The end of the year is soon approaching, which means that it’s almost time to complete your tax return. And while you may not like the idea of completing your taxes, the process can be a lot more pleasant if you make the most of the business expenses to reduce your tax obligation. To get you started, below are three great business expenses you should consider including on your business tax return.
Plain and simple. If you have to rent a space to make your products, you can include this on your tax return. If you have to rent a space to display your products to sell to your customers and clients, you can include this on your tax return. In fact, if you hire a small booth for a promotion at a local convention center then you can include this on your business tax return.
When it comes to business tax, if the operation of your business relies on a rent to be paid, then you should consider including this on your next tax return.
An addition to this tip, if you are running a business online and utilize a home office, look at apportioning your business expenses and claiming the allowable amount on your business tax return. While you may not be able to claim all of the expense, you can claim the portion of the utilities which you use for your business.
To retain quality staff, businesses offer benefits over and above an employee’s salary. These benefits can range from offers from the Groupon Coupons page for 6PM to a subsidy on a gym membership. Whatever benefits you and your company provide to your employees, consider including them on your next tax return.
- When you walk into your office each morning, do the lights turn on?
- How about the faucets? Does water come out when you turn them?
- Your phones? Do they ring when a customer dials your number?
- Can you and your colleagues send each other emails and contact the outside world?
If it’s a utility or a service which is provided to your business for the sole purpose of running your business, then you can consider including it on your next business tax return. Even if it’s a one-time expense, such as a temporary cell phone or temporary electricity supply at a makeshift office during a renovation, for example. see more from http://www.payrollserviceaustralia.com.au
Of course, it’s important that you don’t limit your expenses to recurring bills that you get each month or quarter. Instead, go through all of the expense which your business incurred over the course of the year and look to include them in your deductions.
While this is by no means an exhaustive list of all of the items you can claim on your business tax return, it is a good place to start and can be used as a guide to get your mind thinking about any other expenses that our business incurs which may be claimable on your next business tax return.