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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Self-employed business owners may be going it solo, without much of the same resources to fight off a recession as their larger brethren. For that reason, it’s important to review your business processes and see how to make the most of what you have. Areas that demand special attention are: financing, marketing, and business operations.
Marketing for greater exposure during a recession is essential to maintaining sales. If you reduce your advertising budget, you’re more likely to be forgotten by the general public. Marketing doesn’t have to be expensive, and you can even do things online. Set up affiliate programs, press releases, or a website and email campaign to get the word out. Explore other types of marketing, like radio announcements or bulletin boards. The recession means that advertisers are willing to cut a deal for many types of advertising that were out-of-reach before.
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