Make Sure It's Deductible: Little-Known Tax Tips for Your Canadian Small Business, Fifth Edition

You earned it, now keep it! Maximize your profits by getting the most out of every tax deduction. No matter what kind of small business you have, you owe it to yourself to take advantage of every legitimate business deduction and personal tax planning advantage at tax time. In the newly updated fifth edition of Make Sure It's Deductible, Evelyn Jacks, Canada's bestselling and most trusted tax author and educator, delivers vital tax facts that will save you money—presented in a clear, friendly style that's easy to read, understand and apply to your own business. Join the more than40,000 entrepreneurs who've turned to this tax-saving classic to learn about: What expenditures are fully deductible and which are restricted How to claim expenses under new auto and home office rules Hiring family members and splitting income to keep more of your money Building significant wealth with the capital gains deduction and savvy income re-investment strategies Planning for a secure lifestyle now and in retirement Make Sure It's Deductible provides vital, practical information you need to increase your bottom line and run a tax-efficient and audit-proof small business. “Evelyn Jacks is well-deserving other reputation as Canada's most trusted tax advisor. This book could save thousands of tax dollars for anyone who is self-employed, runs a small business, or is thinking of starting one.”—Gordon Pape, bestselling author and editor and publisher of The Internet Wealth Builder Cut Through The Grey Areas Of Canada’s Tax Code, Take Advantage Of Tax Incentives, And Get The Most Out Of Every Pre-tax Dollar. Rather Than Wondering “is It Deductible?” –make Sure It’s Deductible! You Owe It To Yourself, And Your Small Business, To Take Advantage Of Every Legitimate Business Deduction And Personal Tax Planning Benefit At Tax Time, And All Year Long, So You Can Increase Your Cash Flow, And Build Wealth, Too. Evelyn Jacks, Canada’s Bestselling And Most Trusted Tax Author And Educator, Delivers Vital Tax Facts And Tips To Save You Money. Presented In A Clear, Friendly Style That’s Easy To Read, Understand And Apply To Your Own Business, You'll Join The More Than 40,000 Entrepreneurs Who’ve Turned To This Tax-saving Classic To Learn How To: Determine Which Expenditures Are Fully Deductible And Which Are Restricted. Acquire New Assets For Your Business While Benefiting From Generous New Tax Write-offs. Write Off Auto And Home Office Expenses That Pass The Scrutiny Of A Tax Auditor. Hire Family Members To Work In Your Business, All Onside With Stringent Income Splitting Rules. Decide Whether To Incorporate, Now That New Rules Make Family Income Splitting More Difficult. Understand The Latest Tax Brackets And Rates And How To Plan Income Courses To Minimize Them. Manage Your Tax Remittances, Including Tax Installments And Payroll Taxes, As Well As The Collection And Remittance Of Sales Tax Avoid Falling Foul Of The “tax Gap” By Timely Compliance With Cra Tax Filing, Including The Collection And Remission Of Sales Tax From Your Customers. Enjoy Generous Capital Gains Deductions If You Decide To Sell Your Enterprise Plan For A Secure Lifestyle Now And In Retirement, And More. For Vital, Practical Information You Need To Increase Your Bottom Line And Run A Tax-efficient And Audit-proof Business, This Fully Updated Fifth Edition Of Make Sure It’s Deductible Is The Essential Reference For Your Shelf. “evelyn Jacks Is Well-deserving Of Her Reputation As Canada’s Most Trusted Tax Advisor. This Book Could Save Thousands Of Tax Dollars For Anyone Who Is Self-employed, Runs A Small Business, Or Is Thinking Of Starting One.”--gordon Pape, Bestselling Author And Editor And Publisher Of The Internet Wealth Builder. Evelyn Jacks, Is The President Of The Knowledge Bureau And One Of Canada’s Most Prolific Business Authors. She Is An Award-winning Entrepreneur, Having Written Over 50 Books On The Subjects Of Personal Taxation And Wealth Management. Evelyn Was Appointed To The Federal Task Force On Financial Literacy, Which Will Set A National Strategy For Financial Literacy For Canada, And Is One Of Canada's Top 25 Women Of Influence. She Lives In Winnipeg,manitoba. Cover 1 Title Page 6 Copyright Page 7 Dedication 8 About Evelyn Jacks 10 Contents 12 Introduction 14 Chapter 1 Key Reasons Why Canadians Pay Too Much Tax 20 Chapter 2 How to Tax Cost Average 38 Chapter 3 How to Start a Tax-Efficient Small Business 56 Chapter 4 Write Off More Deductions Without Changing Your Life 82 Chapter 5 Simple Rules for Writing Off Asset Purchases 114 Chapter 6 Maximize Home Office and Auto Expense Benefits 132 Chapter 7 Profiles of the Self-Employed 148 Chapter 8 How to Put Your Family to Work and Write It Off! 180 Chapter 9 Often-Missed and Little-Known Family Tax Deductions 202 Chapter 10 How to Create Serious Wealth 240 Chapter 11 How to Turn a Tax Audit Into a Profitable Experience 258 Chapter 12 Taxpayers and Their Advisors: The Top Check Lists 274 Conclusion 288 Index 292