Once you’ve determined whether or not your professional liability insurance premiums are tax deductible, you may be wondering what else you can write off.
Of course, most personal and living expenses are not eligible for deductions on your business taxes. That is, unless you have a home office, or otherwise use a portion of your living space for work.
However, there are quite a few other costs that may be eligible for your business to write off, including:
Accounting and legal fees
Advertising costs
Fees for business licenses
Maintenance and repairs
Business-related travel costs
Office expenses
For a complete list of operating costs that you may want to consider, visit Canada Revenue Agency (CRA).