Income Tax saving tips for your online business
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Five Star Tax Service Online Income Tax Tips. www.taxsupport.ca your one stop source for Canada, USA and Cross Border Taxation. These income tax tips are applicable to all businesses and specially businesses operation on line. It is important to keep detail record of all expenses so that you can offset some of your income and lower your tax rate. Tax in most countries are progressive. These income tax tips will help you reduce your marginal tax rates. Moving from a higher marginal tax rate to a lower marginal tax rate means savings of thousands of dollars in taxes.
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Income Tax saving tips for your online business
- 1. Tax Saving Tips for Your Online Business More Money for You, Your Family and Your Business
- 11. ย
Editor's Notes
- There are indirect and embedded tax already added in the cost of the meal.
- Business Owners can deduct all their business exp. From their annual income to determine the net income.
- From T2125. Statement of Business of Prof. Income. You can report your Revenue. Operating Expenses. Business use of Home Exp. Car Exp. Capital Expense, Equipment Etc.
- Revenue is the sale proceeds of your Business. In tax reporting, it is your income.. Not your Taxable income. From revenue, you will deduct ALL allowable business expense to determine taxable income.
- Couriers/Bike Couriers can claim upto $17/day without receipts. Long Haul Truckers can claim 50% of meal Exp.
- Any improvement, fixed to the property and becomes part of the structure are capital improvement.
- Must Keep KM log and records of all expenses. If the car is purchased rather than leased, a Capital Cost Allowance/Depreciation cost is allowed.
- If you are renting, you should claim all home expenses. If you own, you need to be careful to claim business use of home expense. If you are planning to sale the property, your capital gains will be affected by your home office claim.