The vehicle can be one of your best write offs in your business. It can also be your worst.
What makes it one way or the other? Well, first it is the option which you choose to write it off. The age of the vehicle makes a difference. Where you travel make a difference.
Everyone's situation is unique.
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As a direct seller, it can be confusing about what is actually an expense.
Your home, your car....even your receipt at the craft store yesterday. They are all mixed together with personal purchases and business purchases.
Sometimes...it's just confusing.
We all know that any money we make has to be declared to the Canada Revenue Agency at the end of the year.
But did you know that your confusion on expenses today will cost you on taxes tomorrow?
There are some really...
Thank you for joining me for Part 2 of our write off series!
In our last article, we looked at The Single Biggest Mistake Entrepreneurs Make.
If you haven't check out Part 1, you can do so right here.
Let me first recap the definition of "write off".
A "write off" is an expense that is applied against revenues that reduces the amount of profit made, and the amount of taxes that are paid.
If you're not keeping your receipts, even for your smallest of purchases, then...
Every entrepreneur has their own reasons for going into business.
Some for personal wealth, others to provide the best they can for their families.
Some do it to pursue their passions or fulfill a dream, others to leave a legacy.
Regardless of the whys of the entrepreneurial spirit, there are tried and true methods to attaining that success – as well as all-too-common missteps.
Especially this one.
I owned a professional accounting firm for just over 10...
A common dream of many entrepreneurs is one day buying their dream home.
A status symbol for some, it’s the manifestation of years of hard work, determination and success.
Others just want a little corner of the world to call their own.
At last, you feel you’re there.
Off you go to your financial institution about that home loan.
They ask to see the financial records for the last two years, to ensure you’re making money and that you have ongoing...
The Income Tax Act is A HUGE act.
At its core, it stipulates that what you claim on your business taxes must be reasonable.
Also, that you are responsible for being honest with your submissions, and that by claiming deductions, you not only understand why they are reasonable, but can prove them to be so through supporting documentation and receipts.
Disclaimer: this article pertains to business tax returns. For personal tax, software programs tend to be okay- because there...
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