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Looking to Write Off Meals and Entertainment Costs???

Meals and EntertainmentMany business owners believe that just because there is a line item on the tax return for meals and entertainment, every meal and theatre or sporting event tickets with clients, potential clients, or employees, qualifies as a valid deduction. But CRA puts limitations on what can be deducted and how much. Deducting meals and entertainment is not as easy or straightforward as it looks.

There are rules to deducting these expenses. The basic rule of thumb is, if you’re having way too much fun, it’s not a deductible expense.
Here are some guidelines to help you determine which is a business or personal expense.

How to choose your Accounting Professional

Calculator imageMany businesses do not realize the benefits of hiring an accounting professional. In our daily business practice, we have come across clients who have had their tax return prepared by a "friend" or someone who prepares tax returns "on the side" Usually, when the client approaches us, it is because they have a problem – which is often a tax audit. The client doesn’t know why they were selected.

Deducting Legal and Accounting Fees

By: Michael L. Williamson, Tax and Accounting Specialist

Many business owners are fully aware of some of the common legal expenses, such as drafting a shareholder’s agreement, reviewing the contents of a lease agreement, reviewing an employment agreement, etc.  The list is extensive.  You might also know that these expenses are all deductible to the business.  The business gets the tax break. 

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Williamson Accounting is a firm that provides a high standard of accounting for Small Businesses in the Greater Toronto and Surrounding areas.

Small Business Accounting and Tax

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