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Business tax relief can directly affect a business's bottom line; by saving money on taxes, businesses are able to invest more money in the areas of their business that produce realized profits. It is essential to try to save as much money as possible on business taxes.
Tip One - Pay Your Taxes on Time
For some types of taxes, like value-added taxes or state sales taxes, you can actually save a little bit by paying them on time. Many states offer a 3% to 5% discount when forwarding these types of taxes to the state in a timely manner. States consider this payment for your services and offer discounts as incentives for you to quickly forward revenues.
Tip Two - Consider Using Subcontractors
If your business involves doing projects that require the services of skilled, or semiskilled, workers you may consider hiring a subcontractor to do the job for you -- rather than paying an employee. By using a subcontractor, you'll be able to save substantially on many employer paid taxes such as Social Security and Worker's Compensation insurance.
Tip Three - Leasing Instead of Buying
Many of your capital equipment needs should be leased, not purchases. Consider leasing rather than buying business equipment and vehicles because leasing offers better tax advantages than traditional equipment purchases.
Tip Four - Consult a Tax Accountant
The best way to save money on your business taxes is to ask a professional. A certified public accountant that specializes in small business taxes can be invaluable source for tax saving tips and recommendations.
Tip One - Pay Your Taxes on Time
For some types of taxes, like value-added taxes or state sales taxes, you can actually save a little bit by paying them on time. Many states offer a 3% to 5% discount when forwarding these types of taxes to the state in a timely manner. States consider this payment for your services and offer discounts as incentives for you to quickly forward revenues.
Tip Two - Consider Using Subcontractors
If your business involves doing projects that require the services of skilled, or semiskilled, workers you may consider hiring a subcontractor to do the job for you -- rather than paying an employee. By using a subcontractor, you'll be able to save substantially on many employer paid taxes such as Social Security and Worker's Compensation insurance.
Tip Three - Leasing Instead of Buying
Many of your capital equipment needs should be leased, not purchases. Consider leasing rather than buying business equipment and vehicles because leasing offers better tax advantages than traditional equipment purchases.
Tip Four - Consult a Tax Accountant
The best way to save money on your business taxes is to ask a professional. A certified public accountant that specializes in small business taxes can be invaluable source for tax saving tips and recommendations.
