So last week we spoke about “intaxication” for personal taxes. This week we will look at “business intaxication”
Remember we told you in our earlier articles that business expenses were tax deductible? Well how about looking at your inventory and see what new equipment you need?
Maybe a blower for your landscaping business?
A bigger pressure washer?
Or a new vehicle? Lots of persons change their vehicles at the end of the year so there are good deals available at the reputable companies such as CARMAX…spend a little time window shopping, and you will find a good deal.
Remember “big businesses” routinely use these tips and will be getting rid of old equipment to purchase new. You, as a small business can capitalize on this and purchase used equipment!
In these recessionary times you CAN celebrate the season with your staff and reduce your tax liability also. How, you ask? Simple charge your Staff Appreciation to your business account! No money for a celebration with hotels and resturants charging at least $350 + service charge+ VAT for food only (approximately $445 per person)??
Why not call in a caterer? Close the office early? Have a non-alcoholic bar – fruit juices and coconut water? Cheaper and just as much fun!
No money for awards? How about a simple token that will go a long way…Gift Certificates from Unit Trust? Or alternatively, the major food stores such as Massy or West Bees have gift cards or vouchers. Give them something that they can use! And yes.. they are tax deductible!
Get your tax assessment done now so you can end the year “Intaxicated”!
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“A wealthy person is simply someone who has learned how to make money when they’re not working.” – Robert Kiyosaki