Tips to Make Business Tax Efficient

If you’re like me, you tend to think of your taxable brokerage account and your retirement accounts as two separate portfolios. If your taxable account is mostly shorter-term savings an emergency fund, or money you’re setting aside for a down payment on a beach house in a few years that makes some sense, especially if you’re more than five or six years away from retirement.

There are a number of viable options for those who are looking to cut their tax bill. Many of these relate to expenses such as mileage (for which allowances are made) and the cost of training (which is tax-free). Similarly other schemes such as trust funds rely on the individual having a certain amount of capital available in the first instance to invest. However, there are a number of tax-free savings accounts available that buck this trend.

Does the thought of preparing a tax return for your small business make you cringe? Does inspiration fail you while you wait until the last minute? This small business guide to tax deductions can help prevent procrastination until the last minute.

Remember to Pay Yourself: Here’s an easy way to determine just how valuable you are to the company: For the fiscal year, calculate your profit after expenses, then divide the figure by the number of hours you worked. This determines your hourly pay rate. Then, determine your tax refund divided by the number of hours that are required to finish the return. If this amount works out to more than or the same amount as your hourly rate, it will likely be enough to motivate you to prepare the tax return.

One Step at a Time: Start with something relatively simple, such as gathering and organizing pertinent paperwork, then move on to another small step. Keep in mind that starting the business involved a lot of hard work and time, but you managed to do it one step at a time. You made it through that; you can certainly manage this task.

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