Tax Deductions for Home-Based Businesses

TORONTO - Oct. 2, 2023 - PRLog -- If you have started a home-based business or a "side gig", you may be eligible for potential tax deductions you didn't know about. Throughout this guideline, our team at Budget Accounting will list and outline the different tax deductions that may be able to assist in lowering the amount taxable that your business owes.

Let's begin with business start-up costs. This includes inventory, equipment, furniture, supplies, etc., which may be submitted for tax reduction purposes. Additionally, annual license fees can be submitted. This includes trade licenses, business charges, beverage licenses, motor vehicle licenses, motor vehicle registration permits, and more.

Insurance expenses for buildings, equipment, or machinery can also be used as deductibles. Furthermore, if you are running your business out of your home, you may be able to use your home expenses such as utilities, rent, property tax, condo fees, energy, maintenance, etc., as deductibles.

How Our Account Team Can Help

If you are interested in hiring an accounting team that can assist you with your tax filing, our team at Budget Accounting is the team for the job. For all of your Professional Accounting Services in Richmond Hill (https://www.budgetaccounting.ca/) needs, contact us!

🌍 Learn More: https://www.budgetaccounting.ca/blog/tax-deductions-for-home-based-businesses/

📞 Phone: (905) 508-5007

📬 Email: info@budgetaccounting.ca

📍 Location: 9555 Yonge St #308, Richmond Hill, ON L4C 9M5