LBAS Blog
Can You Deduct a Gym Membership as a Business Expense?
We explore the IRS and CRA rules regarding gym memberships, what’s deductible, and how to record it properly in your accounting system.
Understanding the Difference Between Balance Sheet and Profit & Loss
Many business owners and clients often confuse the Balance Sheet and the Profit & Loss (P&L) statement, but they serve very different purposes. Understanding the difference can help you interpret your financial statements accurately and make better business decisions.
Business Gifts vs. Non-Deductible Gifts: IRS & CRA Rules Explained
A clear breakdown of what counts as a deductible business gift under IRS and CRA rules, including gifts to employees, contractors, clients, and when gifts become 100% non-deductible.
Truck Depreciation Rules: CRA vs. IRS (Plus How to Record It)
This article explains the truck depreciation rules under both the CRA and IRS, including CCA classes, the half-year rule, immediate expensing, U.S. Section 179, bonus depreciation, MACRS, and how to properly record depreciation in your bookkeeping system.