When it comes to tax season, many business owners and individuals are focused on ensuring their taxes are filed accurately and on time. However, what often gets overlooked are the numerous deductions that could significantly reduce their tax liability. At Number Crunchers®️, we understand the complexities of accounting and bookkeeping, and we are here to help you uncover the hidden deductions you may have missed. In this blog post, we will highlight the top five missed deductions when filing your taxes, providing you with valuable insights to maximize your savings. Don’t miss out on potential savings - let’s dive right in!

Starting a new business is an exciting time, but it’s also crucial to have a solid financial plan in place. According to a poll conducted by Start-Up-ASmall-Business.com, 46.84% of respondents feel overwhelmed by the process of starting up a business because of financial concerns. Lack of capital is one of the key reasons for small business failure. Before you dive into the process of starting a new business, it is important to start planning out finances first. Financial planning is the key to success for any new business, and it’s essential to have a clear understanding of your budget and expenses from the very beginning. If you’re starting a new business and don’t have a financial plan in place, now is the time to start.

Having a plan and purpose is essential for any home-based business to be successful. Whether the goal is to make a full-time income or to supplement your current income, it is important to have a clear idea of what you want to achieve.

Businesses are time bound, especially if the times are eventful. Recent years have been harsh on the market and business owners. Getting expert advice on recession and how and when to invest or withdraw from a business can save you a great deal of time. It will also ensure that you are motivated to keep progressing with your entrepreneurship zeal.

When you start thinking about your retirement, you need to consider what vehicle to use for that retirement. You can obviously use more than one vehicle too. We’re talking about whether you should use a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP). Before you do anything, you should talk to your financial planner.

The Number Crunchers® team wishes you a very Merry Christmas, a joyous holiday season, and a happy, healthy, and peaceful New Year 2022!

There’s no doubt that understanding the Income Tax Act can be confusing and complex. And with several new rules and regulations being introduced every year, it’s not surprising that most people easily fall prey to misleading information designed by unscrupulous individuals who stand to profit considerably.

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