7 Tips to Help Small Business Owners Prepare for Tax Season
The life of an entrepreneur can sometimes feel overwhelming when it comes down to accounting, tax filings and other similar matters. Often times, small business owners will overlook deductions or pay too much in taxes when they take on the responsibility. That’s why it’s essential to hire Chartered Professional Accountants (CPA) to assist you with your tax filings so you avoid any costly errors that may catch the attention of the Canada Revenue Agency (CRA).
Common tax credits and deductions to use to your advantage
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Tax season can be overwhelming for some. But here are a few tax credits and tax deductions that might be able to help save you or make you a few dollars!
Key Terms:
Tax credit: reduce the taxes you pay on your taxable income.
Tax deduction: Reduce taxable income
Non-refundable tax credit: can only reduce taxable income down to zero and will not generate a tax refund.