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20 Essential Tax Facts for Small Business Owners

Ronika Khanna CPA,CA

Business travel expenses Transportation costs like public transit passes and taxis fares incurred when meeting with customers, suppliers and other business contacts. Meals and entertainment in which business was discussed. With certain exceptions, only 50% of meals and entertainment can be written off.

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Guidelines For Deducting Conference and Training Expenses

Ronika Khanna CPA,CA

In such cases, CRA requires that $50 per day of the conference be allocated to meals and entertainment expense. She is the author of several books for small businesses and also provides financial consulting services.

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

Ronika Khanna CPA,CA

Brand development expenses including payments to brand managers or sponsorships of events that promote your brand Salaries to employees in your marketing department Commissions and salaries to salespeople who sell your product Meals and entertainment expenses. Note these are subject to specific exclusions.