Quick And Easy Business Tax Planning Tips

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Quick And Easy Business Tax Planning Tips
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• Tax planning is a vital element of any business
  and involves delving into various tax options to
  see if its possible to eliminate or reduce,
  taxes owed by conducting business and personal
  transactions in a certain way.
• While some small business owners are reluctant to
  get too involved in tax planning, and simply wait
  until they are due to meet with their accountant,
  its important to understand that the whole
  process should be ongoing. Your income should be
  reviewed and assessed regularly monthly is
  ideal you should meet with your accountant or
  tax advisor at least every quarter to analyse the
  ways in which your business can try to take
  advantage of the provisions, credits and
  reductions that are legally available.

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• Strategies for planning your taxes
• There are a wide range of tax planning strategies
  available to small business owners, but they
  should be structured in such a way that at least
  one of the following goals can be achieved
• Lowering the amount of taxable income
• Lowering your tax rate
• Having some control over when the taxes are due
• Claiming tax credits that are available to you
• Being able to avoid the most commonly made tax
  planning errors

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• Most tax planning strategies are only effective
  if you can give an estimate of your personal and
  business income for the coming few years, since a
  lot of strategies can help save you dollars on
  one income level, while giving you a bigger tax
  bill on other income levels. Should you struggle
  to do this alone, your tax advisor will be able
  to help give you advice and guidance.
• Some other ways to save money on your business
  income taxes
• Its often overlooked as a tax planning strategy,
  but deductions for entertainment expenses can add
  to your taxes and save you money. However, there
  are some important factors to consider when
  including them on your return, such as the

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• fact that the business must be discussed before,
  during, or after any meal that has been deducted.
  The meal must also have taken place somewhere
  that is conducive to a serious business-related
  discussion, as is the case with meetings. Be
  warned that documentation of any entertainment
  expenses must be provided for the IRS.
• For those of you have ownership of an automobile,
  or more than one, the IRS have recently
  introduced a new mileage deduction rate, of 36
  cents per business mile, 14 cents per charitable
  mile and 12 cents per moving/medical mile.
  Including both cars in your deductions can also
  help you to save money on your taxes and is
  allowable provided you can calculate the business
  mileage, which is a

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• figure usually reached by dividing the business
  miles by the total miles driven. However, you
  must keep an accurate and consistent record of
  all mileage, and again, your tax advisor can help
  you with this.
• For a wide range of other business tax planning
  tips, consult with a tax professional at the
  earliest opportunity to avoid missing any
  deadlines, and to be aware of any recent changes
  to tax laws.

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• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax service Coral Gables.
  If you are looking for individual tax preparation
  in Miami, Heyer Associates would be a right
  option.