- Keep records of all incomings and outgoings;
- Keep receipts for everything neatly filed
- Keep up to date with your paperwork
- If you use a premises or vehicle for both business and personal use, keep a separate log for the business use.
Know What You Can Deduct
- Start up costs
- Office expenses
- Phone and internet
- Business related education
- Professional memberships
- Meeting expenses
It’s the worth the time spent looking into what you can deduct now, so you can save in the future. It may well be worth employing a professional to help you with current tax laws, what you can deduct, and keeping yourself organized and up to date. You will want to weigh up whether the fee you will pay them will be recovered in the amount of tax they can save you.