Reduce Tax Liabilities For Your Small Business

30 November, 2016

No one likes to think about tax season. This can prove particularly true for small business owners. With so many changing rules, regulations and mandates, successfully managing your tax responsibilities as well as your corporate ones can feel virtually impossible. Working with tax accountants in Mississauga can play a key role in helping your small business reduce tax liabilities and remain compliant when it comes time to file.
What Tax Accountants In Mississauga May Suggest
Qualified tax accountants in Mississauga will offer invaluable tips and insight to minimize your business tax requirements. Some suggestions your accountant may offer include:
Maximize Deductions
Deductions are often the easiest way to keep your taxable responsibilities as low as possible. Your tax accountants in Mississauga will consult with you on how to keep records and receipts for applicable write-offs such as travel, tradeshows/seminars, start-up expenses, office supplies and even workplace furniture.
Hire Family Members
Does the thought of working with family members make you cringe? You may want to reconsider; family businesses often receive special tax incentives for hiring your spouse, parents and even children. Tax accountants in Mississauga will know if this type of employment policy makes sense for your business model.
Employ Independent Contractors
Independent contractors can also reduce your tax liabilities. Contractors not considered employees don’t require your business to withhold income taxes. You also will not be responsible for that contractor’s Social Security and Medicare taxes. This can dramatically affect a contractor‘s pay.
You may be able to tap into your philanthropic spirit this tax season. If you have old equipment or supplies you can no long use, talk with your accountant about donating them to a charitable organization. Giving to qualified charities may make you eligible for deductions.
Make Purchases Before Year End
Oftentimes, entrepreneurs assume they should wait until a new year before replacing out dated equipment and necessities. However, from a tax perspective, it may prove savvier to invest in your business before year’s end. A skilled accountant will help priorities your list of needs to maximize benefits to your organization.
Contact Numbers Plus® Today
If you’re looking for skilled team of accountants, call Numbers Plus® today or fill our contact form.

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