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If you are self-employed, you may claim automotive expenses while conducting business. If you use your car for personal and business travel, only expenses for business can be deducted. If you use it exclusively for business, you can expense all costs.
When preparing your taxes, a deduction that is often overlooked is carrying charges and interest expenses. These charges are costs you incur to earn income from an investment, but only expenses for non-registered accounts will qualify.
Effective record-keeping is crucial for the success of any small business. Proper records not only help you track your financial performance but also ensure compliance with tax regulations and provide valuable insights for making informed business decisions. Here are some best practices for record-keeping in a small business: