Tax season is probably one of the most, if not the most, dreaded season of small business owners. Unfortunately, there’s no avoiding taxes – the good news though is there are ways they can legally minimize their tax burden. Here are 5 tax tips that can help small business owners save a lot come tax time. CLAIM HOME OFFICE …
Don’t Be a Victor the Audit Attractor
We all love attention. It’s our instinct from the first day we’re born. However, you’d better lay low and stay invisible when this special season starts – the Tax-filing Season. Victor is the kind who is determined to attract the attention of CRA. The following actions of his are like waving a red flag at a bull or stick an …
What Small-Business Owners Need To Do Before The Year Ends
Year end is fast approaching and in addition to the usual year end challenges that small businesses face, they also have to deal with the recent tax proposals and tax changes this year. So, to help out our small business owners, Leo Almazora wrote an article in wealthprofessional.ca about steps that small business owners should consider taking before the year …
Income Tax Challenges For The Self-Employed
When people choose self-employment, they are often attracted to the challenge and excitement of creating a business they are passionate about. They may look forward to a more flexible work schedule, or the possibility of earning more than they did as an employee. The one thing most people don’t get excited about is keeping track of all their expenses and …
Self-Employed? How To Save The Most On Your Tax Returns
Many expenses can be claimed on a tax return if you’re self-employed. How can you save the most money? By knowing what deductions you’re eligible to receive. If you work for yourself and report a business income, you have the good luck of being able to deduct several expenses on your tax return for the self-employed. The Canada Revenue Agency’s …
A Procrastinator’s Guide to Filing Your Taxes Quickly
It’s that time of year again when Canadians start scrambling to get their tax return filed on time. The deadline to file this year is May 1st 2017 at midnight. If you owe money, the Canada Revenue Agency (CRA) starts charging interest on the balance one day after the deadline passes. Whether you file your taxes yourself or use a …