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Doing taxes is a stressful period for anyone, especially for small business owners. After all, no one likes to give away hard-earned money this way. So, today, we have come up with a few handy tricks that can help you reduce taxable income and save some currencies.
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4 Tips for Small Business Owners to Reduce the Taxable Income Doing taxes is a stressful period for anyone, especially for small business owners. After all, no one likes to give away hard-earned money this way. So, today, we have come up with a few handy tricks that can help you reduce taxable income and save some currencies. Employing A Family Member It is one of the best ways to reduce taxes, especially for small businesses. The only thing you need to make sure of is that the income is justifiable for business purposes. You can hire your children or even your spouse under different laws and provisions. For more guidance, you can approach a company that deals with small business tax returns in Brampton. Starting A Retirement Plan There are several options for retirement account to maximize the savings as well as have some tax benefits. There’s a special provision made and a value exempted from the total taxable amount if you have a retirement plan. However, make sure to talk to a professional and seek proper advice before involving yourself in the scheme. Healthcare Needs One of the top methods for small businesses to save some taxes is by putting money aside for healthcare needs. Saving money for unexcepted or future healthcare needs by opening a health savings account (HAS) can help you deduct some amount from the taxes.
Travel Expenses If you travel a lot for your business, you may have the privilege to show the same and reduce the taxes. Business travel is fully deductible and considered a reasonable business expense. Although personal travels are not included in this bracket, you can still make it justifiable and combine the trip for your business. What’s more, the miles earned are always a win-win situation. Doing taxes is definitely a sore topic for most people especially if a lot of variables are included and huge amounts are spent. But small businesses have the privilege of keeping things under control by making some wise choices. And the first one should be to hire a tenured company that deals with small business tax returns in Brampton to help with your taxes. Contact: Thami Rajalingam Castlemore Accounting Services 251 Consumers Road Parkway Place, Suite 1200, Toronto, ON, M2J 4R3, CAN +1(416) 814-7427 info@castlemoreaccounting.ca https://www.castlemoreaccounting.ca/small-business-tax-return/
