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ca4it.com I would like to share some business tax reduction strategies to help increase your bottom line without changing your spending or your billing. As a chartered accountant, in almost every tax reduction review meeting I conduct I am able to find hundreds if not thousands of dollars worth of unclaimed expenses. Before we, as accountants, even consider any tax planning strategies it is paramount that we maximize all eligible deductions. Every dollar that can be expensed is dollar that for the most part will not be taxed. Therefore any expense that can be converted from non deductable to deductible will reduce your taxes and increase your bottom line. There are three common reasons for under allocated expenses: 1. Lack of knowledge of what is deductible 2. Poor record keeping or 3. Fear of Revenue Canada. We provide what we refer to as “full option accounting”. With full option accounting we layout all the options from conservative to aggressive, along with the risks and allow you the client to make the final decision. While some other accounting firms believe it is their responsibility to play the role of CRA and tell you what you can’t deduct, we are the complete opposite. We encourage our clients to deduct every dollar they are entitled to deduct and to challenge their own notions of what a deductible expense is to reduce tax. Watch this tax tip video. You will be surprised what you can deduct legitimately. For more tax tips videos on how to reduce your personal …
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