Important Claims and Deductions to Remember

By QuickBooks Canada Team

0 min read

When filing tax returns, sometimes small business owners can miss tax deductions that they are eligible to claim. This is particularly common for people who run home-based businesses. By not claiming these tax deductions, you may be paying more taxes than you owe.

One type of expenses that home business owners miss is business-use-of-home expenses. For example, if you run a graphic design business from your home, you can deduct part of your home’s maintenance costs — including electricity, heat, home insurance, and mortgage — as your business expenses.

Another commonly missed tax deduction is interest expenses. For example, when you apply for a business loan, you may have to pay an application fee for it. This fee is deductible as an interest expense over a five-year period. Additionally, people who use their personal vehicles for business can deduct certain parking fees as expenses.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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