End-of-Year Tax Strategies To Maximise Your Profit

When it comes to tax time, different accountants may employ different tax strategies in a bid to reduce your taxable income as much as they can. There are a lot of options when it comes to getting your taxable income down, so it is important to speak to a professional financial advisor consider your options if you have had a good year and are facing a solid tax bill. Some of the most common tax minimisation strategies include:

Think about tax time all year:

The best thing that you can do is make sure that you are thinking about your tax obligations throughout the year, rather than just at the end. This is especially true if you are a small business owner, as you might get stuck with a bigger than expected tax bill if your records aren’t up to scratch.

If you have had trouble in the past, then you should think about using a decent accountant to keep your tax affairs in order for the entire year. They should be able to advise you on logical financial decisions for your business, should pick up on problems before they become major, and should be able to help you keep your taxable income down at an acceptable level.

Consider spending or future spending:

If it looks like you are having a better than average year and are going to have a decent chunk of profit at the end of it, then you should consider offsetting some of it with tax deductions. Think about what sort of costs you are going to have over the next year or two. If you are going to need materials or physical things to run your business, see if you can but them before the end of the current financial year. Doing this will help reduce your taxable income. In the same way, if you have had a poor year, consider deferring costs until the following year, where you may have a larger taxable income.


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Tips On Getting Rid Of Water Stains From A Carpet

While water is essential for all types of cleaning, including carpet cleaning, it can also give you cause to have to clean up stains. Whether it is in your home or your office building, water stains can affect all sorts of items such as clothing, office desks, and of course, carpets.

The ways that water can get onto a carpet are almost limitless, with some examples being spillages from drinks tumblers, office employees, puppies urinating, drips from raincoats or umbrellas when you come in from the rain, and more seriously, from flooding.

You might think that it would be impossible for water to stain a carpet given that it is a clear liquid, but it can, albeit indirectly. What happens is that any dirt which is already hiding in the carpet is absorbed by moisture, including water, and this then appears on the surface of the carpets as a stain.

As with any stain, you will obviously want to remove it, but the question is how? Well professional commercial cleaners, Gleam have provided some tips to remove water stains from your carpets.

Make Sure You Have the Correct Cleaning Materials / Solutions

No matter what you are cleaning, and the type of stain you wish to remove, it is imperative that you use the correct cleaning materials or cleaning solutions. Countless items have been ruined or destroyed, including carpets, due to their owners simply not reading the manufacturer’s instructions, and then using something which they shouldn’t have.


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What Kind of Business Should You Start?

If you have decided to start your own business there will be many decisions to make, but perhaps the first one will be what kind of business you should start. Obviously many professions require qualifications, just like trades such as an electrical contractor where you are required to be a qualified electrician such as Electrician Perth, but there are many business types to choose from without such certifications, but the best one for you will be something that you love doing. There are several other criteria to consider in choosing a business.

  • Do you love working with people? If chatting with and caring about people comes naturally to you, any business where this is a necessity to do the job will suit you. Think in terms of a hairdresser, who usually talks and listens to each of her customers while doing their hair. Now compare that with being a mechanic who has her head under the bonnet of a car for most of the day with little customer interaction.


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Different Types of Business Structures

If you have plans to start up a business, it is wise to consult with commercial lawyers first, because there are many things to consider and decide on. You can’t just go into business without first making sure it is done legally.  One of the first things to decide is what type of business structure you will have for your business. Here are some of the main types: –

  • Sole Trader. This is perhaps the easiest type of business to set up and as the name suggests, and may be suitable for a small carpet cleaning operation like Brilliance Carpet Cleaning Perth or something similar with only one person involved. You won’t have a partner or a company structure as such, however you will need an Australian Business Number (ABN). You may also need a business name and a trademark, both registered. A sole trader has full control over every aspect of the business, owning all the profits and all the debts.
  • A partnership is also a relatively simple way to set up your business. Typically it will involve two or more people who are co-owners in the business. As such, they all share responsibility for profits and debts. The co-owners can act on behalf of each other in running the business. A written agreement is an essential component of this type of business, to ensure each partner understands their responsibilities. The ABN and other components similar to the Sole Trader are needed and if there is a silent partner, limited partnership formation is required.


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Where to get Business Consultancy Advice

No matter what kind of business you have lawyers & solicitors are some of the main professionals to get advice from. They can not only offer advice, but help you a great deal in making sure all parts of your business are worked out correctly.  Drawing up the lease is a good example; if this is not done properly it can end up being quite unsuitable for you, or cost you more money than it should.

If you don’t know what should be in a lease, don’t leave it up to the landlord to tell you. There are many clauses that can be added to protect you from things such as the rent being increased by too much in the future through to what happens if you need to sell your business before the lease is up. Don’t leave these things to chance. It is up to you as a businessperson to seek good legal advice on this and other matters.

Legal advice for a business includes, but is not limited to, such things as –

  • Corporate formation
  • Entity choice
  • Operating agreements and corporate governance
  • Contract evaluation and analysis
  • Regulatory compliance
  • Financing
  • Litigation
  • Mergers, acquisitions and asset purchases


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