Tax time isn’t until April the 15th 2012, but you can begin planning for that date right now. There’s only a few days left to take advantage of these end of the year tax savings. So let’s get right to these tax saving tips for business owners.
Freelance Payments
If you work as an independent contractor / freelancer and bill people for your services, you can choose to send out invoices and get paid after the new year. Otherwise, if you get paid by the end of the year, it’s considered income in 2011 and you’ll have to pay taxes on that income in just a few months. What matters, as far as the tax man goes, is when you get paid, rather than when the work was actually done.
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Cutting expenses is becoming more and more of a necessity in these uncertain economic times. If you find yourself struggling in your finances, then you’ve probably developed your own methods for reduced spending. However if you’re trying to cut costs and still find yourself overspending, consider these four methods to consider for living a more thrifty lifestyle.
Budget Yourself
Before you consider anything else, draw up a budget. Look at your finances: what money you have right now, what money you can expect to have in the near future, and what money you. Estimate a figure that you can reasonably adhere to every month and stick to that number. If you can, try to keep your expenses below your set limit so you can have start saving a small amount every month. If you have a clear budget then you’ll be less likely to indulge yourself with unnecessary expenses because you’ll know exactly where your finances stand.
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