Have you protected your business? You qualify for a tax deduction if you have General Business Liability Insurance, Business Property Insurance, or Business Interruption Insurance. You cannot, however, claim life insurance unless you’ve used it as collateral for a business loan.
If you run your business from your home, be aware of the expenses you can write off. Keep track of the proportional amount you use on such expenses for internet, hydro, rent, or even your mortgage interest that you accumulate during your business hours.