As a business owner, you work hard all year to ensure the success of your business. You recognise that every cent counts and saving money anywhere directly affects your bottom line. Whether you are lucky enough to be taking time off over the holiday season or if the holidays signal the start of your busy period, this article is for you. We will take a lighthearted look at how we can rethink business expenses, specifically over the holiday period to help save you money, although these could really be applied all year round.
Treat yourself to something as a business expense
Most people enjoy spoiling themselves, especially after 12 months of hard grind. But before you reward yourself with that new flat screen television or a shiny new Harley Davidson, take a moment to think business. There are likely many items you could treat yourself to that would help you conduct your business more effectively and therefore be regarded as a business expense. How about a new desktop computer, a tablet or a cellphone? You can have the personal enjoyment of using a stylish, high-end device yet utilise this device day in and day out for your business, it’s a win-win situation.
If your work dictates that days are spent in the confines of an office, why not splash out on new office furniture and live out the next working year in luxury – another tax deductible.
Taking a road trip as a travel expense
If you are working over the holidays, even part time, why not plan a road trip around your business. Perhaps there are customers you need to service in an attractive part of the country? Make use of dual-purpose expenditure: Any spend on fuel and vehicle wear and tear, accommodation, etc. can be divided between business and personal. Just keep a logbook of the sections of the journey that are purely for business.
Planning a trip abroad
If you have to travel overseas for business and are taking a holiday while you are over there, make sure you keep a record of the travel expenses and an itinerary so that the portion associated with business can be accurately claimed for.
Before making any purchases, it is always important to seek the advice of a tax professional as claiming for these expenses may be dependent on the type of business you are in while some expenses may only be written off over a number of years. Give Dirmeik Consulting a call to receive specific advise on the type of business expenses you can claim for.
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