Lower Your Taxes

We don’t mind paying our share, but when I hear of people who earn a lot more than us who seem to pay hardly any tax, I get to wonder whether I’m working for me, or working for the guys in Wellington!’ Rachel told Clinton at Baldry + Sanford. Nathan operates a one-man plumbing business while Rachel is a photographer, specialising in weddings. She does most of her photography at weekends when Nathan can look after the kids, and when most weddings happen anyway. She then works on the family iBook computer to edit and prepare her pictures for printing and all the other album production etc. They use a spare bedroom as their office, though quite often Rachel takes over the lounge and has her stuff spread all over the place.
 
In addition to their own home, Rachel and Nathan have a rental property, and at their lawyer’s suggestion are considering setting up a family trust.
 
‘Did you realise,’ Clinton asked Rachel, ‘that quite a chunk of the money that you are forking out on your home is actually tax deductible? If for example we find $3,000 in expenses related to your home office that are legitimate work expenses – and you’d be surprised at what is allowable – you’ll save more than $1,000 in tax each year.’
 
As Clinton chatted further with Rachel, she was amazed to discover how much she and Nathan had been unnecessarily handing over to the government each year. ‘I thought that cutting back on tax meant doing something dodgy,’ she told Nathan that evening. ‘But all these ways of saving tax that Clinton was telling me about – they’re all legit! He also reckons, by the way, that your bro James is probably paying more than he needs to with his Child Support payments purely because he too is not getting the allowable expenses.’
 
Whatever your business – whether it’s small and home-based, medium or large, if you don’t take expert advice, then you are probably unnecessarily pouring your hard-earned dollars into the taxman’s pocket. And he’s not about to tell you!
 
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