Tuesday, 20 November 2018

Bookkeeping hacks that will change the way you execute accounting!

When it comes to business bookkeeping San Antonio, accounting becomes effortless if you know the right hacks. Not only does it make the process effortless, but also saves tax big time. 
Therefore, if you are someone that offers bookkeeping services in San Antonio or someone who has hired a professional for their business bookkeeping San Antonio, then these hacks can come in really handy.

Have a look:

1. Keeping a Fixed and Scheduled Time For Tax Deductible Purchases
If one were to go on planning early, in the tax year, about buying what one will be requiring, and if that happens to be tax deductible, one might end up saving a big quantity of money. Often, this is forgotten when the bookkeeping services in San Antonio are being executed.

2. Claiming the Bad Debts
This simply means that one can claim money which is owed to them and which they have not been paid on their tax return. What this does is, that it greatly reduces the taxes that one has to pay. The simple logic here is that being taxed on money that you haven’t made, is not at all a smart way to go about it. Therefore, claiming bad debts is a great hack while executing business bookkeeping San Antonio.

3. Deferring the January Income to the Following Tax Year
When one has had quite a very profitable year, and on top has even received the salary for the month of January, it is allowed that you defer the amount to the following tax year. This hack helps in considerably lowering the taxes for the prior year’s return.

4. Keeping Personal and Business Finances Separate
A very common place to make errors is when you do not keep your business and personal finances separate. In fact, this is probably the one thing where people make errors the most! Therefore, one must simply keep their personal and business finances separate. This should be done in order to avoid tax fees. When one keeps their business fees separate, they can be considered eligible for various considerable deductions on their tax return.

5. Automating the Human Resources, Admin, and Payroll Functions
This hack becomes an amazing way to save on payroll taxes. In case your business is allowing you to get away with this, then you should definitely go for it! This makes you save a great deal of money!

By implementing such viable tips to your strategies you will surely see great results on the tax return and it will change the way you practice accounting forever! To employ professional bookkeeping services in San Antonio, please call Uhlenbrock CPA at 210-701-1040.