The year is nearing the end, Time to enjoy family and friends during the Holiday season!
A good thing for you Small Business Owners while you have some down time, is to collect all your information, and tally your mileage logs, receipts and look through any forgotten paper work for donations or other expenses that might impact the amount of TAX you will need to pay.
If your year end is Dec. 31st. Depending on what kind of year you had if you did well last year and have a large Tax bill. It might make sense to buy a large business asset before Dec. 31st to reduce your tax owed.
If you were planning the purchase in the New Year anyway, moving it up it could save you tax dollars in this years. Padgett Clients are always advised long before the year ends about TAX savings that will benefit their business.
Don't forget to get all the T slips from the bank and any investments, rental property statements tell us about any changes in your life that may also impact the amount of tax you'll pay.
Padgett Business Services we know the right questions to ask so that we can prepare your tax returns to minimize the amount of tax that you'll need to pay.
Information provided by andy@padgetthelps.ca
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