Testimonials

Hammad Naseem

 “We started off as a small company and needed assistance with bookkeeping and year-end tax preparation. I am happy to say that within three years, we have enjoyed substantial growth and are well on our way into being a success story. Throughout this growth period, Williamson Accounting has been with us side by side- each month, providing updated financial reports and guidance needed to direct our business and keeping us on track. At the company’s year-end, they have been dependable in providing tax planning we need including issuing and filing T4’s for our employees and corporate and personal tax returns. They are a great resource for any start-up or growing business and we highly recommend their service.”


Hammad Naseem, Co-Founder, Flarian Innovation Inc.

 

Newsletter Sign-up

Receive current Business News and Tips

Newsletter Sign-up

Williamson Accounting Inc. helping your small business to reduce taxes and simplify accounting in the Greater Toronto Area (GTA) and across Canada.

For a free initial conversation about your business, call (416) 444-8747 or Contact us.

Maximizing Business Income Tax Deductions

If you’re like most Entrepreneurs and Small Business, December 31st was your fiscal year end, and you’re already sorting through your receipts, and making preliminary income tax calculations for the year. But are you maximizing your small business tax deductions?

1. Making expenses deductible
The first rule for maximizing, your business income tax deduction is to have all your business-related receipts. CRA (Canada Revenue Agency) requires that all business expense needs to be backed up with receipts and be kept for a period of six years.

If you have not yet got in the habit of ensuring your expenses are deductible, it should be first on your business resolution list for the New Year.  To maximize your business income tax deductions you need to train yourself to ask for a receipt for every business expense no matter how small. Make sure that the receipts show what they are for, vendor name and date. With this information it is then also easier to record the expense in your record or accounting system.

2. The cost of doing business
The second thing that the small business owner should do is ensure that all cost of doing business has been deducted. Following are a few expenses that are commonly overlooked by the small business owner.

Maintenance and repair cost relevant to the business
You can deduct the full cost of maintenance and repair on any property used to earn income. If you did the repair yourself the labour will not be deductible.

Professional fees
Accountant, Bookkeeper and Lawyer fees are legitimate expenses and are deductible for tax purposes.

Insurance business expenses
Life insurance premiums are not deductible but insurance on buildings, machinery or equipment used in the business is.

Interest and related fees
Its no secret that interest when borrowed for business or investment purposes are deductible. You’d be surprised, however, at how many tax preparers miss out on claiming this deductions. Don’t be one of them.

Business taxes, business related dues, membership and subscription

The majority of people know that business taxes and business licensing fees are deductible. However many people over look the membership fees they pay to business related organizations. If you are like me you belong to many i.e. your local networking organizations. Don’t forget to claim them!

Business use of residence deductions
There are limits to which a self-employed individual can deduct the cost related to workspace in the home. They are confined to situations where the space is used exclusively and on a regular and continuous basis for meeting clients, customers or patients, or is the individual’s principal place of business. With that said, there are a number of deductions that home business owners that meet these requirements should be aware of.

Keep in mind the above list is just a sample of the possible expenses that can be incurred by a small business. For specific deductions relating to a particular business or industry, contact us, we can help you identify them.

Visit Us

We are located near Sheppard Ave. and the 401/ 404 Hwy corridor at 203- 211 Consumer Road 
Toronto, ON M2J 4G8
Tel: 416-444-8747
This email address is being protected from spambots. You need JavaScript enabled to view it.

Quotable

William Feather

 "Success seems to be largely a matter of hanging on after others have let go."

All Rights Reserved 2017. Williamson Accounting Inc.