We Are Specialist In Helping Business Owners Succeed
Staying Organized A Key To Success
Often overlooked but oh so important in our opinion. The more organized you are, the better your business will operate. Keeping on top of your day to day activities, having current up to date information available to you so that you can make informed business decisions is a key success factor. We at DTA can help your business move forward and free up your time so that you can spend what you do best which is running your business.
Expenses That Can Be Claimed
Money spent on your work as a small business owner can be claimed as a tax deduction under reasonable circumstance. If you own a car, keep track of mileage used. Be reasonable with your expense claims. If you are an independent contractor, some popular eligible business deductibles are material and supplies (including equipment), rent, travel, and continuing education. Reasonable is subjective. You’d be surprised to hear that kitchen equipment (used to test new recipes) could be considered a legitimate business expense for a cookbook author.
Track Your Money - Keep Your Receipts
As a small business owner, tax prep begins the moment you make income through the business. In the event that you are audited by CRA, it is crucial to have a receipt present. They should be kept for at least 7 years. Although you might still win a case without a receipt, you would have to go to many unnecessary lengths. Some small business owners even leave notes on the back of their receipts to serve as reminders.
Apprentice Tax Credit Programs
If your business hires tradespeople, consider applying for the apprenticeship job creation tax credit. It has a value of up to $2000, applicable only to new recruits within the first 2 years of their apprenticeship program.