Being an entrepreneur sometimes means wearing several hats, often including those of billing and accounts receivable (A/R). The occupational hazard of being pulled in several directions can make controlling your outstanding invoices a challenge. Not only that, but companies can become so focused on getting new business that collecting overdue receivables is easy to put off.
Blog Category: Accounting
If the thought of doing taxes makes you cringe, you're not alone! Here are some simple tips to help you de-stress when filing your business taxes.
1. Know what you can claim if running a home-based business
Canada Revenue Agency (CRA) recognizes that many small businesses operate out of their homes, and because of this, a deduction is allowable in proportion to the amount of space that is used for the business. Some expenses eligible for claim are: