If you write things past its sell-by date for your business doesnt this steal away from your profit?
We own a cleaning business and they said we could write stale some of the pay from our personal sports car every month since we use it for business, but doesnt writing things sour bring away from profit?
Answers:
It reduce the profit in print, which is a suitable point. The smaller quantity profit you can show, the lower the taxes due.
Yes it is deduct from your "profit". But since you show smaller amount profit on accounts, you owe smaller quantity levy. In effect the policy is helping reward for something you already reimburse for.
No, because you don't own the vehicle. You are making payments. The payments is abstraction from your profits...it is call an expense - money departure the business. At the call a halt of the year when calculating out your earnings(profit) you own to subtract the expenses from the money coming in to procure a true opinion of "how much you made". That is what the levy department desires to know too and what they import tax you on(the profits)
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Answers:
It reduce the profit in print, which is a suitable point. The smaller quantity profit you can show, the lower the taxes due.
Yes it is deduct from your "profit". But since you show smaller amount profit on accounts, you owe smaller quantity levy. In effect the policy is helping reward for something you already reimburse for.
No, because you don't own the vehicle. You are making payments. The payments is abstraction from your profits...it is call an expense - money departure the business. At the call a halt of the year when calculating out your earnings(profit) you own to subtract the expenses from the money coming in to procure a true opinion of "how much you made". That is what the levy department desires to know too and what they import tax you on(the profits)