Tip of The Day #5 - Financial Deductions
Barbara Steckly
Barbara Steckly here from Preferred Client Services with your bookkeeping tip for the day:
Have you ever missed deducting legitimate business expenses?
Let’s face it. Saving extra money on taxes is as important as earning revenue. But many business owners miss claiming key deductions. For instance, even if your vehicle is not registered to the company, you can still claim business mileage. Just record the starting mileage at the beginning of the year and keep a daily log of kilometers logged for business use.
Another key deduction is for meals and beverages. Every time you meet with a client, supplier, or colleague over lunch or coffee, save your receipts. 50% of the GST can be claimed and the balance is an legitimate business expense. Be sure to write the person’s name on the receipt as proof of a business expense.
Preferred Client Services, partnering with you, your team, and your accountant to make a positive difference in our bottom line.