Archive for the ‘what should i know about taxes’ Category
business taxes
Here’s how you can Keep More Money In Your Pocket!
The key to doing a thorough job on your business taxes is paying attention to detail. It is very important that you deduct every business expense you have because it might just take $1 to knock you down to a lower tax bracket. This could actually save you thousands of dollars!
Another very important aspect of business taxes is documenting your expenses. You should not pay cash for any business expense because it does not leave a paper trail and you will have no proof if the IRS wants to talk with you about it.
You should try to document each expense as many ways as possible. Keep the receipt. Use a debit or credit card or check to pay for your business expenses. Then you will have your bank statement as proof of purchase. You should also keep the receipt to show the business purpose of the expense.
All the best,
Larisa
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What does a new small business owner need to pay taxes ever year and what kind of things can be written off?
I have no employees and am basically self-employed. Not sure if that makes a difference…
Larisa’s Response: You need a plan. There are many options as a small business owner to save boat loads of money on taxes, but most of them need to be set up in advance. Did you know there are millionaires that pay $0 taxes? The only difference between them and you is they have a plan. You only pay taxes on the profit you make from business so the best thing to do is turn the majority of your personal expenses into business tax deductions. You can learn more about how to do this and there’s a list of everything you can write off on your taxes in my ebook, “Pay Yourself Instead of Uncle Sam!” This book will save you thousands in taxes this year and every year for the rest of your life! Just click on the tab above that says “Order Ebook” and get started saving yourself thousands and thousands of dollars every year!