Your business is growing – in fact, it’s booming! For many entrepreneurs in your position, this big picture question might be in the back of your mind. Should you incorporate or run your business as a sole proprietor in the Kelowna, BC, area?
BC is a province that is ripe with potential for small business owners to build their companies and their future. There have been numerous studies and articles referencing the strength of the small business community in our province. In my years of working with small business owners in BC, I’ve noticed the large discrepancy between your take-home pay as an employee and what you can expect to earn as a small business owner.
Getting the most out of your business tax deductions requires more than just the diligent tracking and filing of your expenses – to maximize your business returns, you need to know what you can and can’t claim come tax time. However, understanding what components of your business qualify for a tax deduction can be a challenge for many owners – you are busy enough as it is running your business. Prioritizing and tracking the expenses you can claim can fall to the wayside. Modi Accounting has put together a simple list of the best tax deductions for you to record and claim to make the most of your yearly tax return.
Do you think it’s time to strike out on your own and start your small business in Kelowna, British Columbia? It’s one thing to have an idea, and it’s another thing to put that plan into motion and start your business. For most entrepreneurs, taking the first steps to creating your business can be one of the most challenging steps along the way. Read the top questions we ask individuals when they are considering starting their small business.