When it comes time to file your taxes as a business owner, there are several costs that can be claimed and deducted. One major cost being a business vehicle. While there are limitations and stipulations as to what can be claimed and how much, generally a large portion of costs surrounding a business vehicle can be deducted from your total income taxes. Let’s break down what those deductions are, and how they can be calculated to learn just how much you can claim this tax season. What Is A Business Vehicle? By definition, a business vehicle is a car, van, pick-up truck or SUV used for the purpose of benefiting your business. While a business vehicle may be used as your sole mode of transporta
In order to keep your business running like a well-oiled machine, one of the most important factors is keeping on top of your bookkeeping, remittances and business expenses. Not only can keeping an organized record help you to maintain a payment schedule and stay on budget, it can also help you to have everything in check when it comes time to file your personal and corporate income taxes. Let’s take a look at a few ways to keep on top of your bookkeeping to lower your tax season stresses. Get Your Invoicing Down Pat While everyone is specific to the way they organize information, the key is just that; organization! The most important factor in keeping on top of your bookkeeping is to find a
