Tax Tips for Small Businesses
When it comes to running a small business, it’s not as simple as keeping your clients, employees and bottom line happy. There are many other factors involved that contribute to the operations of your business, with taxes being one of them.
Now, as an accounting firm – we would say that we’re pretty well good at staying on top of our finances and taxes. However, taxes can often seem like a daunting task for small businesses without an accounting firm to support them. The good thing is, with the Internet available, these days there are several tools and resources out there that can make doing your taxes a lot easier.
Here are some Tax Tips for Small Businesses:
- Include all your Income: It’s important to include all your sales, cash and income details in your tax return. This includes smaller tasks such as cash earned from renting out a room or if you’re doing an odd job.
- Don’t miss out on your Deductions: Chances are, you’re entitled to a claim back income tax deductions from running your business. This may include operating expenses such as office stationery, wages, etc. Make sure you do your research to find out what you’re entitled to claim back.
- Simplify Depreciation: Depreciation deductions can be tricky but the recently simplified depreciation rules are making things slightly easier. Instant asset write-offs mean that you can immediately deduct assets bought or installed for your business if they are under the $20,000 threshold. This rule only applies for small businesses that have an aggregate turnover of less than $2 million a year.
- Make the most of existing tax tools: If you’re located in Melbourne or Australia, tools like myTax have a variety of inbuilt features that will help you save time and avoid costly mistakes.
- If taxes and numbers are still daunting to you, then you might just need and accounting firm in Melbourne. If you’re after accountants for your restaurants or you just need tax accountants in Melbourne CBD– contact us today!
