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Taxes Information |
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10 Tax Tips to Reduce Costs and Increase Income
No one likes paying tax. Everyone understands that tax is a necessary evil and that without it our government would not be able to afford our roads, health services, education, welfare system etc. However you are not obliged to pay more tax than that for which you are legally liable. Here are some tips to keep your tax down: Never carry excess stock because that is money that is sitting on the shelves and not in your bank. Clear stocks and turn them into cash. If necessary reduce your prices and turn stock into cash rather than have it sitting on the shelves or in the warehouse. Best to cut your losses and use the cash to buy in stock that does sell. Cut your rental cost by letting out or letting go space that are excess to your requirements. Talk to your landlord about what you can do. It may be that you can obtain approval to rent out areas that you don't need. Do not pay your bills too early because having the money sitting in your bank will reduce your bank fees and interest costs. Make use of any early payment discounts offered and, where necessary, if the funds are short talk to your suppliers and see if they would allow you extra time to pay. The correct profit margin you put on to your products is critical and will determine whether you will be profitable or not. Credit cards often have an interest-free period so make use of it. Advantage can be taken of this fact by using your card to pay some expenses and then paying the credit card on the due date. The result is that you effectively obtain an interest-free period through the use of this facility. Check your product range and discontinue all slow moving stock that is not generating profit. It is far wiser turning poor products into ready cash and using that cash for those products which provide a profit contribution. No customers mean no business. Your customers are critical to your success, so look after them. Satisfied customers will keep coming back to buy. Unhappy ones will never be seen again. When they stop coming back, sales will be lost and your business will suffer. Don't sell on credit unless you have to. Provide credit to customers who are regulars and who support the business all the time. Give credit to those who pay their bills on time. Late payers should be dropped as the costs of servicing them will drain your profits. Remember papers are "worth more than money". Keep a record of all claims you make and all receipts to justify those claims. It is very important for you to write/record in your working papers the basis or reasoning or viewpoint relating to every claim you make. If your basis is sound but wrong then you will have a better chance to resist any claim for tax avoidance or evasion directed at you. If you have no basis at all and no thought given to how you arrived at the claim made, and your claim is rejected, you could be up for the "high jump" and be charged with the intention to evade tax.
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MORE RESOURCES:
Providence Superman Building tax deal would save owner $29 million The Providence Journal Lawmakers Consider Changes to NM Alcohol Taxes | Santa Fe Reporter Live From the Tax Reform Battlefield | News, Sports, Jobs Wheeling Intelligencer Another income tax cut appears on the ballot as Colorado conservative groups chart a 'Path to Zero' Colorado Newsline Cross-Country Evidence on the Revenue Impact of Tax Reforms International Monetary Fund Governor Newsom Calls for a Windfall Tax to Put Record Oil Profits Back in Californians' Pockets | California Governor Office of Governor Gavin Newsom When will Ohioans get answers on income tax refunds from the pandemic era? The Wake Up for Monday, Oct. 3, 20 cleveland.com Summit County Council notified of intent to raise property taxes The Park Record Think Biden's Social Security Tax Hike Sounds Bad? Some Lawmakers Are Calling for Even More Extreme Measures The Motley Fool Sullivan City Council increases property tax rate Progresstimes Taxes Rise as Property Values Continue to Climb Arkansas Business Online Losing a Home for Unpaid Taxes Often Means Losing Your Equity, Too The Pew Charitable Trusts The Declaration of Independence Was a Call for More Government and More Taxes—And That’s Still an… Justia Verdict Inflation May Save You Money on Your Taxes The New York Times Opinion | There Is a Tax That Could Help With Inflation The New York Times Hungarian minimum wage earners have to pay the highest taxes in the world dailynewshungary.com Cherry Hill votes on Thursday: Time to vote NO on new taxes New Jersey 101.5 FM Silex BOA votes to lower taxes | Local-silex-news | lincolnnewsnow.com lincolnnewsnow.com Is Colorado on a Path to 'Zero' Income Tax? Pagosa Daily Post Mirabito: Non-profit tax exemptions need to be addressed Lock Haven Express CommonWealth Magazine CommonWealth magazine Student Loans: Who can pay taxes on forgiven debt? Marca English Gov. Mike DeWine pitches eliminating Ohio sales tax on baby items amid abortion debate The Cincinnati Enquirer Disabled veterans in Ohio would get tax break under proposed bill Ohio Capital Journal The Biggest Social Security COLA in 40 Years Means a Bigger Tax Bill for Some Retirees The Motley Fool TAS Tax Tip: Get Current on Your Federal Taxes - TAS National Taxpayer Advocate As inflation skyrockets, local Texas governments ponder tax rate increases as they balance budgets Beaumont Enterprise Rise in Deaths Spurs Effort to Raise Alcohol Taxes The New York Times UK cuts taxes, boosts spending, accelerating pound's slide The Associated Press - en Español IDA OKs Tax Breaks For Portland Solar Project Jamestown Post Journal Property Taxes by State & County: Median Property Tax Bills Tax Foundation TAS Tax Tip: What the Inflation Reduction Act Means for You - TAS National Taxpayer Advocate US moving closer to letting Americans file taxes online for free Business Insider Justice Department Seeks to Shut Down Texas Tax Preparer Department of Justice Tax Revenue in Most States Surpasses Pre-Pandemic Growth Trend The Pew Charitable Trusts EU plans windfall taxes to counter 'astronomic' energy bills Financial Times EU targets €140bn from windfall taxes on energy companies Financial Times Tax-Happy Congresswoman Penalized for Tax Delinquency Washington Free Beacon California governor opposes tax on rich in statewide TV ad The Associated Press - en Español FACT SHEET: This Tax Day, the President Is Fighting to Reward Work, Not Wealth, While Republicans Want to Increase Taxes on the Middle Class The White House Ranking Member's News | Newsroom | The United States Senate Committee on Finance Hearing | Hearings | The United States Senate Committee on Finance Taxes and USDA Programs Farmers.gov The President and Vice President release their 2021 tax returns The White House Act 115 Refund | Department of Taxation eHawaii.gov Suspension of certain taxes on motor fuel and diesel motor fuel - Department of Taxation and Finance Suspension of certain taxes on motor fuel and diesel motor fuel Department of Taxation and Finance NJ Division of Taxation - Sales Tax Holiday for Certain Retail Sales New Jersey (.gov) NJ Division of Taxation - ANCHOR Program New Jersey (.gov) Homeowner tax rebate credit (HTRC) Department of Taxation and Finance Student Loan Debt Cancelation Tax Treatment Tax Foundation myPATH for Business Taxes PA Department of Revenue Analysis | The Senate bill and Biden's pledge to not raise taxes on people making less than $400000 The Washington Post Democrats Propose Raising Taxes on Some High Earners to Bolster Medicare The New York Times Analysis Deems Biden’s Climate and Tax Bill Fiscally Responsible The New York Times |
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