A small business is a company that has less than 500 employees. There are many different services and considerations to take into account when it comes to accounting for a small business. One of the most essential aspects of accounting services for small business Singapore is understanding how taxes work and what you can do to reduce your tax liability. It pertains to,
-What taxes does a small-business owner need to pay?
-How can I save on income taxes?
-What about filing deadlines?
-How does a business owner save money with accounting?
Small businesses that have been profitable for at least three years may want to file as a corporation. This is because it can help your business reduce self-employment taxes and avoid double taxation on profits from the company.
There are also some tax deductions you might be able to take advantage of in regards to things like mileage, office supplies, or internet expenses if you run a home-based small business.
The Bottom Line
Your local accountant will be able to let you know about these types of potential deductions when filing your taxes, so don’t forget to ask them! You should also keep track of any kind of income-related expense such as food purchased from the grocery store that was used during work hours which can help you save money on your taxes.