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Make Tax Planning a Year-Round Process

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What is synonymous with April? Tulips and tax returns. But once tax returns are finished, can you forget about taxes for the rest of the year?

No! It is what you are doing all year round that impacts on the taxes you may pay in April. Tax professionals are often shocked and disappointed about some of the items that clients overlook during the year.

Profiting From Your Lease

j0422996Almost all companies grow, shrink or diversify over time. So they need more, less, or different types of space.

If you negotiate your office rental agreement effectively, you'll save the cost of relocating every time your company changes size or direction. For that matter, you can use your lease to generate extra income.

 

Tax Deductibility of Life Insurance Premiums

The question of whether premiums paid for life insurance can be deducted from income often arises in tax-planning exercises.

The rule is that life insurance premiums are considered to be capital outlays and not an expense incurred for the purpose of producing income from a business or property. Therefore  a deduction is usually disallowed.

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Williamson Accounting is a firm that provides a high standard of accounting for Small Businesses in the Greater Toronto and Surrounding areas.

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