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Tax season giving you the jitters? Don’t worry, at Futurpreneur, we’ve got your back! Filing your taxes doesn’t have to be stressful. Whether you’re managing a side hustle, launching a startup, or growing your full-time business, getting a handle on your taxes means more money in your pocket—and no last-minute scramble.
Did you know? According to a recent survey by FreshBooks, 35% of small business owners struggle with the complexity of tax laws, and 32% have trouble identifying deductions. These uncertainties can lead to missed incentives, which can impact key business decisions, such as hiring and pricing.
Here’s the thing: With some preparation, professional help, and the right tools, you can get your taxes filed smoothly, maximize your deductions, and stay focused on what you do best: growing your business. You don’t need to be a tax expert, but working with a trusted advisor can ensure everything is handled correctly and help you avoid costly mistakes.
Here are 8 tips to help you breeze through tax season:
- Stay on top of your finances: Keep your records up to date and review them monthly. This gives you a clear picture of your revenue and expenses while reducing year-end stress.
- File your taxes on time: Avoid unnecessary penalties by ensuring your filings are submitted on schedule. A simple step that saves you money!
- Manage payroll reporting on time: Make sure your monthly payroll reports and remittances are submitted promptly to avoid penalties and keep your business operations running smoothly.
- Know your deductible expenses: Ask your advisor for a list of claimable business expenses. This will save you time and help prevent issues with the Canada Revenue Agency (CRA).
- Make taxes part of your business plan: Planning for taxes means your business is thriving! Include tax management in your strategy to stay prepared and avoid surprises.
- Find the right advisor: Your time is valuable! Instead of spending hours on bookkeeping, work with a trusted advisor who can set up the right processes—so you can focus on growing your business.
- Take advantage of available resources: The Canada Revenue Agency (CRA) offers helpful tax resources for entrepreneurs. Plus, your advisor can provide up-to-date annual tax information, and your local chamber of commerce may have helpful resources to support you through tax season.
- Know what you can (and can’t) claim: One of the biggest tax mistakes entrepreneurs make is misunderstanding deductible expenses. Get clear on what’s eligible to avoid costly corrections and wasted time.
While tax season might feel like an afterthought for many entrepreneurs, it’s actually a golden opportunity for growth. A well-managed tax plan can not only save you money but can also improve your bottom line, setting your business up for success in the future.
Need more help?
Check out Futurpreneur’s Business Resource Centre for tools and tips to keep your business growing.
Want more resources?
Visit the Canada Revenue Agency’s small business tax resources for all the info you need to file your taxes like a pro.
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