Make Your Small Business Taxes Easier |
Posted: August 8, 2018 |
Taxes can seem daunting for everyone, but tax assistance for small business may be even more important. As tax time draws nearer, there are some things you can do to make it easier to lodge your tax return – especially if you use tax preparation services in WA. Keep Records of All of Your IncomeMake sure you include all of your income in the tax return. This may be cash, credit card, or online sales. When you include all income, your tax lodging is correct, and that reduces the chance of being required by the ATO to pay more taxes later. If you rent out a room or do odd jobs, that income needs to be included, too. If you have questions about whether money you earned should be included in your tax lodging, include it when you visit tax preparation services in WA. If you have personal services income, the ATO may tax those earnings differently, and it may affect the deductions you can claim and how you report your income. You will need to know the details of contracts and have invoices and payment records. Remember All Your DeductionsMany small businesses are not aware of all of the deductions they are eligible to claim. If you incur it to run your business, you can probably deduct the expense. For example, if you pay an employee or purchase office supplies, or use your home as your place of business, keep records of those expenses and verify whether you can reduce your taxable income by those amounts. Remember that you cannot claim deductions for private or domestic expenses, like entertainment and fines. If you have a question, check with your tax professional or the ATO. You also need records of all expenses. If you cannot prove it, you should not attempt to claim it. A deduction many people find tricky is depreciation. You can deduct many larger expenses over time, and if your business has an aggregated turnover of less than $2 million, you may qualify for simplified depreciation rules, including instant asset write-off. Lodge Your Taxes on TimeWith anything regarding your business, meeting deadlines is important. This applies just as much when lodging your tax return. If you use a registered agent, the agent can tell you the applicable lodgment date. Armada Accountants & Advisors can give you tax assistance for small business. For any of your questions, or to have a professional lodge your tax return, contact Armada.
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