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Save your company's money and be your own business tax consultant

by , 04 August 2014
Tax can be complicated for businesses. You may feel like you never know what tax deductions you qualify for or what tax you must pay.

That's why so many business owners turn to expensive tax consultants or advisors. But how do you know you're tax consultant is really trustworthy or knows what they're doing?

Sure, you can check their qualifications, or you can save your money and the stress and be your own tax consultant.

Here's how...

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Avoid costly tax issues
 
 
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Here's what a tax consultant will do for your business

 
According to about.com a tax consultant is there to help you through your tax process and advise you along the way. But with the right tools you don't need their advice. 
 
In fact there's no reason you can't do what a tax consultant does before, during and after your tax process. 
 
So here's what you'll need to do.
 

Here's what you must do before, during and after the tax process to be your own tax consultant

 
Before: Before you get started with your taxes you must plan. But you mustn't only do tax planning just before the end of the year. 
 
You must plan continues throughout the year. Assess your finances, incomes and expenses to see what you can use to bring down your tax bill. 
 
You should do this at strategic points during the year such as every quarter, at a minimum. Involve your managers to discuss strategies for minimizing your taxes.
 
During: Here you must complete your tax returns and remember to coordinate your business taxes and private taxes so you can offset any possible losses, particularly if you're self-employed. 
 
After: Once you file your tax return, there may still be work for you to do if SARS audits you. 
 
It makes sense to manage this yourself if you prepared all your taxes yourself and you know what's happening. 
 
And if you ever get stuck or need help, don't call up the nearest tax consultant! Just open your Digital Practical Tax Handbook on your computers and find exactly the information you need in seconds!
 
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