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Once you have properly incorporated your business, work with your accountant to make sure you are aware of what legitimate business expenses you should be deducting from your business income. As a business owner, you will find that many common expenses are now recognized as legitimate business expenses. Basically, if the expense incurred is part of doing business, it can be deducted. Although this sounds like a very simple rule, there are amazingly detailed and complex applications.

The Internal Revenue Service (IRS) and Canada Revenue Agency (CRA) have numerous publications on the topic of tax deductions and there are many books, websites, and articles dedicated to ensuring that you know how to take as many tax deductions as you are allowed. Take some time and become familiar with what you can and cannot deduct in your particular line of business. You may be surprised how many deduction opportunities are available.

One good book to read on US taxes is Tax This! An Insider’s Guide to Standing up to the IRS, written by the former tax attorney Scott M. Estill, and published by Self-Counsel Press.