10 Tax Tips to Keep More Money in Your Pocket

Byemilyharper1
international tax consulting-363fd4e8

Every business or individual has to pay taxes within their jurisdiction. No one can escape taxes, but one can surely minimize tax liability. There are ways to legally reduce the tax burden for a business or an individual. People who do not focus on tax-saving practices end up with a heavy tax burden. Companies should especially be aware of tax-saving practices. It is crucial to adhere to legal tax-saving methods. One cannot evade taxes and call it saving money. By doing so, a company or an individual will commit a legal offence. Read on to learn about some practical tax tips to save more money.

  • Use tax credits

Governments offer tax credits to businesses and individuals at regular intervals. This credit can be directly reduced from the total tax payable. Unlike tax deductions, tax credits directly reduce the total tax amount. Most businesses aren’t even aware of tax credits in their jurisdiction. They need to rely on tax advisory services to make the best use of tax credits. Tax experts are well-rehearsed with credits offered by the government for businesses and individuals.

  • Claim tax deductions

Individuals and corporations widely use tax deductions to reduce taxable income. When the taxable income is reduced, the tax amount will also decrease. For example, individuals can claim tax deductions for housing loan EMI payments. Similarly, companies can claim different tax deductions. We will discuss some tax deduction types of companies in this blog.

  • Rely on a tax expert

Most people have a misconception that relying on a tax expert will lead to more expenses. Companies will indeed have to pay for tax advisory services. However, a tax expert will end up saving a company more money in the long run. Without tax experts, a business might not make the best use of available tax credits and exemptions.

  • Rely on outsourced tax services

Most companies go for hiring in-house tax advisors. To do so, companies spend on the recruitment and training of tax advisors. Instead of going through the hassle of recruitment, companies can simply partner with a third party. For example, a CA firm will have a team of tax experts to help a company minimise its tax burden. Why waste internal resources and funds when one can outsource the entire tax department?

  • Invest in tax planning

Tax planning is defined as aligning business operations with tax regimes. It is required to become a tax-efficient company. As a result, companies can carry out operations in a way that the tax burden is minimum. Tax planning is required for all businesses, especially international corporations. Again, you will need support from experts for tax planning.

  • Adjust tax withholding options

Tax withholdings allow companies to access tax retention. Also known as the pay-as-you-go model, it allows companies to pay taxes at the source of the income. Most companies think that tax withholding is beneficial in all circumstances. You aren’t getting a chance to spend the money as the taxes are paid immediately after income. A company should adjust its tax withholdings to minimise the overall liability.

  • Claim write-offs for meals

Every company will have expenses for meals. Meals might be ordered for meetings, employees, functions, stakeholders, and other purposes. Did you know that meals are 100% deductible from taxable income in many jurisdictions? Many small businesses ignore meals as they think it is a low expense. However, the cost of meals could go up in a financial year. The right tax advisory services can help you write off taxes legally.

  • Claim write-offs for gifts

Are you ignoring the gifts sent to other corporations or stakeholders? Save those receipts as gift expenses are written off from the taxes. Many such small things could help a company save much on taxes while filing returns.

  • Claim start-up deductions

Start-ups have to pay registration fees and license fees to set up a company. Ensure that all the receipts are documented, as they can be used to claim tax deductions. Every jurisdiction offers some tax relief to start-ups.

  • Claim write-offs on telephone and internet bill

Every organisation relies on phones and the internet for business activities. Do you know that some tax regimes allow companies to write off phone/internet bills? Look for tax advisory services to understand more about tax write-offs!

5 Top Reasons to Schedule a Chimney Inspection Worcester MA

Starting away in front of a roaring fire is one of the most accessible and most satisfying pastimes during cold weather. However, there is nothing pleasant about the fire, smoke, and water damage that can occur if your fireplace is not kept clean. Having your chimney, fireplace, or wood-burning stove inspected by a Chimney Sweep certified by the Chimney Safety Institute of Worcester MA can help prevent serious problems and keep your venting system running efficiently. can assist To that end, three types of chimney inspections are available:

How much does a chimney inspection in Worcester MA cost

level 1 chimney inspection ($75 to $250) consists of a visual inspection of the fireplace or wood-burning stove and chimney. Choose this option if you intend to use your fireplace/wood-burning stove as you have in the past. If there have been no changes to the fuel type or the shape/material of the flu (i.e., the space inside the chimney) in the year since your last chimney inspection. There has been no damage to the chimney structure.

level 2 chimney inspection ($100 to $500) includes online scanning of internal chimney surfaces. This is the best option if you've made any changes to the chimney or fireplace since the last inspection. Such as changing the fuel type or the shape or material of the flu (i.e., the space inside the chimney). If there was a malfunction that may have damaged the chimney (e.g., a fire or earthquake). If you're planning to sell your home soon.

level 3 chimney inspection ($1,000 to $5,000) inspection includes a Level 1 and Level 2 inspection, as well as a partial tear-out of the chimney to look for more severe damage. If a Level 1 or Level 2 inspection reveals potential safety hazards or hidden problems in the chimney, technicians will perform this inspection.

Parts that are not visible to the naked eye may be damaged.
Repairing or replacing damaged chimney components on time can reduce the risk of fires, carbon monoxide exposure, and water damage. Unfortunately, many vital parts of the chimney are hidden or too high for homeowners to inspect. A chimney sweep is equipped and trained to evaluate damage to the following critical chimney components:

Crown: A crown is a downward-sloping concrete, stone, or metal overhang at the top of a chimney that directs water away from the exterior of the chimney to prevent erosion. Rainwater can run down the sides of the chimney and erode it if it is cracked, usually as a result of weather exposure or the use of weak construction materials, compromising its structural integrity over time. Rainwater can also enter the flu and deteriorate the flue liner (see below). To prevent water damage to the chimney and flue, an inspector can repair or replace a cracked crown.

The flue liner—a clay, ceramic, or metal conduit located between the flue and the chimney walls—protects the chimney walls from heat and corrosion. When combustion byproducts are directed out through the flue. It also prevents smoke and harmful vapors such as carbon monoxide from entering your home through potential cracks in chimney masonry. High heat or embers can damage chimney walls or touch surrounding combustible materials of the home and spark a chimney fire. When cracks form in the flue due to excessive heat, water damage, or wear and tear. Smoke and vapors can also enter the home through masonry cracks, potentially exposing you to carbon monoxide. An inspector can quickly detect and repair cracks in the flue liner. Our Chimney Inspection Worcester MA and surrounding areas. We perform all services related to chimney cleaning & maintenance. Call us at 508-960-7546.