One of the advantages of owning a small business is the tax breaks and credits. Unfortunately, many small businesses in Langley are unaware of the tax breaks and credits available to them. In order for small businesses to take advantage of these tax breaks, they need to be proactive in filing for them. At Leskun & Son Accounting, we have been helping our small business clients get the most out of their tax planning with our small business tax services. By applying for tax breaks and credits, our small business clients are able to positively impact their bottom line each year with significant savings.
Follow our simple tax season checklist for small businesses.
What are small business tax breaks?
In Canada, small business tax breaks are a form of tax exemption that the government uses to incentivize small business development. There are various types of small business tax breaks including home business tax deductions, scientific research and experimental development tax credits, investment tax credits, family employment tax credits and apprenticeship credits. These are only a few of the many tax credits and breaks available to small businesses in Langley. In reality, there are plenty of more tax deductions available.
Find out what business expenses are tax deductible.
How can small businesses apply for these tax breaks?
In order for Langley small businesses to take advantage of these tax breaks and credits, they must be proactive in their filings. Unfortunately, the Canadian Government does not apply these credits automatically. One of the reasons that many small business owners do not take advantage of these tax breaks is lack of awareness. At Leskun & Son Accounting, we understand that small business owners are extremely busy and have minimal time to spend researching the various types of tax exemptions available to them. Our small business tax services allow business owners to reap the benefits of tax exemptions without all of the hassle.
Learn about the different income tax deductions for small businesses.
How much money can businesses save by applying for tax breaks?
This all depends on the type of business and how it is structured. Some small businesses are able to apply for more tax deductions than others. Some Langley small businesses are able to significantly minimize the amount of taxes owed at the end of the year whereas other small businesses are fortunate enough to earn tax refunds. In order to get the most out of your small business tax filings, we recommend working with an accounting team that specializes in small business taxation.
To learn more about tax breaks for Langley small businesses, please contact the tax service professionals at Leskun & Son Accounting. In addition to our small business tax services, we also provide bookkeeping, business consulting and payroll services in Langley. If you own or operate a small business in Langley, please call us at 604-532-0061 to learn about our tax services and how they can help your business save big.
