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The Importance of Timely Tax Planning: Are you constantly paying taxes and not sure why?

#timelytaxes Apr 19, 2024
Tax Planning

As the calendar flips its pages and we march steadily through the year, there's one thing that remains constant for businesses and individuals alike – taxes. It's a topic that often gives us a sense of dread or confusion, but it doesn't have to be that way. At Northwest Accountancy, we understand the complexities of tax planning and are here to guide you through the process with our services.

Understanding the Tax Dilemma

Are you finding yourself constantly paying taxes without a clear understanding of why? You're not alone. From the profits your business generates to the ever-evolving landscape of tax laws and regulations, it's easy to feel overwhelmed.

Did you know that it's not just your Profit and Loss Statement that determines the tax you pay?  While this is the first place we look, we also have to dig in a bit to the rest of your financial records, to see if any assets have been purchased throughout the year that require depreciation.  We need to check if you have paid any interest on business loans and claim that (not the amount you pay for the loan repayments).  We have to check that what you have paid for is for business use, and not private use - as this isn't tax deductible.  

Then - what is available to claim from a tax perspective this year?  In previous years we have had things like the "100% writeoff rules" where certain businesses could claim the full cost of an asset purchase regardless of it's price.  In 2024 it has dropped back down to $20,000.  And we have also had an extra bonus claim for technology purchases which was available for the 2023 year only.

Empowering You Through Knowledge

At Northwest Accountancy, we believe in empowering our clients through knowledge and proactive planning. That's why we're excited to invite you to watch the replay of our latest webinar hosted by our Chief Educator, Jodi Porteous. In this insightful session, Jodi delves into the importance of tax planning and breaks down the process for you.

Watch the replay here!

Preparing for Tomorrow, Today

One of the key takeaways from our webinar is the importance of preparing for your 2024 taxes before the year even comes to a close. With our expertise and insights, you can proactively estimate your tax liabilities and implement strategies to optimise your returns. Whether it's setting up a dedicated tax bank account or exploring tax-saving opportunities, we'll work closely with you to ensure you're prepared every step of the way.



Choose Northwest Accountancy for Peace of Mind

In a landscape of tax complexities, having a trusted partner by your side can make all the difference. At Northwest Accountancy, we're committed to providing tax planning services that align with your needs and goals. From small businesses to individuals, our team has the expertise and experience to navigate the complexities of the tax code on your behalf.

Don't let taxes be a source of stress or uncertainty any longer. Choose Northwest Accountancy and take control of your financial future today. Get in touch with us to learn more about our tailored tax planning services and discover how we can help you maximise your returns while minimising your tax burden.

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