Tips For Small Business Taxes – It’s been a busy year as a small business owner, so it’s time to turn your attention to your small business’s tax filing needs. Small businesses in Canada are required to file an annual income tax return with Canada Revenue every year whether they are a corporation or not.
The above article is for information only. The position of a taxpayer is unique and offers many opportunities for tax preparation and planning. Don’t hesitate to contact us for a no-obligation assessment and a free 30-minute initial consultation.
Tips For Small Business Taxes
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Rose returned to school as a senior in 1992 and pursued her dream of becoming an accountant. Rose began her accounting studies at Grant MacEwan Community College. Taking undergraduate courses while working and raising a family, she completed her program and graduated with honors in 1996.
Rose has been in the public eye for years. He worked as a senior manager at a public accounting firm before opening his own firm in 2013. Rose has served as an accounting consultant and auditor to nonprofit boards. different and do business before entering public accounting. Over the years, the experience has given Rose the knowledge to succeed.
Rose loves to solve problems and is dedicated to using her knowledge and experience to help her clients succeed. His patience and belief in educating others helps build good relationships.
Rose is married and the mother of three grown sons and four grandchildren. He enjoys spending time with his family camping and vacationing. In his spare time, he is an avid reader and enjoys golf and soccer.
Tindill & Company
Theresa started her accounting career over 15 years ago in BC. He moved to the “correct” side of the mountains. Teresa believes that her success in the position is due to practice and detail. He is very dedicated, willing to work and learn new things.
Teresa is always in a challenge and her favorite project is setting up an effective accounting system for a company. He contributes to the success of the office by ensuring that deadlines are met promptly, efficiently and accurately. He is successful because he gives 100% to his work.
Teresa is married and has two young daughters who keep her on her toes. Teresa is a lover of languages and is learning and is comfortable with some of them including French, German and Ukrainian. Beginning in the fall of 2015, she will return to school to pursue her accounting degree while her daughters are with her. He hopes to use his love of learning to help earn his degree.
Joan oversees the day-to-day operations of the company and is the friendly voice you hear on the phone when you call the office. Joan is a dedicated and detail oriented individual with over 9 years of experience in a public accounting industry. Joanne has been with Rose since the office opened in 2013 and has established the policies and procedures used. Joanne prides herself on keeping the office organized and providing personalized attention to our clients.
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Joan is married and has two sons. In her spare time, Joan enjoys gardening and cooking. He likes to spend time in his garden in the spring and summer. Throughout the year, he provides all kinds of good things to the office. It’s not fun, but it’s part of life. And for small businesses, it’s a big part of life. But the tax is unnecessary. Finding ways to save money for your business is better, even if it involves taxes. It takes planning and organization, but there are many tax breaks for small business owners that can mean more money in your pocket at the end of the year. This means more money to get your business back on track for next year, which is especially important for businesses struggling during the COVID pandemic. Make sure your business qualifies for maximum tax deductions.
Every year your business reports its taxable income. Basically, this is your net income (income less all expenses). And based on that taxable income, you will be charged a percentage that must be paid to the federal government and, in most cases, state governments.
But businesses are allowed to deduct or write off the expenses they incur while doing their business during the year. Business costs are not as easy as expected. If you run a liquor store, for example, your costs aren’t just the cost of selling your inventory. You have to pay employees, rent and more. Ultimately, deductions reduce the amount of taxable income you report to the IRS, thereby lowering your taxes.
Some of these business costs are more obvious than others. And those who don’t understand sometimes, will leave small businesses. So let’s take a look at some of the most common tax breaks that SMEs can take advantage of for next year’s tax season.
Small Business Taxes
Disclaimer: Of course, it’s best to work with a certified public accountant for your business taxes. The list below applies to sole proprietorships and LLCs, but there are many differences and the items in this blog may not apply to your business.
Of course, buying a media spot like a TV or print ad is considered advertising. But there are a few reasons to give this money:
The better your ad, the more revenue you will bring in. So, in a sense, these costs can be offset by larger profits. However, it is important to look at all sales expenses during the year.
Certain taxes can be recorded every year. This means that if you recorded a loss in 2019, that loss may apply as a tax liability for 2020.
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For small business taxes, your business tax is the same as your personal tax. In these cases, there are financial losses in the stock market.
If your business uses a car or truck for transportation, you can deduct related expenses, such as fuel, parking, tolls, and maintenance. The IRS also provides a standard deduction of $0.54/mile in travel. Regular installment is the most popular option for most business owners, but if you drive an older vehicle that needs a lot of maintenance, consider splitting the loads.
There are many mobile apps that can be used to measure mileage. Only turn off tracking when you use the car for business purposes and keep it for personal use.
These could be sponsoring a local event or offering goods or services at a fundraiser. However, volunteering is not limited to your time.
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Before deleting a charity, check with the IRS that the charity meets the requirements as a deduction.
Business owners with children may be eligible for tax credits to help offset childcare costs. While deductions lower your total reported income, credits only erase a portion of your tax bill. You can claim the credit if you have a child aged 12 or under and are being paid for by someone outside of your immediate family.
Small businesses that offer childcare benefits to their employees (good for you!)
Providing educational assistance to your employees can be tax-deductible. Many businesses benefit from educating their employees. This could be ESL courses, certification renewal, professional seminars, license renewals, subscriptions to professional publications, or advanced degrees.
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If your company has upgraded to more energy efficient equipment this year, you can get up to 30% of the cost. Plus, you’ll get a great deal on your expenses along the way.
Most LLCs and sole proprietorships don’t allow you to deduct your income, but you can deduct all the fees and charges you pay to your general corporation. This includes temporary and full-time employees and contractors.
On top of their base salary or earnings, you can deduct bonuses, per diems or room/board you pay employees for the year. Meals and social events are deductible up to a percentage of expenses.
In addition to the tax credit for purchasing new jewelry, your business can deduct all merchandise. For many businesses, this can be a major tax liability. It also has all the furniture and appliances you need.
Small Business Owners
Companies have the option to spread tax credits over a period of 7 years. In this case, the IRS will deduct the estimated depreciation of the current equipment.
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