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The Ultimate, Must-Have Small Business Tax Deductions Checklist - Wagepoint

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Work with a professional bookkeeper, accountant and/or tax expert. Categorize your expenses according to the types of deductions you plan to claim. Use professional accounting software and tools like receipt and expense trackers. Automate your accounting and bookkeeping functions further with payroll, inventory and invoicing software. # 4 — Plan for Tax Season Throughout the Year To avoid an annual scramble to the finish, it's better to put best practices in place well ahead of time. They won't just save you time, they'll also bring you peace of mind. We'll just say this one more time for good measure: Always, always keep business and personal expenses separate. A minimum of 6 years in Canada. A minimum of 3 years and a maximum of 7 years in the United States. # 5 — Keep Good Records As a business, it is advised that you keep records for: Before disposing of any tax documents, it's also recommended that you to check your to see if your internal business practices or any other external entities (insurance providers, banks, lawyers, etc.) have any additional record-keeping requirements. Disclaimer: The information in this checklist does not constitute or replace the need for professional bookkeeping, accounting or tax advice. Wagepoint has gathered this information from several sources and has done its best to ensure accuracy. Any errors or omissions will be corrected in a timely manner. As tax laws are constantly changing, it's important to ensure that you have the most accurate and up-to-date information.

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