Mitigating Tax Burden Of Your Small Business

Saving as much on your taxes as possible can help optimizing your business’s profit. There are many business owners out there finding themselves forced out of the marketplace due to tax issue. The most common reason is the exuberant tax rates that are suffocating, especially for small business owners. It is important for you to mitigate your overall tax burden and help your business gain the profit deserves. You can do it by seeking out special tax loopholes and writing off certain equipment on your taxes. 

Useful tax-saving tips to help lesson your business’s burden

For big corporations, taxes might not be that big of an issue. Aside from having the right team to deal with it, they also have enough resources to help them deal with it easily. However, it is different for small business that has not enough resources to help them deal with tax burden. And if you are struggling like other entrepreneurs, here are several tax-saving tips to consider:

Keep a comprehensive track record

One of the most common reasons why many business owners get a bad deal on their taxes is they are failing in keeping a comprehensive track record of their expenses. You can make your own way to track your taxes even without professional help. Make your expense tracking as easy as possible for you to comprehend. You may consider using one of digital software that is good use for the long run. 

Write off some of tax expenses

Get familiar with easy-to-obtain tax deduction to help you save huge sums of money as time goes on. You can write off some of your high-tech gadgets such as computers, smartphone, and certain software to help your business the money it needs to survive. Use some of your high-tech, expensive hardware to claim a tax deduction. Make a thorough checking across your entire company to see if you can find previous investments that don’t have to come at an immense cost to your business’s longevity. 

Take advantage of work from home

You can deduct certain things which are essential toward your working from home. You can check expenses relating to your home office such as insurance or utilities and see if there are instances you can write off. Working from home has its own benefits especially in tax deduction if you can find the right things to write off properly and save some money. 

Strive to go green

Becoming energy efficient can help save money as well as help the environment. There are tax credits for individuals and businesses who strive to become more energy efficient or go green. You can leverage this in your marketing materials to appeal more Eco-conscious consumers who want to support brand or company that care about the planet.

Consider hiring veterans

Veterans have experience in military and other qualities that make them good at following order, maintaining discipline, etc. In addition, they also have access to unique tax credits that can help you save sums of money in the long run.

Dream Home Construction in Bali

view from a house at the top of a hill

If you plan to have a home construction in Bali, consider some of the stuff to make the process of your home building in Bali become a better experience and have a better impact on the environment. Here are some points to consider for your next home project.

The Materials used for the buildings

There are many kinds of materials that you can use to build your house. For example, you can build your house or villa with concrete. Why concrete? It’s because concrete is strong and can be mold to any kind of shape. Once it’s built there’s little maintenance required to keep it strong. 

If you want a more traditional and natural looking house, you can consider building your house using wood or bamboo. What’s great about a wooden house is that its naturally insulated since wood is an isolator, hence it doesn’t conduct heat that well. So you can have lower power consumption for air conditioning especially when Bali have hot weather most of the time. 

What about the permit for the house?

If you want to do home construction in Bali, there are 2 kinds of building permits that you might want to consider. First is the permit that only covers if your building only functions as a home. The second permit is needed if you want to rent the building, because that building is counted as a commercialized building and the government will collect tax from its earnings. That’s why you need to manage the proper permit for your building. 

Read more Komodo Liveaboard on a budget

Connecting it to the grid and pipes

For utility you need to manage electricity and water plumbing in the construction planning. There are several ways you can do it. Either the conventional of getting it from the grid and pipe water, or for water you can dig your own well and have your water come from there. For electricity you may want to consider solar panels as the main source of electricity to reduce the cost you need to pay by getting electricity from the grid. There’s a lot of construction company in Bali that can install solar panels in home buildings. You can even install one that can also heat up your water so you can have hot water in the tap or shower. For water plumbing you can consider a greywater recycling system so you can become more environmentally friendly by reducing clean water usage in your home.

Building layout and contractor

house with an infinity pool
source : instagram/@greenwiseconstructions

You also have to consider the architecture of your house, like where should you place which rooms, and how will you plan for plumbing and electricity. Especially the little details that are needed for a building in Bali. It would be best if you get an architect that has experience building in Bali. After the design, you also need a proper contractor to manage the building process of your house. Make sure you choose a contractor that can maintain and deliver with high standard within your budget.