At the same time, their monthly credit card payments, which include interest charges, are up by 26% on average. With elevated inflation and high-interest rates, small businesses have increasingly depended on their credit cards, with the current spending being 20% higher, on average, than they were before the pandemic. Using anonymized data from more than 3.4 million Intuit QuickBooks customers and surveys of more than 5,000 small businesses in Canada, the US and the UK, the report looks at how small businesses are responding to these challenges, and examines the relationships between small business growth, access to capital, and use of digital technology. The report finds that in 2023, while overall employment levels have trended upward in Canada, the US, and UK, small business employment has been less resilient. Developed in collaboration with leading global economist Professor Ufuk Akcigit and his co-authors, the report reveals how macroeconomic pressures like inflation and higher interest rates are affecting small businesses' ability to create jobs and get the funding they need to grow. Even if you use a specific membership for your freelance business, you can’t claim it due to the Income Tax Act.TORONTO-( BUSINESS WIRE)- Intuit (NASDAQ: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, has released the 2023 Intuit QuickBooks Small Business Index Annual Report. However, memberships and club fees don’t fall under the tax-deductible category.
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