Both Federal and Provincial Departments and Agencies have a myriad of rules and regulations that must be strictly adhered to. As well, in most instances reports must be filed in a prescribed manner and within a certain time frame. With the ever increasing number of rules and regulations that individuals and businesses are responsible for complying with and reporting it is important to ensure that a consolidated and harmonized set of compliance controls is adopted. This way all necessary governance requirements can be met without the unnecessary duplication of effort and activity.
Here’s a few other tax tips that will come in handy for the small business owner.
- Use a Professional Service. This first tip might sound obvious, but there are a few great reasons why this is the best way to go for small business. Although small business owners like to do everything themselves, tax laws change considerably every year and it’s our job to stay on top of those changes so you don’t have to.
- Make The Most of Your Expenses. A big part of having your own business is knowing what you can write-off. In these times of change, that can mean a variety of things you might not have thought of like an independent group health plan and even advertising and marketing costs.
- Make The Most of Home Office Expenses. Running a business from home entitles you to a variety of write-offs as well like cleaning services, a portion of your hydro and even property taxes. Reasonable purchases you need to run the home office are also acceptable to the CRA like a coffee maker and even furniture in some instances. The annual depreciation on you car as well as other expenses like oil changes should all be documented and filed as well.
National Tax Service is prepared to help you and your business comply with the ever increasing and complex burden of government rules and reulations.