Why Tax Deductible Expenses Are Within Anyones Grasp
Tags: sandy botkin, tax deductible expenses
If You Are In Business Even If It Is A Part-Time Network Marketing Business Tax Deductible Expenses Apply
Note from Diane : One of the benefits of being a business owner apart from the creativity and freedom aspects is applying the advantages of tax deductible expenses.
Accountants are great for all your accounting needs, but you should as an entrepreneur make sure you are claiming all your tax advantages too and that means being aware of keeping records not only for your accountant but also for those valuable tax deductible expenses that you are entitled to as a business owner.
For example for many years I had no idea that if I booked a business conference in Florida it would be a tax deductible expense! IF only …. so here I am spreading the word … CHECK out Sandy Botkin for some in depth tax deductible expenses and double check with your own country specifics .. but from today start thinking about TAX records for your business .. whatever size it is right now.
Feature Article: Why Tax Deductible Expenses Are Within Anyones Grasp
The self employed and business owners of this world are often seen to be “the ones” who pay less tax than employees, the ones that have “perks” and the ones that write off everything from lunch through to dinner, and golfing days through to holidays as tax deductible expenses, well the lightning bolt for you is that YOU CAN too … if you are a business owner of any kind, and yes a Network Marketing business qualifies!
An accountant relies on you for the numbers and information, and ALL the numbers included in your tax return are your responsibility … mess them at your own peril … honesty is most certainly the best policy.
But here is the most exciting thing … HONESTLY there are LOTS of ways to benefit from tax deductible expenses, you just have to know they EXIST to qualify and guess what you local tax office are not going to help you find them, you have to ask and seek out the information and then keep bullet proof Tax Records.
Generally you are allowed to deduct all ordinary business expenses as long as you are conducting your business in a way that it is trying to make a profit. So what you really need to change is the way you record everything you do in your business from today.
Every trip you make, every appointment, every meeting, every lunch, dinner, overnight stays, hotel conferences etc and build a filing system to make full use of tax deductible expenses in the next 12 months. Amazingly if most people did JUST this ONE thing they would save an average of £2,000 within the next twelve months.
The Basic Filing System For Tax Deductible Expenses Includes
It does not matter if your business is a sole proprietorship, Limited Company or LLC, you need to create a bullet proof system for filing and recording everything you do if you want to make full use of this business owners “perk.”
You will need
Permanent Files
Regular Files
A Daily Diary *essential for mileage and details of every trip you make
Your Permanent Files should include all your previous tax returns, stock purchases and sales invoices, any equipment purchases and sales invoices, any asset purchases, deeds etc that relate to any major purchases you make as part of your business.
Your Regular Files should include time sheets for part-time help (even virtual ones), receipts and invoices for any travelling expenses, including food and fuel.
Your Daily Diary needs to be the focal point of your whole system, you may even want to create a TAX DIARY just for business it really is THAT important.
For every appointment or business trip you make you need to ask yourself WHERE, WHEN, WHY and WHO?
Where was the APPOINTMENT , WHEN did it take place, WHY were you there and with WHO?
I’m sure you will agree that every appointment you make from today will feel so much more relaxed if you know you can make it a tax deductible expense on your fuel and expenses!
And remember these advantages are available to ANYONE who is a business owner who is working hard at their business to make a profit.
Using Quickbooks For Your Home Business Record Keeping
If you really want to take your record keeping and business ownership to the next level invest or take a free trial for Quickbooks by INUIT it is really USER FRIENDLY and will also help you check on how your business looks on paper from every angle.
Sometimes this single action will make you feel more like you are in business than anything else I have seen people try, once you start creating invoices for your sales, setting up regular purchases and recording how much you spend on your marketing every month there are usually so many “AHA” moments for people it really is amazing.
All too often people think they do more to build their business than they really do but you will soon realise why your business is not moving forward if your marketing budget is zero and you are camped on Facebook all day posting links in Facebook Groups.
Although quite a dry topic, these are business fundamentals, getting a TRUE picture of where your business is today and where you want it to be is as important as getting leads.
If you are serious about being in business for the long term you will need to get to grips with your numbers .. no matter if you are starting with single digits .. remember you cannot bake a different cake with the same recipe!
For More On Sandy Botkin And His Awesome Tax Strategies Head Over To TaxReductionInstitute.com And Check Him Out
Feel free to share if it helped you!
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