Deductions to remember

Running a business demands a lot from owners, and it’s easy to lose track of important details come tax time. Here are some key areas to pay attention to:

Claiming home office space

If you operate your business from home, you can claim a portion of expenses such as mortgage interest payments, rent, utilities, and insurance. To do this accurately, you’ll need to provide information on the square footage of your home and the percentage of that space used for work. If you’re a tradesperson using garage space for your business, you can also claim that portion.

Deducting entertainment expenses

Remember that expenses for client or customer meetings, such as dinner and lunch, can be partially tax-deductible. Make sure to keep your receipts and consult with us to determine which meetings qualify for deduction. Additionally, note that the treatment of meal expenses for self-employed individuals differs from that for employees, and we can clarify any questions you have in this regard.

Subscriptions and memberships

If you subscribe to specialist magazines or newspapers to stay updated in your industry, you may be eligible for a tax deduction on these subscriptions. Make sure to keep records of these expenses.

Keeping records

Maintaining thorough records and receipts is crucial. Without proper documentation, you won’t be able to claim any deductions. Make sure to organize and retain all relevant paperwork.

Anything keeping you up at night?

If you’re facing challenges or have questions, don’t hesitate to reach out to us. Whether it’s via phone, email, or text, we’re here to help alleviate any concerns and ensure you’re on the right track.

Running a business can be overwhelming, but with proper attention to these areas, you can navigate tax season more smoothly.

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