Page 23 - September 2020 Digital Magazine

TAX PLANNING FOR
SMALL BUSINESSES
A certified public accountant (CPA),
or tax advisor, can help you make
considerable savings through small
business tax planning. One of
the primary roadblocks for small
businesses is that the owners often
must multitask. As a result, they end
up treating the managerial and Must present coupon at the
accounting aspects as a chore and time of appointment. Not valid
with anyother offer.
seldom afford it any time. Tax planning Offer expires 30 Sept 2020 FREE
is treated as an accompaniment to tax Conditions Apply FREE
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preparation and relegated to a year- time of appointment. Not valid APPOINTMENTS
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end exercise. This defeats the entire time of appointment. Not valid APPOINTMENTS
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Offer expires 30 June 2020
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to discuss the Loan that you Qualify for.
purpose of the activity and barely has any impact. It is also Offer expires 31 AUG 2020 to discuss the Loan that you Qualify for.
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important to have the business registered as a sales tax vendor Conditions Apply
and prepare the requisite forms to avoid possible tax liabilities. Must present coupon at the
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One must always remember, for business tax deductions, it time of appointment. Not valid
time of appointment. Not valid
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with anyother offer.
is crucial to prove that the expenses were made for business Offer expires 31 AUG 2020
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purposes itself. As a result, original vendor invoices and other Offer expires 30 Sept 2020
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proofs of purchase such as receipts need to be kept in order-
bank statements are not enough. It is essential to keep abreast is essential. As elaborated earlier, it is always a bit of
of changes in tax laws and in the know of related policies. Being an uphill battle, for which you need to arm yourself
aware yourself, will also ensure you can exact the most out of sufficiently with your financial statements, projected
your tax advisors. purchases in the future, possible changes in staffing
Yes, strategic tax planning is crucial in reducing the amount and such. With all these in your arsenal and your
of taxes owed, but it can`t happen overnight. It happens over CPA and tax advisors by your side, small business tax
a period, and perhaps even over a couple of financial years. planning will help you substantially in reducing the
Regular meetings with your advisors and CPA through the year amount of taxes you owe.

DesiPages DFW | September 2020 VOL 19 | 23