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Keep Your Tax Bill As Low As Possible

Here are five way to lower your tax bill regardless to what you are in your business.

* Contact your accountant before you make major purchases. After the fact may be too late to save you or your company money.

* Consider your accountant as a partner in your firm. Ask him or her to send you accounting and tax tips from time to time based new and upcoming tax law changes.
Take the opportunity to read it and ask questions about anything of interest to you.

* Keep good records. Use the KISS method. If you don't know what this method is, then you are going about it all wrong. You don't necessarily need a big accounting software program if you don't have a lot of transactions every month. (By the way, KISS is Keep It Simple Stupid. I say this as affectionately as I can.)

* Keep your accountant in the loop. Let them know when you receive IRS notices or any other correspondences that impact you financially. In most cases, a short e-mail or phone call could save you a lot of money and headaches.

* Don't look at your financial statements as something you only need to get a loan with the bank. You should know the financial position of your company at all times. Large companies review financial statements on a weekly (sometimes semi-weekly) basis. You should look at your financials at least bi-weekly.

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About the Author

Deltrease Hart-Anderson, D. Hart Accounting Practitioner, LLC
2243 Leaphart Road Unit E
West Columbia, SC 29169

If you would like to re-print this article, please contact the author.
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