{"id":2641,"date":"2024-03-31T11:04:15","date_gmt":"2024-03-31T11:04:15","guid":{"rendered":"https:\/\/capfayushman.com\/?page_id=2641"},"modified":"2024-03-31T11:13:31","modified_gmt":"2024-03-31T11:13:31","slug":"how-do-i-minimize-tax-liability-for-me-and-my-business-efficiently","status":"publish","type":"page","link":"https:\/\/capfayushman.com\/index.php\/how-do-i-minimize-tax-liability-for-me-and-my-business-efficiently\/","title":{"rendered":"Saving Tips"},"content":{"rendered":"\t\t
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Hire Your Own Family Members and Relatives<\/h2>

Hiring family members can prove to be a significant step to reduce taxes. They can be paid salaries like the way other employees are paid. If the family members who get hired by the company have no other income, then the company can pay them just Rs 2,50,000 a year. This will ensure that they don\u2019t become liable to pay taxes. Since the salaries paid to the employees is a cost to the company, it can be setoff against the company\u2019s taxable income, thereby reducing the overall tax outgo of the company.<\/p>

Travelling and Accommodation<\/h2>

It is common for entrepreneurs to travel places for business purpose. This is done more extensively if entrepreneurs have branches spread across several cities. If you are to save taxes, then from the next time you travel, book your travel tickets and accommodation on the company\u2019s expense and not from your account. This is considered a business expense and can be deducted from the taxable income of the company.<\/p>

Invest More in Marketing<\/h2>

If you are still using the old ways of marketing, then its high time that you implement digital marketing as it helps you reach out to more potential customers and thereby increasing the probability of finding new customers. This will also benefit you from the tax point of view as marketing expenses are eligible for\u00a0<\/a>tax deductions. Therefore, it is not a bad idea to increase the budget for marketing.<\/p>

Business Utilities<\/h2>

Business owners using their vehicles and phones can show such expenses are utility expenses. For instance, expenses on phones, vehicles, parking charges, driver\u2019s salary, and so on are claimable if made purely for the business purpose. If you are operating your home, then electricity expenses are also claimable. This will help in reducing the tax burden. The following are some of the business utility expenses that are claimable for deductions:<\/p>