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TAX PLANNING TIPS FOR SMALL BUSINESSES

November 28, 2019

Tax time to many small-scale businesses is usually the most difficult time of
the year. Most people tend to ignore the tax planning process which is a very
important stage that needs to be planned earlier. Instead of rushing and wasting
your time when it’s too late, you can simply take advantage of the tips below
for good tax planning.

Get organized – most people hate the tax period because they are not ready or
organized. If you have a problem with being organized then you can choose a day
in every month so that you can compile all your important documents like the
credit card statements, bank statements, and invoices and this helps you keep
track of your business expenses.

Give to charity – most consumers like above 90% support businesses that play a
charitable role in the community. When it comes to charity, you need to choose a
competent charity to make a donation for the simple fact that time volunteered
is not taxed while any supplies you may sell during that time can be taxed. In
case you donate cash make sure that you keep the receipts received from the
charity well. You can also donate items like clothes, furniture, stocks and
household goods and then claim a deduction for the fair market value.

Maximize your retirement plans – investing yourself is the best thing you are
yet to do now. Deduct your retirement money from your income and this also
reduces taxes. Here are some of the retirement plans that you should consider;
Defined benefit plan, Simple IRA, Solo 401[k], Simplified Employee Pension [SEP
IRA]. You need to consult a professional before opening any of these retirement
plans.

Run an inventory check – depending on your accounting methods you can claim a
deduction if the market value of your inventory drops. Check with your
accountant to make sure that it applies to you.

Take section 179 Depreciation deduction – spend your money on making purchases
of the items your business needs so that you can get maximum deductions. This
deduction allows you in the same year that you bought the item to recover its
full cost, it can be up to $500,000.

File your business taxes – make sure that you file all your business tax returns
on time to avoid penalties. If you want to file your federal returns for free
you can use Turbo Tax, you can also use Turbo Tax to file state tax at a fee and
make sure that receive a confirmation.

Defer income – if you do not want your income to be counted for the current year
then you can shift them to the next year using the help of your accountant and
this can help you reduce your tax bill.



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