5 Must Do Tax Tips For New Small Businesses
- Author Jason R
- Published June 16, 2008
- Word count 451
Small businesses are very prone to heavy tax amounts primarily because they do not hire special tax consultants to give them proper small business tax help. If you are running a small business you can use the small business tax advice that is provided here an bring your total tax liability back on the ground of sanity. Even if you are running a home office, these tips would be useful for you. Thanks to the superb tax laws, you can keep an eye and keep a check on your tax advise. The main thing that you have to do is to start keeping track of all the money that you spend. This would be of primal importance. First thing that you can do is claim tax liability deduction over all the office supplies. Now when you purchase office supplies, they are purchased in bulk. Consider for example that your company decides that a printer would be installed for every five people in the company. No w the more employees a company has, the higher would be the number of printers. Alternatively you can consider office material like pen and papers. They are generally available to companies in bulk quantities only. The second thing that you can claim tax benefit is on the basis of charges you pay for using Internet connection. In this connected environment no businessman can be successful unless he has access to world wide web, the email and business networking services that are available on the Internet. Internet access is not free however, you have to pay for it. The money that you pay for Internet access at office is available for tax deduction.Another kind of expense that you have the ability to write off the tax liability is your business phone bill. This must be a phone line that is specially taken for business purposes. In fact if you are about to make a lot of long distance business calls, it is recommended to get a VOIP phone. Such phones are really affordable and can also deliver better call quality in long distance calls. An interesting thing that you would love to know is that you can get entertained while on business and then write of those expenses to get tax benefits. Both the meals and entertainment when done on business trips and meetings etc are available for tax deductions.Finally you can also get tax benefit if you are running your business from a home office. Home office tax deductions are available on the basis of area that is covered for business purposes.With this small business tax advice you can save a lot of money from taxes and invest it back in your business.
Jason R Davidson owns and operates http://www.taxabatementfacts.com Tax Abatement. Visit our site for the latest tax facts for small businesses.
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