1) Avoid revenue discrepancies between tax forms. If they don’t match, you increase your risk of being audited. 2) Avoid large business expenses with no backup documentation. 3) Avoid having financial ratios too far away from your competitors in your industry 4) Avoid claiming home office expenses and use of a vehicle at a non-reasonable …
How to reduce your risk of being audited by the CRA Read More »
Bookkeeping is important for your business because: 1) It allows you to know if your business is profitable or not 2) It allows you to know where your money is going every day, every week, and every month 3) It allows you to get better information so that you can make better decisions 4) It …
1) Do not mingle your personal and business transactions. By using different bank accounts and different credit cards, bookkeeping itself will be easier and bookkeeping cost will be lower. Keeping Personal and Business Finances separate is always recommended. 2) Avoid Cash because it may be difficult to keep track of your expenses. You are more …
Tax deductions are costs that you can deduct from your income.Here are some relevant tax write-offs for small businesses: Business Food As a small business, you can draw up 50 percent of the right work-related food and beverage purchases. Work-Related Travel Expenses All travel-related expenses can be deducted at tax time, including flight, hotels, car …
There are several tax benefits available to companies, to get the most out of these benefits you should speak to a tax professional (Tax lawyer or Chartered Professional Accountant – CPA) to set up a tax framework that works for your business. The organization can deduct employee salaries, health benefits, tuition refunds, and bonuses.In addition, …
Small business grants provide free start-up funding and existing businesses, including those affected by the coronavirus pandemic. Although it can take time and effort to research and apply for a grant, there are a number of small business grants in Canada. To help you get started, here is a list of grants and resources for …
Small business loans are specialized financial solutions designed to meet the needs of small and medium enterprises.One of the best things about lending to small businesses is how easy it is to meet the eligibility process and the small documentation that makes borrowing methods quicker and smarter. The credit bureau also comes with a quick …
For many, the prospect of earning a living seems like a dream come true.However, small business owners know that the truth is more complex. You should only pay for yourself with your profit – not your income. If you see money coming into your business, do not think that you can automatically afford to pay …
Salary for Small Business Owners: How to Pay Yourself? Read More »