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Tips for filing your small business tax

With the pressure mounting to gather your paperwork for the past year while keeping your business going, here are a few reminders to help you smooth through the wrinkles.

  • Filing deadline for self-employed taxpayers and their spouse is June 15
  • Tax payable is due April 30
  • Keep mileage logs for business trips with information such as date, distance driven, client name.  In addition, do not forget to log starting odometer reading for start of business year each year.
  • If you use your home for business it is necessary first determine if you are able to write-off a portion of your home expenses for business purposes.  Keep proper records of the relevant home expenses that are available for expenses in the business.
  • Keep all business receipts as the CRA is unlikely to accept credit card statements as receipts.  You run the risk of a business expense being denied if you do not keep the actual receipt whih shows the details of the expense.

With these few reminders you will be better set to face tax preparation time and have a worry-free tax season.