Every business incurs expenses, and we don’t need to tell you that as an incorporated business being able to deduct expenses will reduce your business taxes. We too, as a business are conscious of the end of the 2010 tax year and feel the burden of trying to reduce that taxable income. We can appreciate that maximizing your claimed business expenses will go a long way to reduce your tax liabilities, and that you may be looking for tax break options as the end of the 2010 tax year quickly approaches.
Ordinary and necessary expenses for your business are generally tax-deductible. Did you know that software costs you incur for your business can be realized as a capital expenditure and can provide you with another option for tax relief? So, if you’re considering adopting a new software program for your business in 2011, know that you could see more change in your pocket sooner if you get it in before the close of 2010.
December 14, 2010
