2014 Small Business Tax Tips from Liberty Tax
It's that time of year again! Tax time! If you're a Canadian "micro" small business owner, you might be able to benefit from the variety of tax write-offs that the Canada Revenue Agency has designed just for you. Our guest blogger, Karthiga Ram , Tax Support and Customer Service Assistant of Liberty Tax Service's Canadian office reviews some simple tax tips that can help you stave off the tax man. Tax Tip #1 - Maximize Your Allowable Home Office Expenses Most Canadians operating a home office will already know about the benefits of writing off the portion of the house being used for business. But did you know you can write off a portion of your cleaning services, home insurance, gas, hydro, mortgage interest and property taxes too? In addition to that, you can write off reasonable purchases you need to equip your home office, such as a coffee maker, office supplies, pictures and furniture. And, don't forget to claim the depreciation on your major office equipment, such as copiers and computers as capital cost allowances......
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