Justin Urbas Tips on Tax Saving
Suggestions from David Justin Urbas to save taxes
David Justin Urbas suggests how to save taxes for small business in unusual ways
Almost every business owner know how to save taxes on regular office expenses but often they overlook some unusual expenses which also can be source of tax deduction. However, the business owners can use the suggestions of David Justin Urbas for saving the taxes in unusual way.
Tips from David Justin Urbas for saving taxes:
Deduct tax on your office phone bill: Most of the small business owners claim tax deductions on the expenses of office equipment and other furniture but do not include the phone bills into the list of equipment. It is possible to get tax deduction on phone expenses also, if the calls are made for business purposes only.
Include baggage fees into your travel expenses: Usually the business owners claim tax deduction on airline fare required during their business travels. David Justin Urbas suggests that they can include the baggage fees also into travel expenses and thus, can get tax deduction on those expenses.
Get tax deduction on charitable works: The businesses do not require paying taxes on charitable works. The entrepreneurs can use their donations in social works for tax deduction.
Hire contractors instead of full-time employees: Payroll taxes are mandatory for any business organisation. The entrepreneurs need to pay such taxes if they hire full-time employees. The only way to save such taxes is hiring contractors or part-time employees in the organisations.
However, all expenses on the full time employees are not taxable. There are some exceptions too. The entrepreneurs can deduct taxes by offering health insurance to full time employees.
There are many other ways which can be used by small business owners for deducting taxes. As suggested by David Justin Urbas, the entrepreneurs need to possess up-to-date knowledge on taxation policies for identifying the methods for tax deduction.