Operating a small business can be an exciting yet challenging journey.
As you navigate the ever-changing world of tax laws, regulations, and deductions, it is important to stay informed of rental and business expenses that can be claimed as part of your annual taxes.
Are you claiming everything you should be claiming? Let’s take a look at what expenses can be claimed by small businesses in Ontario, Canada.
Scan This List to See How You Are Doing – Are You Claiming Everything You Should Be?
Home Office:
Heat
Electricity
Insurance
Maintenance
Mortgage Interest
Property Taxes
Vehicle Expenses:
Fuel and oil
Interest
Insurance
License and registration
Maintenance
Leasing
Elecricity for zero-emission vehicles
Business Expenses:
Purchases
Freight
Advertising
Meals & Entertainment
Bad Debts
Insurance
Interest
Memberships
Office supplies
Professional fees
Rent
Repairs
Salaries
Proptery taxes
Travel
Utilites
Rental Expenses:
Advertising
Insurance
Interest
Office supplies
Professional fees
Repairs and Maintenance
Salaries
Property taxes
Travel
Utilities
Motor Vehicle
Business Expense Deductions
It’s important to keep records of all of your expenditures so that you can claim them when filing your taxes each year.
Staying Informed about Tax Laws & Regulations
It is important to keep up-to-date with changes in the tax laws and regulations applicable to small businesses in Ontario, Canada; not doing so could result in missed opportunities or costly mistakes when filing taxes each year.
At Abacus on Harbour, Kincardine, Ontario we’re well-versed in these rules and regulations and can help ensure you are claiming every eligible expense on your taxes each year; this service could end up saving you thousands of dollars over time!
Whether you’ve been running a small business for many years or you’re just getting into it now, make sure you’re claiming all eligible business and rental expenses on your annual taxes; this will ensure greater financial success now and into the future!
Call, Email or Text Us at Abacus on Harbour – We Can Help!