With only a couple weeks left until the tax deadline, you may be rushing to complete your return and file your taxes. However, you benefit the most from planning your taxes throughout the year. And if you really want to improve your tax situation, there is no better way than to have your own small business at home.
Evelyn Jacks, the author of Make Sure It’s Deductible, is possibly Canada’s most well known tax expert. She is the president of Knowledge Bureau and a member or the Task Force on Financial Literacy.
Make Sure It’s Deductible points out business expenses that you can write off, including how the home office portion of your housing expenses may also be deductible. Since the rules on what you can claim leave some room for interpretation, some expenses you claim may be a matter of creativity in how you organize your business and personal life. An earlier edition of this book was very helpful to me when I started this blog, realizing that I could claim for my home office and expenses such as domains, hosting, a computer and the business portion of my internet bill.
While at times the book may sound like it advocates starting a business simply for the tax advantages, Evelyn is careful to stress that you must be able to prove that you are actually conducting a business with a reasonable expectation to make a profit in the future.
Evelyn Jacks wrote the book in an easy to read style, often using examples of a typical business owner and referencing both CRA bulletins and precedents set by the courts. I recommend Make Sure It’s Deductible to anyone that either has a small business or has been considering starting one.
Book Giveaway
To enter to win one of two copies, leave a comment (use valid email address so I can contact the winners) on this post before the end of day on April 23rd.
After leaving a comment so that I know you’re interested in these books, you can get bonus entries by doing either (or both) of the following:
- Subscribe to the Canadian Finance Blog email, where you’ll get each article, 5 days a week with no spam emails. If you’re already subscribed and leave a comment, you will automatically get this bonus entry!
- Follow Canadian Finance Blog on Twitter and re-tweet any of our tweets during the nine days!
This contest is for two copies of Make Sure It’s Deductible and is open to anyone in Canada. The deadline for entries is Friday, April 23rd at 11:59PM MST and the winners will be contacted by email on Saturday. There will be two winners, chosen with a random number generator from Random.org. If a winner does not reply within one week, a new name will be drawn. Good luck!
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Tom Drake is the owner and head writer of Canadian Finance Blog.
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Who knows, reading this book may prove to be a good incentive to actually start a small business…
.-= as´s last blog ..The wrong blog =-.
This sounds like a very interesting book. Count me in for the giveaway.
I would love a copy of this book. Thinking about starting a business.
Sounds like a book worth reading
Would like to win this.
It is a great author.
.-= Steve ZUssino´s last blog ..Save $2 off the cost of admission to a movie at Empire Theatre locations =-.
Sounds like a good read. Count me in!
This book sounds like a winner ! It’s refreshing to get a non-biased review of financial books these days. Thanks.
My bf is looking at starting his own business, this could be a real help to him! Count me in
Sign me up!
This would be a useful book
Count me in. I just started being self employed and I would really need this
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I am looking at starting my own business, this would be great help!
Sounds great, I need more deductions!
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I just started a small business and I’m interested in this book!
As a small business owner this book would be invaluable. Thanks for the info.
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