Weekly Tax Tips

Weekly Tax Tips

December 26, 2023

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Trivia Question❓

In the United States, which President signed into law the largest tax cut for growing businesses in history?

Answer at the bottom of the newsletter

Tip of the Week

Review your business expenses regularly to identify potential deductions and maximize tax savings.

Joke of the Week

Why did the accountant start a vegetable garden?

Because he wanted to grow his business while always "cutting" taxes!

Tax Update

  • Several countries implement tax policies specifically designed to encourage the growth of small businesses. For instance, in Canada, the small business deduction allows eligible small businesses to pay a lower tax rate on their income, which can free up more funds for investment and expansion.


  • Tax incentives exist for certain industries to foster business growth. In the United States, companies involved in research and development (R&D) can claim tax credits for qualifying R&D expenses, which can help drive innovation and technological advancements in various sectors.


  • Setting up a company in certain offshore locations can provide tax advantages for growing businesses. Countries like the Cayman Islands and Bermuda offer low or zero corporate tax rates, which can attract multinational businesses seeking to reduce their tax liability and reinvest the saved funds into expanding their operations.


Quote of the Week

"The art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the least possible amount of hissing." - Jean-Baptiste Colbert

💡 Answer to Trivia Question:

President Donald J. Trump.