The season for tax cuts is approaching fast, so as early as now, business owners and individual taxpayers should start looking into ways on how to legally reduce their tax obligation. A few days of research can help decrease taxes substantially for the ordinary taxpayer, and help business boost their profitability substantially.

For businesses, there are dozens of allowances and credits that are being offered by the government. For example, there’s the Computer Capital Costs Allowance or CCA which gives business 100 percent of expenses made on computer hardware and software purchases. There’s also the Apprenticeship Job Creations Tax Credit or AJCTC which gives tax credits for each new employee hired by the company engaged in a prescribed artisan trade.

For individuals, there’s the Child Fitness Tax Allowance which gives up to 500 dollars in credits for expenses related to children’s sports or fitness activities. Homeowners can avail of the Home Buyer Tax Credit giving a tax break for first time house purchases.

There are plenty of other tax breaks and useful tips that can effectively reduce a business or individual’s tax by several hundred or even thousand dollars. A few more days of research into the matter should help different individuals find the credit or deductions that are applicable to them.