Many owners and managers of small or medium sized businesses have acquired accounting software to help them ease the burden and monotony of bookkeeping tasks, yet they are overlooking a lot of useful and valuable features of the software. This can include automated financial reporting, financial analysis, and data sharing. These functions are valuable in aiding users and assessing the profitability of their company.

Do you have a job that requires you to do your hair every two weeks or so? You might want to consider finding a less expensive stylist, as you cannot deduct the expense from your taxes even though it is related to your employment. It does not end there. For example, you also cannot deduct the cost of special clothes or shoes that are necessary for some jobs. Luckily, however, there are still a few ways you can lower your 2010 taxes.

Tax mistakes can happen to anyone – I am sure you know someone that it has happened to. It is reported that Canadian individuals and businesses owe more than $25 billion in overdue taxes.

You might (or might not) be inclined to give any of these people any slack. After all, the Canadian Income Tax Act is almost 3,000 pages long and grows thicker every year. That's a pretty thick dictionary. Clearly, it's difficult to keep up with all of the constantly changing rules and regulations.