The purpose of this guide is to develop basic recommendations on tax planning. Naturally, this manual reflects the main provisions of tax planning, suitable for most taxpayers. However, more complex aspects of tax planning, taking into account the unique needs and requirements of customers, of course, are not included in the manual.
Our company is ready to help you on an individual basis in the form of practical advice on the use of tax benefits and reducing the amount of taxes paid on legal grounds.
Basic tips on tax savings:
- Contribute to pension and advanced training funds to the maximum extent permitted by law, as well as use tax concessions related to savings funds and cash benefits (pensions).Contributing up to the maximum amount allowed by law, in particular to the fund for advanced training, is one of the simplest and most effective ways of saving significant amounts of money, suitable for most taxpayers.
- Ensure that all eligible expenses associated with business activities are taken into account. In fact, this is not about tax planning itself, but about a more thorough check on how all the cost accounting features were used. In our experience, many taxpayers are not aware that many of the expenses that they incur in the course of their business are allowed to be recorded for tax purposes. For example, many taxpayers working at home do not know that in certain situations, of course, it is possible to demand recognition of business expenses proportional to the expenses of the occupied premises. In addition, many taxpayers do not understand that gifts and bonuses provided to customers and suppliers are also taken into account as expenses (given the maximum allowable amount).
- Check whether you use all the preferential tax units you are entitled to. For example: did you use benefits for parents of small children, for holders of scientific degrees, etc.
- Compensate for losses. If you have losses from business activities, as well as losses from the sale of securities, make sure that the annual report is prepared taking into account these losses – this will prevent excessive tax payments.
- Study the structure and features of your activity. Sometimes, re-registration of private entrepreneurs in a limited liability company can help reduce the current tax payments. Read about this in our guide “Self-employed or limited company”. From the tax planning Calgary this is the best deal.
The process aimed at a balanced distribution of tax deductions to budgetary state structures is called tax planning. On our site you can find a lot of practical advice on tax planning. The considered type of planning is based on the analysis of the documentation of the enterprise and the assessment of the current economic situation, reflecting the position of the enterprise in the industry.
The tasks of tax planning include the distribution and optimization of tax deductions so that the current manipulations have a positive impact on the level of profit of the enterprise. Therefore, the company’s internal organizational policy concentrates its efforts on the possibility of reducing mandatory payments, by applying concessions, benefits, or by searching for and applying measures aimed at preserving the current amount of tax deductions with a planned increase in income.