Want to reduce the taxes you pay? (Yeah, you do.) This free download will help you make sure you don’t forget to account for any of your eligible deductions.
Every year, without fail, I get my taxes all done and filed — and then realize there’s an expense or two (or dozens!) that I forget to include. And I’m not alone. The sister of my cofounder-in-crime, Kat Tancock, forgot about $2,500 worth of expenses this year.
Worse than this, during our tax event with bookkeeper Jayne Dykstra of Zetique and Mint Shape Money, Dykstra said one of the biggest mistakes she sees small business owners make is not claiming any ITCs, or input tax credits, at all. “People will say they claimed $50,000 of income,” she said. “And I'm like, but what about the $40,000 of expenses you had? Please don't tell me you just ignored that and paid taxes on $50,000.”
And therein lies the whole point of tracking and claiming your expenses, a.k.a. deductions or writeoffs: It reduces the amount you pay in taxes.
To make sure you capture every last loonie that you’re eligible to claim as a sole proprietor, we at Workshop have put together a handy checklist for your reference.
But first, a few tips and resources.
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