TURN RIGHT! It’s that time of year again. This time of year made me decide to write a helpful little article about tax relief for license plates. And yes, you can be happy about that! Vehicle plates can be removed from your taxes. So be sure to consult with your accountant or take notes when doing your own taxes. As all small business owners know, many things like fuel, tolls and other vehicle related expenses are deductible. However, you didn’t know that your ad can be used as a tax deduction! That’s right, the little stickers you put on your work car can be a big help at tax time. Since the costs are an expense for your business, they can be written off as operating expenses. However, there are some limitations. I will go through some of the requirements to clear your elegant display from your taxes, keep the money in your pocket and keep away from the greedy government.
1) Don’t pay cash
I think it goes without saying that with cash payment you will never receive a proof of purchase. Specifically, we can’t give receipts to people who pay us cash for jobs. So you might be wondering, why would people pay cash for something they can write down when they have proof of purchase? Many choose to avoid the 1.1% surcharge that we unfortunately have to levy on all cash payments. Because of this fee, companies prefer to pay in cash, but this is generally very rare, and vehicle owners know that the proof of purchase will help them recoup the money they spent installing the vinyl decals on their vehicles.
2) Pay by card!
Starting with the first requirement, many small Brisbane Signage Service encourage the use of cards and credit cards when doing business or even doing daily grocery shopping as it can be a great way to earn things that can be used. a healthy tax refund like coffee or even food. This is a great way to collect your receipts and ensure you have a healthy collection of “business expenses” that can be claimed.
3) Save these receipts
We’ve all seen the pile of receipts people keep. Whether neatly stacked in alphabetical and/or numerical order, or thrown behind your desk, car or filing cabinet. These receipts are important to ensure that you are guaranteed to be on the government’s tax refund list. And there’s even better news! Don’t worry if you lost your business receipt 8 months ago. With current electronic payment methods, all transactions are kept, so you can easily go back to the store and ask for a copy of the receipt. Believe me, if I had a penny for every time someone asked for a receipt on vehicle panels, I would retire on a mega yacht sailing in the Maldives.