xendoo

AUGUST 24, 2021

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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xendoo

JANUARY 6, 2022

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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xendoo

DECEMBER 6, 2021

Analyze your business’s performance from the previous year by reviewing your key financial statements. The Balance Sheet summarizes a business’s assets, liabilities, and equity at a specific point in time. Up-to-date bookkeeping allows for tax-readiness throughout the year. It is time to crush your business resolutions!

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xendoo

DECEMBER 15, 2021

The Opening Balance is the amount of money in your bank account at the beginning of a new financial period, such as the start of the month. Be aware that your bank account does not necessarily reflect the exact amount of cash that is available to spend. Financial Accuracy Through Bank Account Reconciliation .

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xendoo

JULY 6, 2022

QuickBooks is accounting software that has other features that business owners may need. Create a QuickBooks account. If you are already using it for your accounting, you can also use it for receipts. However, QuickBooks doesn’t put your accounting on auto-pilot. How to scan receipts with QuickBooks. Go to Menu.

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xendoo

MAY 16, 2023

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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xendoo

MAY 16, 2023

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.

audit 52

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Ronika Khanna CPA,CA

JANUARY 13, 2023

Annual filing is recommended if your business is small and you do your accounting irregularly. Your GST/HST returns can be filed directly through a business bank account , online through CRA my business account or by completing a paper form and mailing it in along with a cheque or paying directly at a bank.

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Ronika Khanna CPA,CA

APRIL 5, 2024

The deadline to file tax returns is quickly approaching, resulting in various degrees anxiety for some taxpayers and accountants. The most effective starting point is to evaluate your tax situation and prepare a checklist of the documentation that you will need with respect to your specific tax situation.

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Ronika Khanna CPA,CA

NOVEMBER 15, 2024

The most compelling downside of cheques is the delay between sending a cheque and having the funds in your bank account. There is also the hidden cost of cheques, which is the loss of time - a cheque has to be prepared either manually or through accounting software. Finally, the cheque has to be reconciled in accounting software.

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