11 Tax Deductions that Start ups can not afford to miss.

Journey from Inception to Success

It is extremely important for start-ups, entrepreneurs and even business pros to keep track of their business expenses. These expenses will reduce your taxes when it comes to file your personal tax returns (t1) or corporate tax returns *T2).  When tax season starts the deductions will help and forms your strategic plans to perform tax planning, maximize tax deductions and minimize tax owing. So here are some categories that already exist. All you have to do is take advantage of any or all of the following expenses that apply to your business.

 

Startup costs

Startup costs are the initial costs that you have made.  Which includes:

·        Incorporation fees,

·        Franchise fees and purchase of an existing business or assets,

·        Opening your business location,

·        Market research and analysis,

·        Business plans write ups,

·        Marketing and advertising,

·        Employee training,

·        Professional fees, such as lawyers, accountants,

·        Initial travel expenses

·        Website development

·        Assets roll-overs to the business

·        Goodwill

·        Home office expenses

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