Business Tips for Tradies: Why accountants are important
You are a skilled tradesman with a thriving business that you yearn to maintain. Accounting business tips for tradies begins with understanding how important an experienced and reliable accountant is for your overall business finances. We have all had our concerns about our businesses and how to stay on track with business revenue, taxes, and expenses. Don’t we all have enough on our business schedules without adding accounting, bookkeeping, taxes, financing, legal issues, and other financial concerns to the mix? These issues are best handled by professionals. Accountants will take the stress, frustration, and confusion out of the financial aspects of your business.
Business Tips for Tradies: Paying your taxes
One of the complicated aspects about owning a business is paying taxes. What can you take? What can’t be deducted? These are the answers that a qualified tax accountant can answer for you. You don’t have to be in the dark, or be confused about your taxes with the right accountant on your side.
Business Tips for Tradies: What can you claim for business expenses?
We recently spoke with local area accountants about what we can claim on our taxes. The following represents what we found out about tax deductions.
Tools of your trade
We all have tools we use in our trades, regardless of the trade in which we provide services. For instance, office supplies and software for accountants, hammers and tools for builders, and paint and supplies for painters. As long as you use your tools only for business purposes, you can claim them as an expense, or their depreciation over a period of years for tools and equipment that cost in excess of $300.
Mobile phone calls
We all need a way to be contacted by potential and current clients and to be able to contact clients as needed. A separate mobile phone for your business is the best way to be on-call for your clients. The benefits for having a mobile phone benefit you beyond growing your business and maintaining a line of contact for your business. You can also claim mobile phones on your taxes.
All tradesmen have transportation expenses. These expenses are incurred every time we visit a client. The costs of fuel and vehicle servicing are deductible on your taxes. Exceptional business tips for tradies include keeping these receipts for your business.
Protective clothing and accessories
You can deduct protective clothing and gear from your tax bills. Safety glasses, protective suits, gloves, helmets, masks, and other clothing and accessories used to protect you from chemicals, fire, footwear, and other hazards of your job are included.
Businesses need insurance cover. The range of cover isn’t important to your taxes, but the expense amount is important. Certain forms of insurance required to carry out your jobs are tax deductible. Ask your accountant about deducting your insurance costs.
If your job requires that you wear a special uniform, keeping it clean is crucial to your business. Cleaning expenses can be deducted on your tax bill.
Association and union fees
Since we like the credibility that trade-specific associations and unions provide, we tend to pay the fees to have this credibility. Fortunately, union and association fees are tax deductible.
Business Tips for Tradies: Accounting Services
Helping you with your business tax deductions isn’t the only service accountants can provide. Certain accounting firms also offer a full range of financial services that are beneficial to tradies.
Tax compliance and strategies
Owning a business comes with tax responsibilities that require compliance. Accountants have plenty of compliance and strategic business tips for tradies that will help your business all year long.
Retirement planning, estate planning, asset protection, and investment planning are part of a strategic wealth management plan. There are certain accountants also offer consulting and planning for these services. Superannuation funds may be included with your wealth management plan.
It’s confusing to when we have to determine what types of insurance cover we need. Business and personal cover are both crucial to our lives and businesses. Let an accountant help you with this decision so you can save time and money.
All tradies have legal contracts and requirements to fulfill. Business contracts, terms and conditions documentation, and other forms of complex legal forms should be handled by those who have expertise and experience with these issues.
Consulting services qualified accountants offer include business and workplace relations consulting. After all, don’t we have plenty to do in the day-to-day operations of our businesses not to have extraneous and stress issues on our minds?
While basic accountants stick to accounting and bookkeeping, there are those who also help you with financing solutions like mortgages, vehicle financing, equipment financing, and other business financing. They use their network of providers to help you obtain the financing you need for your business.
If you are like the rest of us in the tradesmen world, it’s important to have our businesses organized and compliant according to regulations and high business standards. Sound business practices and plans are part of that process. Understanding what accountants do and the beneficial services they provide help with the growth and success of trade related businesses.
If you do need a good accountant to help you with business tips for tradies try contacting an accountant from our Tradebusters Academy network . These accountants specialise in helping tradesmen in business and we are sure one would be a good choice for you.