Qualifying for small business deductions

1. Qualifying For Small Business Deductions Creating and maintaining a small business is a difficult task, because of the finances, expenses and taxes. And so CRA has allowed some of the tax deductions for small businesses to benefit them in various aspects. As a small business owner, you may find it inaccessible to choose the best tax deductions that opt your business. Expert advice is a solution in such cases. The purpose of tax preference is to make the company grow and advance your business to the next phase. Before moving on to the tax deductions, you should necessitate a little idea about the types of tax deductions. Small business tax deductions Canada avails of a tax credit known as the small business tax deductions. This holds back in lowering the amount of taxes you need to pay for CRA. Your business will be qualified for small business tax deductions, based on Canadian controlled private corporations (CCPC) and businesses with a capital of $10 to $15 million from the previous year. Small businesses can claim the lower provincial tax return based on an agreement indicating that one should not open multiple corporation accounts under one business or more deductions. Eligibility of small business deductions In order to get eligible for small business deductions, you need to be under the CCPC (Canadian controlled Private Corporation). CCP is a private corporation, established by the resident and incorporated in Canada, that the corporation is not controlled by a non-resident person. Tax return forms should be filed for small business tax deductions. Castlemore helps to get benefits in small business tax returns in Brampton.

2. Small business expense deductions Home office deductions, as small business owner’s work from home or work on renting a space. In this, half of the amount can be deducted if home space is used for business and the full amount for renting a space. Advertisement expenses, half or full amount can be deducted as the company uses this for marketing and reaching out to more people for further growth of the business and gaining new customers. Vehicle expenses, a major deduction that benefits small business owners. These deductions can be helpful in claiming the money spent on gas, insurance, registration fees and maintenance. Meals and entertainment, deductions can be claimed if there are any expenses spent on taking the business clients out for a show or buying any meals for them. Castlemore gives guidelines for small businesses to avail small business tax returns in Brampton. Castlemore is an accounting company providing the customers to manage tax payments and also helps with accounting and managing bookkeeping. They help in maintaining proper records of your business for stress free tax sessions. Save your money on tax deductions to enrich the growth of the business. 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/