How can I save taxes..?

Discussion in 'Accounting and Taxes' started by williamjames732, Mar 26, 2013.

  1. williamjames732

    williamjames732
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    Hello,


    I am the owner of a small business. I lost my lots of money on tax. So, I want to know how can I save or minimize my taxes on my business.

    Thanks
     
  2. Fergal

    Fergal
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    My suggestion would be to speak to your accountant, if you have one. If you don't have one, try to get a good one in your local area. A good accountant can save you a lot of money in taxes, often enough to cover the fees you pay them.

    What country is your business based in?
     
  3. scifi

    scifi
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    Exactly ..for this you have to take advice from your chartered accountant or search an application (android based or IOS)which can help you start meanwhile you make search for an able accountant who can really help you...

    If you can tell your country, members of BAF might help you from their experience...
     
  4. Mark T

    Mark T
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    How "small" is your business? It actually depends whether you earn revenue not lower than a certain amount as recognized by your state department of commerce.
    In some coutnry, for example here in the Philippines - as far as I know, when your business earn less then Php100,000 [$2,500] a month or year [?] you have to pay tax. But when you earn less then you don't have to.

    Maybe you should talk to a financial analyst on how should you cover or at least lessen the taxes you are paying. It could be by reducing some resources of your business that ain't that necessary to the whole operation of your business, etc.


    Goodluck and Thanks,
    Mark T
     
  5. RaySaj2

    RaySaj2
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    it also depends on the formation of the company...for example here in the UK limited companies pay different taxes than a sole distributor....that is down to a number of reasons to be honest.....it all depends with the way your business is structured and what you are prepared to give away in sense.....

    by giving away in a sense I mean personal liability..with a limited company your personal assets are safe, by being a sole trader you can pay less taxes by claiming more expenses (petrol, food, living costs) but if anything does go bad you jeapordise your personal assets.
     
  6. williamjames732

    williamjames732
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    Thanks you so much guys for such a useful suggestions.

    :)
     
  7. Natcoweb

    Natcoweb
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    What have you decided to so, the OP?
     

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