Maintaining an office can prove to be very costly due to countless overhead expenses such as cost of office supplies, office maintenance, software subscriptions, etc. Therefore, it is extremely important to ensure that these expenses are deducted from your income to avoid tax related issues.
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It is crucial for business owners to maintain an accurate record of their expenses to avail tax deductions offered by the CRA. However, this task can prove to be very difficult without the help of an experienced accountant. We leverage 30+ years of experience along with intuitive cloud accounting software such as QuickBooks Online and Dext-Receipt Bank to streamline small business accounting and bookkeeping.
Make sure to read the entire article to learn which of your office supply expenses are deductible from your income.
Which office supplies expenses are deductible?
Office Supplies Expense which are related to business are deductible and include the following:
- office equipment and furniture less than $500 (excluding tax)
- postage and delivery
- pens and pencils
- general office supplies
Need further assistance?
We know that it is nearly impossible for business owners to keep an accurate record of the above mentioned expenses on their own. Here at CPA4IT, we use a modern approach to track your company’s financial activity. Our firm is partnered with several top software companies such as Dext-Receipt Bank and QBO. We incorporate these tools in our services to provide you with detailed and valuable insights which can be leveraged to grow your business.
Looking to learn more about our services? Make sure to book a FREE consultation with our experts to discuss this further.