STAPLES BizTIPs 4business: Beat the Tax Man
By Adam
April 09, 2010
Uncategorized
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By Small Business Expert Roger Pierce, BizLaunch
It’s tax season again and the time of year many small business owners dread. Paying your taxes is part of business life, and self-employed people usually don’t get a refund. Therefore, it’s important to take advantage of these tax-saving tips:
· Keep your receipts. A business is taxed on its profits, which is simply the difference between its revenue and expenses. Keeping expense receipts is critical in order to maximize your expenses and minimize tax. Get in the habit of keeping all business receipts and filing them every day.
· Record your mileage. Revenue Canada allows you to deduct the cost of automobile travel for business, but you must record the distance of each trip. Keep a log book in your car and simply note your odometer each time you’re on the road to business.
· Deduct the home office. If you’re running a home-based business, don’t forget to deduct the portion of your home costs used to conduct business. That may include a portion of rent, heat, hydro and telephone costs.
· Hire a pro. Hiring a bookkeeper or accountant will actually save you money because they know how to take advantage of often overlooked deductions. They can also prepare accurate annual financial statements for your banker or investors. Free up your time by outsourcing the number crunching. You can find qualified help at www.ez-as-abc.biz.
You can learn more about this and other how-to topics at a free STAPLES BizLaunch Webinar. To find one near you, please visit http://www.staples.ca/bizlaunch today.
![clip_image002[5]](//images.ctfassets.net/2yd1b0rk61ek/image_inline_1415_7c943da31ac5053640d83317e0957c3d/beee63f6b5758bac45fd131dacae2fab/2010-01-clip_image0025_thumb.jpg "clip_image002[5]")
ROGER PIERCE is passionate about helping entrepreneurs achieve success. Co-founder of Canada’s largest small business training company, BizLaunch.ca, he’s launched eleven small businesses of his own and personally experienced what he calls “the good, the bad and the ugly” sides of entrepreneurship.
BizLaunch advises thousands of Canadian startups through its popular how-to seminars and webinars delivered with partners such as STAPLES.
It’s tax season again and the time of year many small business owners dread. Paying your taxes is part of business life, and self-employed people usually don’t get a refund. Therefore, it’s important to take advantage of these tax-saving tips:
· Keep your receipts. A business is taxed on its profits, which is simply the difference between its revenue and expenses. Keeping expense receipts is critical in order to maximize your expenses and minimize tax. Get in the habit of keeping all business receipts and filing them every day.
· Record your mileage. Revenue Canada allows you to deduct the cost of automobile travel for business, but you must record the distance of each trip. Keep a log book in your car and simply note your odometer each time you’re on the road to business.
· Deduct the home office. If you’re running a home-based business, don’t forget to deduct the portion of your home costs used to conduct business. That may include a portion of rent, heat, hydro and telephone costs.
· Hire a pro. Hiring a bookkeeper or accountant will actually save you money because they know how to take advantage of often overlooked deductions. They can also prepare accurate annual financial statements for your banker or investors. Free up your time by outsourcing the number crunching. You can find qualified help at www.ez-as-abc.biz.
You can learn more about this and other how-to topics at a free STAPLES BizLaunch Webinar. To find one near you, please visit http://www.staples.ca/bizlaunch today.
![clip_image002[5]](http://images.ctfassets.net/2yd1b0rk61ek/image_inline_1415_b3ad2ac8238be09afee84442f7adbcda/9e370a554a53b4857991e90685882102/2010-01-clip_image0025.jpg "clip_image002[5]")
ROGER PIERCE is passionate about helping entrepreneurs achieve success. Co-founder of Canada’s largest small business training company, BizLaunch.ca, he’s launched eleven small businesses of his own and personally experienced what he calls “the good, the bad and the ugly” sides of entrepreneurship.
BizLaunch advises thousands of Canadian startups through its popular how-to seminars and webinars delivered with partners such as STAPLES.