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Tax strategies to maximize short-term rental profits

Accounting Today

CPAs play a crucial role in helping property owners maximize their profits through advanced tax strategies. Common deductions include: Mortgage interest: This is significant for financed properties, especially in the early years when interest payments are high. However, navigating the tax landscape can be complex.

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What Types of Advertising/Marketing Expenses Can Small Businesses Deduct?

Ronika Khanna CPA,CA

You can use whatever nomenclature gives you the most clarity when reviewing your profit and loss and other expense reports. You can deduct all the expense if your advertising is directed at a Canadian market and the original editorial content in the issue is 80% or more of the issue's total non-advertising content.