Ask What Are Your Options To Pay Less Taxes
Ask questions! As I overly stated earlier, taxes must be paid. But there are ways to pay less. Depending on the size of your family, your income, and other credits, you can see what the options are and always choose the best package for you. Everything that you spend money on, that is business related is a business expense. Track it!
But remember KEEP your personal expenses separate from your business expenses. Most will recommend going so far as when you buy things at the store do it separately. Meaning, as an example, you pickup windshield washer fluid, a quart of oil, and replacement batteries, they go on one receipt, while your soda, candy bar, and gum goes on another. Yes this means checking out twice.
A moment’s inconvenience could save you more than time later!
Source: www.entrepreneur.com
Make a List of the Expenses You Can Deduct from Annual Tax Report
The CPA knows what a legitimate expense is and what is not. They can sort through your receipts and everything. A good CPA will go line by line screening each item. They will look at all your records and tell you where the problem areas are.
