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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: In regards to the new property assessment and the prospect for higher taxes, I would like to express my opinion. First, this assessment was made [...] BLAKELY — Garbage fees will rise, but Blakely Borough Council doesn’t plan to hike electric rates or add property taxes as part of its proposed 2009 budget presented this week. A rising equalized assessed valuation will likely bring Morris Elementary School District 54's tax rate under 3.00 for taxes payable next summer. MARBLEHEAD and mdash; Homeowners will pay more in property taxes next year. A tax rate of $8.99 and mdash; up from $8.34 and mdash; was announced Wednesday by assistant assessor Michael Tumulty. That translates into a bill for the median single-family homeowner that rises from $4,511 to $4,665. It's an increase of $114 or 3.4 percent. As the number of people filing claims for unemployment benefits hits a 16-year high, states are imposing higher taxes on employers and reducing benefits to replenish dwindling accounts. GREENFIELD - The value of single-family homes in the city has dropped, but the tax rate is projected to rise, yielding an overall increase in taxes for the average homeowner. The Three Gorges Project has turned over a total 20.277 billion yuan in national taxes since its first generating unit began operation on July 10, 2003, according to the State Administration of Taxation of the Three Gorges dam zone in Yichang, Hubei province. Since the first turbine generator was put in use, there are now 26 turbine generators in operation as of October 30 this year. By adding ... ST. PAUL (AP) — Minnesotans are set to pay more property taxes next year if a number of proposed local tax levies are adopted. The government should move to collect taxes on assets to help close off loopholes in the tax system and raise funds to develop the country's social safety net, according to local academics. The Treasurer Michael Aird is not ruling out new taxes as Tasmania faces financial circumstances he is calling exceptional. |
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