce the taxes you personally receive. As a partnership, the proprietor can
claim at an individual tax return at any time.
