What are the tax saving gadgets for a self employed

Saturday, July 4, 2009

What are the tax saving gadgets for a self employed

Most of the gadgets found these days in the market is a double bonanza for a self employed.

On one, hand, a flashy mobile phone could be your idea of a style, but, in fact, it’s a tax saver gadget for a self employed.

They are plenty of those available in the market, and you could keep each one of those to lower your taxes and do a favor to yourself.

In the hindsight, you need to know what are these catching gadgets that will help you save taxes.

Here are the taxes saving gadgets for a self employed.

• The first one is your personal computer (PC). A PC is a terrifically handy, a device to work on. You may want to buy a PC, even if it won’t save you any taxes. The trick here is to go for an expensive and upgraded laptop, an expensive dell laptop, for instance, not only gives you access to upgraded features, but it also saves you taxes. For someone with higher income slab, an expensive laptop gives greater tax discount.

• You probably have a mobile phone, and it has grown older with lots of scratches on the screen, buy a new one and jot down the price on the expense sheet. You get a new mobile phone, and it will save you taxes, as well. Likewise, landline phones can also save you taxes.

• An internet service at your place of work or at your home will also save you taxes.

• Buying a software package or any other software accessories saves you taxes.

• Digi cams, camcorders and video recorders also help you save taxes.

• How about a mp3 player as a tax saving tool? If only you could show it as a device that was used in your business presentation, in some form, may be as a business photo storage device, or a data storage device.

Finally, any back-up device that you purchase with a valid business operation could be shown on a business expenditure sheet as an expense.

Always keep your purchase receipts safely as you may require those during the audit of your accounts.

A gadget without a proper purchase receipt, or a gadget purchased on a black market with no valid purchase documents would be a complete waste as it won’t help you save taxes.

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