Do you know about the 500 deductions you may be entitled to in your business? This book has the potential to save you hundreds of dollars in taxes you may not need to pay.
Slash Your Taxes Now! will be especially beneficial to business people who are unsure of their entitlements
and is applicable to every company, large or small, wanting to reduce its taxes honestly and with the approval of the IRD. The chapters of this book leading up to the A-Z guide should be read and understood and then the book kept handy at all times and used as a reference.
One chapter explains IRD audits, comments on deductions that are liable to trigger a visit from the IRD (such as large travel, entertainment and vehicle deductions - especially if combined with a small income), when to claim deductions, and stresses the importance of good record-keeping.
Some business terminology you need to be familiar with and important definitions are covered.
Did you know that most business deductions are not mentioned anywhere in the IRD code or Income Tax Act 1994?
Nowhere does it say that you can deduct anything specifically. However, the IRD does say that all business expenses must meet certain criteria in order to be considered deductible. This short chapter explains the basic rules behind claiming your deductions.
Deductions are defined, explained and cross-referenced. Special situations relating to deductions are clearly explained and if more information is available in the form of an IRD publication or website, details are included.
Some of the deductions in the book may not be applicable to your business and you may already be claiming for deductions not listed in this book; however, the list is comprehensive.
Your coffee service - "Deductible. Deductible. Deductible. Thank you, God" can be accompanied at afternoon tea time with snacks.
"The IRD allows a deduction for expenses that are necessary. Everybody knows that chocolate biscuits served at morning and afternoon tea are most definitely necessary - deductible." Of course, there are more serious deductions also covered in this book.
It also has a comprehensive table of New Zealand tax rates.
Peter Sibbald, a chartered accountant with a sense of humour, is the author of this great business tool. It is light reading on a subject usually approached with fear and trembling (and often the need for a cup of tea and a lie down), while still covering all the important things it needs to.
Slash Your Taxes Now! is a must-have for anyone who runs any type of business. It is well-written, easy to understand and should help to make tax law a little less intimidating.
SLASH YOUR TAXES NOW!
* The Tax Saver's A-Z Guide for Businesses and Self-Employed People
by Peter Sibbald
Reed Books
* Reviewed by Leonie Wise of Fast Chicken.
Leonie runs her own small web development business. Visit HomebizBuzz for further product information and to read other book reviews.
Do you know about the 500 deductions you may be entitled to in your business? This book has the potential to save you hundreds of dollars in taxes you may not need to pay.
Slash Your Taxes Now! will be especially beneficial to business people who are unsure of their entitlements
AdvertisementAdvertise with NZME.