As “taxing” as this time of year can be for business owners, tackling your taxes doesn’t have to be approached as a necessary evil. With the right preparation and a sound tax strategy in place, you can keep more money in your business, fuelling positive cash flow and future growth.
Here’s a recap of some valuable tips that can help you effectively manage your taxes – during this tax season and throughout the year.
Start with a Tax Strategy
The right tax strategy can help you maximize your cash flow and give you the resources you need to grow your business over time. Discover what there is to know about taxes as you get started, understand what deductions are available (and reasonable), and what expenses tend to raise red flags with the CRA.
Prepare your Tax Return with These Five Easy Steps
Effectively managing your taxes comes down to getting organized, being prepared and having a good grip on the rules. These five easy steps can have you tackling your taxes like a pro.
Read Now: Small Business Taxes – Five Easy Steps
Understand Your Deductions
Sure, taxes aren’t that exciting. But deductions? Quite exciting indeed. Get to know what deductions your business is eligible for, how they can reduce your total taxable income, and how these potential savings can be used to grow your business.
Read Now: Understand Common Tax Deductions
Get Organized For Next Year
If right about now you’re wishing you were a bit more organized throughout the last tax year, you’re not alone. Find out how some preparation before the year’s end can give you a clear view of your business’ performance, offer more control over where you’re going, and guide you to make decisions that will make your business more profitable.
Read Now: Tackle Year End Like a Boss
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.