As tax season approaches, Canadian small business owners might be feeling the deadline pressures. Failing to double check-claims and a lack of preparation during the year can lead to mistakes, which can lead to higher tax fees. However, tax season stress can, and should, be managed. Allowing your anxiety to get the better of you can lead to mistakes when filing your taxes and can potentially cost your business money.
Here are five things you should closely scrutinize, and if possible, avoid during this tax season:
Combining your personal and business accounts Using personal finances to invest in company growth is something business owners may consider. Though it may seem like a good idea when first starting out, at some point, the individual, the company, or both will suffer.
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