I have been consulting small businesses for 17+ years. I discovered that most self employed people do not think about taxes until it is TOO LATE. A lot of entrepreneurs avoid putting these systems in place because of their lack of knowledge or fear.
We are overpaying our taxes by the BILLIONS because we are not preparing or keeping accurate records! It is almost the year end and there are TONS of tips and strategies that you can implement to start saving!!
Here are 5 tax tips to help you find hidden profits in your business!
1. If you compensate an outside person more than $600 in one tax year, you MUST send them a 1099. Compensation includes free gifts, trips, incentives, prizes & cash! There is a penalty for not doing this.
2. Pay your quarterly taxes or you will pay fines & miss implementing lots of money saving tax strategies.
3. You must keep a trip journal of EVERY mile that you travel for business in your personal vehicle, including the business purpose.
4. Don’t categorize a lot of expenses as “miscellaneous”.
5. Clothing is NOT a tax write off,unless it is a true uniform. Like the UPS truck driver, mechanics and medical professionals.
I love to help consult & coach women entrepreneurs to breakthrough procrastination & create systems to manage & multiply their money through strategic tax planning, accounting management & business mastery so that they can have more money, more choices & more time with their families!
If you have been avoiding money or tax management, connect with me today so that you can not only create more money, but multiply what you already have!!
For more motivation, money & tax strategies, subscribe to my blog @ snowesaxman.com where you can also schedule a free income and tax strategy session! Plus, you can grab my FREE end of year tax strategy report!