You often read about how to manage your cash flow and what to do in times of cash shortages but what about when you have a surplus?
You’ve had a great year; you scored a big contract, everything went to plan, you stuck to your timeline and the customer has just paid their bill on time. Sounds like a fantasy but it can happen!
In simple terms, tax deductions equal more money staying in your pocket, so it’s important to get it right.
Some of the items you can claim might surprise you. Sunglasses, for example.
In his book The 7 Habits of Highly Effective People, Stephen Covey talks about starting with the end in mind and envisioning goals as key traits amongst successful people.
When you’re a master at what you do, you don’t want to spend your day trying to be a jack-of-all-trades.
When you own and run a small business, administrative tasks can eat up your day, leaving you no time to do the thing you actually love. When this is the case, you know it’s time to outsource.
When you’re on the run between jobs, the last thing on your mind is where you’ve just thrown that receipt. How many times has your accountant asked for a receipt that you were sure was in the glovebox, only to have to scramble through a pile of random bits of paper to find out. If you find yourself thinking, ‘I haven’t got time for this!’, you’re probably right.
In addition to collectable debt, small businesses also account for $1.4 billion in tax liabilities subject to objection or appeal and $3.9 billion in insolvency debt.