Did you know about one out of four Canadian households operate a part-time or full-time business out of their home? Unfortunately, a large percentage of these business savvy homeowners are unaware of all the tax deductions they could be claiming to save money.
One of the biggest tax deductions missed by homeowners is business-related car usage. If you use your car for business 50% of the time, you can claim 50% of your car expenses on your tax return. If you get separate car insurance to cover your business usage, this additional premium is 100% deductible. There are many other expenses related to your business that are 100% tax deductible. To learn more about many small business tax deductions, please read the article here. Be sure to check out our business startup guide for more tips about home office deductions and how to calculate them!
At Kustom Design, we’re dedicated to helping small business owners with all of their tax and financial needs. We want to help you save as much money as possible, so you can invest that money in your business! If you have questions about small business tax deductions make sure to contact a member of the Kustom Design team today!
About Kustom Design
Kustom Design is a group of interconnected companies, each company striving for the same goal: to provide excellent Accounting and Financial products and services to help clients SAVE on taxes, properly manage their finances and ultimately, achieve Financial Freedom and Lasting Wealth. The Kustom Design Group offers a complete line of products and services in key areas of accounting, finance and tax; from accounting, consulting and strategic planning to financial and tax education.
Kustom Design | 403.219.0602 | Calgary, Alberta | www.kustomdesign.ca