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How to File Your GST/HST Return Using CRA My Business Account

Ronika Khanna CPA,CA

There are essentially two ways to file your GST/HST online: CRA My Business Account Online Business Banking In this post, I will be reviewing how to do it via CRA My Business Account. Step 1 : First, make sure you have signed up for CRA My Business Account. Click on this.

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Year-End Bookkeeping and Accounting Checklist for Small Business Owners

xendoo

The end of the year is a hectic time for small business owners. Between catching their breath after tax season and managing holiday traffic and sales, year-end bookkeeping and accounting tasks understandably fall to the bottom of the to-do list. . Account for Inventory. Get Your Books Caught Up. Ring In Success.

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Tax Changes for Payment Apps: What Small Business Owners Need to Know

xendoo

The best accounting practice is to keep personal and business finances under separate accounts, in order to save time and avoid confusion while filing taxes. Consider creating distinct profiles for your business under the payment apps you use. Tax Compliance Done for You . They will provide: .

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4 Ways Small Business Owners Can Stay Tax Compliant

xendoo

By keeping your books up-to-date, you can be confident that you are reporting your income and expenses correctly, paying the proper amount in taxes, and paying your estimated taxes in a timely manner, which produces a stress-free tax season. Pay Self-Employment Tax. Pay Quarterly Estimated Taxes .

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How Do I Pay Myself and My Taxes as a Partnership?

xendoo

Every partnership owner faces the unique challenges of self-payment, tax filing, and maximizing their tax savings. Although they would rather focus on growing their business, taxes and payroll often take up too much of their valuable time. . Discuss your options with an online partnership accountant at Xendoo.

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How Do I Pay Myself and My Taxes as a Sole Proprietor?

xendoo

Once you decide on an amount to take (more on that in a moment), it can be transferred from your business bank account to your personal account. Because the Owner’s Draw is taken from ownership equity, it reduces the funds that can be used for the business. Once your DBA is set up, you can open a business bank account.

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What happens if you get audited and don’t have receipts?

xendoo

The worst-case scenario is that the IRS may remove some business tax credits and deductions you claim. Audits aren’t as big a deal as movies and the media make them out to be, especially if you keep organized business records. Since most vendors use online invoicing and billing systems, they’ll have copies of your records.

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