Home
>
Tax
>
10 Tax Tips to Reduce Costs and Increase Income

10 Tax Tips to Reduce Costs and Increase Income

No one likes paying tax. Everyone understands that tax is a necessary evil and that without it our government would not be able to afford our roads, health services, education, welfare system etc. However you are not obliged to pay more tax than that for which you are legally liable.

Here are some tips to keep your tax down:

Reduce all stock to levels and cut costs.
Never carry excess stock because that is money that is sitting on the shelves and not in your bank.

Clear out stock that is slow.
Clear stocks and turn them into cash. If necessary reduce your prices and turn stock into cash rather than have it sitting on the shelves or in the warehouse. Best to cut your losses and use the cash to buy in stock that does sell.

Reduce rental costs.
Cut your rental cost by letting out or letting go space that are excess to your requirements. Talk to your landlord about what you can do. It may be that you can obtain approval to rent out areas that you don't need.

Pay your bills on time but not before the due date.
Do not pay your bills too early because having the money sitting in your bank will reduce your bank fees and interest costs. Make use of any early payment discounts offered and, where necessary, if the funds are short talk to your suppliers and see if they would allow you extra time to pay.

Make sure you are making a profit on your sales.
The correct profit margin you put on to your products is critical and will determine whether you will be profitable or not.

Use your credit card.
Credit cards often have an interest-free period so make use of it. Advantage can be taken of this fact by using your card to pay some expenses and then paying the credit card on the due date. The result is that you effectively obtain an interest-free period through the use of this facility.

Dump and no longer stock products that are not profitable.
Check your product range and discontinue all slow moving stock that is not generating profit. It is far wiser turning poor products into ready cash and using that cash for those products which provide a profit contribution.

Look after your customers.
No customers mean no business. Your customers are critical to your success, so look after them. Satisfied customers will keep coming back to buy. Unhappy ones will never be seen again. When they stop coming back, sales will be lost and your business will suffer.

Reduce credit to customers.
Don't sell on credit unless you have to. Provide credit to customers who are regulars and who support the business all the time. Give credit to those who pay their bills on time. Late payers should be dropped as the costs of servicing them will drain your profits.

Keep all papers.
Remember papers are "worth more than money". Keep a record of all claims you make and all receipts to justify those claims. It is very important for you to write/record in your working papers the basis or reasoning or viewpoint relating to every claim you make. If your basis is sound but wrong then you will have a better chance to resist any claim for tax avoidance or evasion directed at you. If you have no basis at all and no thought given to how you arrived at the claim made, and your claim is rejected, you could be up for the "high jump" and be charged with the intention to evade tax.

StartRunGrow (http://www.startrungrow.com) is a global online information organization that specializes in creating, developing and marketing business help information specifically with the aim of "making business easier" for entrepreneurs around the world. The StartRunGrow objective is to become a dominant player in the business help arena providing end to end solutions for the millions of small and medium businesses worldwide who continue to struggle daily with the difficulties of starting, running and growing a successful business.

one time home cleaning Highland Park ..

In The News:

Privacy risks are hiding in plain sight, as your personal data is likely being collected, tracked, and sold without your knowledge.

VenHub, a fully autonomous, AI-powered smart store just opened at the LAX/Metro Transit Center in Los Angeles.

A woman's Facebook account takeover reveals dangerous social engineering tactics and provides lessons on recovery, avoiding scams and enacting stronger security measures.

Shanghai engineers are using 432 walking robots to relocate a complex, preserving Shikumen architecture while creating space for a modern underground hub and cultural center.

Major healthcare data analytics firm Episource had a cybersecurity incident exposing 5 million patients' medical records and personal information in recent breach.

A new sophisticated PayPal scam sends legitimate-looking emails from official PayPal addresses, using phone numbers instead of links to convince victims to download remote access tools.

Fox News' AI Newsletter brings you the latest on this rapidly evolving technology.

The innovative Kara Pod device extracts moisture from air to create mineral-rich water and brew coffee, featuring UV sterilization and compatibility with Nespresso pods.

Gov. Hochul unveiled New York's nuclear power plant project to power a million homes, which faces permit challenges while promising jobs and a cleaner energy future.

SAFE introduces Aerie, an underground luxury bunker combining high-end living with advanced security, wellness amenities and interactive walls simulating panoramic views.

A Facebook scammer posing as Elon Musk tricked a victim with promises of a Tesla and $250,000, requesting gift cards that become untraceable once the codes are shared.

Experience hands-free golfing with the Robera Neo smart caddie that uses AI to follow you, navigate obstacles and carry your clubs with GPS course mapping.

Cybersecurity alert: 16 billion passwords exposed in massive credential database affecting major platforms. Protect your accounts with password managers

The innovative BeBot robot uses electric power to remove pollution from shorelines, covering 20-30 times more area than manual collection while preserving wildlife.

A new ClickFix campaign targets macOS users with fake Spectrum support sites, tricking victims with CAPTCHA failures to paste commands that install information-stealing malware.

AI-powered autonomous trucks from Plus Automation are being tested across the U.S., Europe and Asia to solve logistics challenges while facing regulatory hurdles and labor concerns.

Your health information might feel private and secure with your doctor, but the reality is far more complicated. Data brokers collect a wide range of sensitive health data, from diagnoses and prescription details to personal identifiers, and sell this data to marketers, insurers, and other third parties.

Kepler Robotics has officially introduced its Forerunner K2 "Bumblebee" humanoid robot at the SAIC-GM automotive plant in Shanghai, marking a significant moment in the real-world deployment of advanced robotics.

Scammers never seem to be running out of new ways to try and get their hands on your money – and lately, they've been getting sophisticated.

Thirty people were injured and killed, though the exact number remains currently unknown, when a suicide bomber blew himself up in a Damascus church.

Unexpected password reset alerts signal potential hacking attempts or phishing scams. Learn how to respond and establish stronger security measures for your accounts.

A historic electric airplane flight landed at JFK with passengers, marking a milestone as Beta Technologies demonstrates the practicality and efficiency of electric air travel.

The Chaos ransomware group breached Optima Tax Relief in a double-extortion attack, stealing sensitive customer case files and corporate documents with personal information.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

The first human brain-computer interface by Paradromics was completed in 20 minutes, featuring microelectrodes to help paralyzed individuals control computers with thoughts.