How to reduce taxes?

Our company generates a large number of actions and activities where, as we know, there is a flow of value for the customer and income that brings material benefits. The tax issue is the final stretch of the year where, in order to contribute to our nation, we report the deductible profits of a whole period of work. We all know that paying taxes is mandatory all over the world and represents an important part of the numbers we manage. Keep in mind that if you earn big income, you pay big taxes. How to lower them? To lower our taxes a key strategy is the deduction of expenses. We will also see other legal strategies that we must know to do it successfully.

Seek advice.

The first step that is highly recommended for the tax issue is to seek professional advice before making decisions about our tax return. If we have a registered agent specialized in taxes, it is best that it is the same person who will be with us for a long time; even in case we are audited, since he/she will be more familiar with our company and will know the situations of previous tax returns. Many times we may think that we are smart enough to do it ourselves, but seeking professional advice is important because it saves us from making mistakes that can influence our company. The professional agent in which we seek advice must have updated information necessary to do the job correctly and help us to reduce our taxes.

Tax deductions.

The use of deductions is an important factor to reduce our tax payments because it allows us to better manage our business funds. In some cases deductions are applied correctly if the taxpayer does not exceed certain limits in terms of expenses and income. We can make deductions to our benefit on some regular operating expenses of our business to run office rents and supplies, payroll or employee expenses such as health benefits and salary. Some other expenses such as business travel also qualify for tax deductions such as airline, train or bus tickets as well as food and lodging for some type of event.

Charitable donations.

Charitable giving is an important factor to consider when we want to reduce our taxes. By donating cash to non-profit entities we are relieved of an important percentage that we subtract by deduction from our taxes. NGOs are entities that help finance charitable projects that promote the internal socio-cultural growth of the country, and making donations is also a way of paying off our debt to society.

Representation and advertising expenses.

In our business we can also make deductions to reduce our taxes on expenses for advertising and representation of our brand in the market. As we know advertising is what gives our image to the world, the printing of posters, signs, silkscreen printing on t-shirts with our logo or personalized items for our use or for the use of the client, we can also deduct it from the expenses for taxes. We can also include the cost of our radio and television spots, which although they are elements to increase the business outreach to more customers would also help us to include it in our tax.

Use fixed assets.

Fixed assets can also be deductible from our total amount of taxes, whether they are furniture or equipment, as well as properties w