Rearrange Your Affairs For Maximum Tax Savings
Rearrange Your Affairs For Maximum Tax Savingsby J. Stephen PopeOne way to maximize your business profits is by reducing your taxes.Frequently, income and other taxes could be lowered significantly if only the taxpayer were willing to plan ahead.
By taking some simple steps to rearrange your affairs, you could save a fortune!1. Are You Splitting Your Business Income?You may pay reasonable salaries to spouse or children through your incorporated or unincorporated business.
If you are not doing so, you may be missing out on some real tax savings.In the Canadian Federal Budget of February 16, 1999, measures were introduced to discourage income splitting with minor children through family trusts.
However, these measures do not apply to paying reasonable wages to family members.
Thus, this may be one of the last ways of legally splitting income left for the small business person with minor children.
Obviously, the amounts paid must bear some relationship to the work performed.
Of course, all required payroll taxes should be remitted and proper records need to be maintained.Why not rearrange your affairs so that family members with little or no income can perform duties for and be paid by your business?
Then, they can contribute out of their own income towards the operation of the household.
In this way,
little or no tax will be paid by your dependants and you will have successfully shifted taxable income out of your hands.2.
Should You Register For The Goods And Services Tax?Even if your business grosses less than $30,000.00 per year in taxablesales, you may still benefit by registering your business to collect the Goods and Services Tax (G.S.T.).
If you are not doing so, you may be missing out on some real tax savings.For example, you will be paying G.S.T. on many of your business expenses. If not registered for G.S.T., you must absorb this cost.
If registered, you may deduct the G.S.T.
paid on such business expenses (input tax credits) from the tax collected.
Many business persons expect to pay G.S.T. and it doesn't really cost them anything since they deduct such amounts as input tax credits from the G.S.T. they collect from their customers. In some cases, the quick method of calculating G.S.T.
may actually allow you to retain more of the G.S.T. collected than you would have just claiming the G.S.T. actually paid by you.A factor to consider also:
If you are not registered for G.S.T. in Canada, you are telling your clients that you do under $30,000.00 per year in taxable sales or that you cheat.
Is this the image you want your clients to have?3.
Could You Benefit From Incorporating Your Business?Although incorporating your business may result in increased accounting and legal fees (for setup, extra tax returns, and annual minutes), the advantages of incorporation may justify this added expense.
Not only will you enjoy limited liability by incorporating, but you may reap significant tax savings as well.Corporations are often subject to lower tax rates on small business income. In Canada, sales of shares of qualifying small business corporations can obtain a lifetime $500,000.00 capital gains exemption. Certain tax incentives and government programs are only available to incorporated entities.
Additionally, corporations can be used for income-splitting and estate, retirement, and succession planning objectives.4.
Do You Engage in Tax Planning Year-Round?Some people only worry about their taxes during tax season.
However,you will save a fortune in taxes, legally, if you make tax planning your year-round concern.Can you make some changes to turn your hobby into a moneymaking business? Can you use that extra room in your house as a home office for your business?
Can you arrange to use your car more for business purposes and have you documented your business use mileage?
Can you arrange for more of your entertainment expenses to be business related and have you listed the business purpose on the back of each receipt?Do you make business and personal purchases, investments, and other expenditures with tax savings in mind.
Do you document your expenses well so that you they would survive a tax audit?
Whenever you are faced with a business or personal financial decision, do you consider the tax consequences?
Make year-round tax planning part of your business management mindset and, thus, enjoy maximum tax savings.
Yes, by rearranging your affairs to account for tax implications, you will save a fortune in taxes.RESOURCE BOXJ. Stephen Pope, President of Pope Consulting Inc.,http://www.popeconsultinginc.com/ has been helping clients to earn maximum business profits for over twenty-five years.For valuable Work at Home Small Business Ideas, visit:http://www.yenommarketinginc.com/.
Military payday loans! The before pay check financial fiasco, is history now
Working under the most prestigious service of the country ? military ? and still struggling with ends to meet! Are finances crumbling on you? And you thinking of another job? Will it easy to maintain two jobs? How would it affect your life? Is there a guarantee that the second job will solve the financial crunch? Military payday loans can offer respite from these queries, if your cash problems are temporary. ?Temporary' is the term to concentrate when you are applying for military payday loans. Only small lived financial problems can sanction military payday loans. Urgent medical needs, several bills, and unplanned expenses which are not covered by paycheck ? military payday loans are normally meant for these ?emergency' situations. Military payday loans are not very different from usual payday loans.
Also known as cash advance loans, they are offered to qualified military personnel on their ability to repay the loans. For military payday loans, a borrower has to give a post dated...
Military payday loans! The before pay check financial fiasco, is history now
Financial planning > Military payday loans! The before pay check financial fiasco, is history now
COMPUOFFICE SOFTWARE INC. ANNOUNCES THE BEST VALUE IN WEBSITES FOR INSURANCE PROFESSIONALS AT ONLY $99 PER YEAR.
(ContentDesk) October 3 2003--CompuOffice Software Inc., a North American leader in the field of independent multiple company life insurance comparison and analysis software, is introducing best value website service for individual life insurance advisors, agents and brokers.
This best value service includes full web sites, e-mail facilities, and real-time, on-line life insurance comparisons.
The annual all-inclusive price is set at ONLY $99 per year for individual life insurance advisors, agents and brokers who subscribe to the LifeGuide? Professional Software in Canada or to the CompeteUS? software in the United States.
At the all inclusive price of only $99 per year for the service, individual life insurance advisors, agents and brokers can now easily afford to have their own individual, professional and independent websites for the lowest, and most reasonable rate.While the price, at only $99 per year, is the lowest in the market, the service package is...
Financial planning > COMPUOFFICE SOFTWARE INC. ANNOUNCES THE BEST VALUE IN WEBSITES FOR INSURANCE PROFESSIONALS AT ONLY $99 PER YEAR.
Firewalls, Virus Protection and Spyware Security Keep Intruders Out, Executive Blueprints Offers A Course to Keep Confidential Data In
Orange County, CA (ContentDesk) April 11, 2006 -- Imagine the impact of customer data, financial records or strategic plans in the hands of competitors, disgruntled employees or posted on the Internet. Ownership and Classification is a course designed to address this potential devastation.Protecting company confidential information is not just the responsibility of the technical gurus who manage the hardware or network. No matter how large or small the organization, there is critical data that must be protected. The individuals employed to maintain the integrity of the hardware typically have very little detailed knowledge of the confidential content of the data that is being managed. With so many software and communication applications deployed on personal computers, confidential data is stored and shared in a variety of ways. Information is a vital asset for the success of any organization, said Louis W Mehrmann, author of Ownership and Classification .
It is therefore...
Firewalls, Virus Protection and Spyware Security Keep Intruders Out, Executive Blueprints Offers A Course to Keep Confidential Data In
Financial planning > Firewalls, Virus Protection and Spyware Security Keep Intruders Out, Executive Blueprints Offers A Course to Keep Confidential Data In
ETHICSCHECK.COM NOW PROVIDES FREE WEB RESOURCE TO HELP INVESTORS AVOID SCAM ARTISTS AND INVESTMENT FRAUD
(ContentDesk) September 15, 2003---The National Ethics Bureau (NEB) announced today that effective immediately, internet links to multiple regulatory agencies that govern individuals who solicit financial services are being made available on the NEB website at www.ethicscheck.com. Consumers may use these tools when conducting their own due diligence investigation before committing to work with an advisor in the financial services industry. "Last year, the number one scam in America involved unlicensed individuals selling "investments", and the number two scam involved problem stockbrokers," said Steven McCarty, National Director for the NEB: 'These crooks stole billions of dollars, mostly from hard-working seniors. Ethicscheck.com has been re-designed to provide investors with a user-friendly way to "check out" a financial advisor before they buy.' According to AARP, Americans age 50 and over are "by...
ETHICSCHECK.COM NOW PROVIDES FREE WEB RESOURCE TO HELP INVESTORS AVOID SCAM ARTISTS AND INVESTMENT FRAUD
Financial planning > ETHICSCHECK.COM NOW PROVIDES FREE WEB RESOURCE TO HELP INVESTORS AVOID SCAM ARTISTS AND INVESTMENT FRAUD
Add MoneyToys(tm) Financial Calculators to Your Web Site
Wheatworks Software, LLC has updated MoneyToys(tm), a growing suite of financial calculators which you can quickly and easily add to your web site.
With a few lines of HTML and MoneyToys you can install online financial calculators so visitors can do their financial math without leaving your site.Each calculator can be configured to match your web site's color scheme.
You can also configure the MoneyToys' default values to meet the needs of your market.
For example, whether a typical loan in your market is $150,000 or $500,000 you can easily set the initial values you want your visitors to see.Installation is simple!
If you've ever created a web page, you have the skills required to install MoneyToys.
Simple 5 step instructions and sample web pages are included with each calculator.The MoneyToys collection includes a Home Seller's Proceeds Calculator, an APR Calculator, a Pay Down Debt or Invest Calculator, a Loan Spread Calculator, a Refinancing...
Financial planning > Add MoneyToys(tm) Financial Calculators to Your Web Site
Bridal Shower Planning and Tips
A bridal shower is a chance for the bride-to-be to get together with her closest family and friends to celebrate her upcoming wedding. And of course to shower the bride-to-be with gifts!
The maid or matron of honor is usually the person that will host the bridal shower with the help of the other bridesmaids. Planning a bridal shower can be a little overwhelming. Most importantly it should be a memorable occasion for the bride-to-
be before her wedding day. There are many different themes and ways to throw a bridal shower, from traditional ideas to newer ideas.
However, there are certain key components for every bridal shower that you should keep in mind. Below are some tips to help you get started. Be creative and enjoy planning your bride-to-be's bridal shower!
Make a Guest List ? If the bridal shower is a surprise, you may need to have the groom, mother of the bride and others help you compile a guest list. If it's not a surprise shower you...
Financial planning > Bridal Shower Planning and Tips
3 Major Credit Bureaus – Which One Should I Contact?
There are 3 major credit bureaus that have information on your regarding your credit history. Anyone that has ever applied for a loan or credit of any kind has a file at one of the 3 major credit bureaus. Since merchants usually report to only one of the 3 major credit bureaus, you may have to request a free report from all three to get an overall look at your credit report.
To request a free credit report from either or all of the three major credit bureaus, all you have to do...
Financial planning > 3 Major Credit Bureaus – Which One Should I Contact?
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