2016-12-01 00:00:00TaxesEnglishRead about the importance of tax deductions, and review some common deductions for small business owners.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/Business-Owner-Claims-Car-Expenses-As-Tax-Deductions.jpghttps://quickbooks.intuit.com/ca/resources/taxes/accounting-tips-take-advantage-of-tax-deductions/Accounting Tips: Take Advantage of Tax Deductions

Accounting Tips: Take Advantage of Tax Deductions

0 min read

As a small business owner, you can deduct business expenses from your income on your tax return to lower your tax burden. There is a long list of business deductions including inventory and payroll expenses, interest on business loans, and the cost of office supplies or equipment. If you use your vehicle or part of your home for your business, you can also claim a tax deduction for those expenses. If your business hires an apprentice, you may qualify for an investment tax credit, and there also are numerous industry-specific deductions.

To make the most of your deductions, track your expenses through the year so you don’t forget anything. Then, use quality tax preparation software that guides you through the process of claiming business deductions by asking questions.

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.

Related Articles

Choose The Best Accounting Software For You

Choosing the right accounting software is a critical decision for any small…

Read more

Quebec's Treatment of Income from Tips and Gratuities

In Quebec, Revenu Quebec is the provincial equivalent of the Canada Revenue…

Read more

Accounting Software for Contractors - Why You Need It

Contractors require different accounting processes than traditional businesses. Using dedicated contractor accounting…

Read more