Ronika Khanna CPA,CA

MARCH 5, 2024

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. If you have more complex transactions, that I don’t discuss here and you are not sure, I recommend speaking to an accountant.

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business accounting Account accountant accounted 59

Snyder

NOVEMBER 14, 2022

The first four months of every calendar year are the time when accountants are at their busiest. From January to April, there are few things that accountants do besides tax filing. This is what makes busy seasons so stressful for accountants. What is tax season like for accountants? Contents: 1.

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Snyder

FEBRUARY 7, 2023

Look through your profit and loss report and research the applicable tax deductions for your business starting from work-related trips and ending with accounting software subscription purchases. What exactly are tax deductions? How to claim small business tax deductions 2. Contents: 1.

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Tax business tax Real Estate Legal 98

Snyder

DECEMBER 27, 2022

Freelance accounting is increasing in popularity. With the rise of online platforms like Upwork, Fiverr, and Remote.co, more and more people are working remotely to offer their services to businesses worldwide. This means that nowadays, freelancers have greater opportunities to find work and grow their businesses faster.

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Snyder

JANUARY 10, 2023

Business owners are fully aware of the importance of accounting, but how much should they expect to pay for it? A business owner must understand how much, on average, business accounting costs. After all, accounting, as an integral part of a business, is something not to put aside.

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MazumaBusinessAccounting

FEBRUARY 1, 2023

Accounting and tax software have made it possible for small businesses to get along without having an in-house accountant. However, as businesses grow, accounting issues get more complex, and tax filings become too cumbersome for owners to handle.

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xendoo

FEBRUARY 25, 2022

Taking steps to clean up accounting records can be a big undertaking for small business owners. Hopefully, you started your business on the right foot financially. You may diligently record your accounting transactions or have hired someone to take care of accounting for you. Be Ready for Tax Season.

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ThomsonReuters

JANUARY 18, 2024

Jump to: What are the roles and responsibilities for accountants? Accountant vs. CPA vs. tax preparer: What are the differences? GAAP and AICPA What issues should accountants be aware of in the profession? How can accountants be more efficient? Accountant responsibilities extend far beyond number crunching.

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MazumaBusinessAccounting

JANUARY 31, 2023

Accounting and tax software have made it possible for small businesses to get along without having an in-house accountant. However, as businesses grow, accounting issues get more complex, and tax filings become too cumbersome for owners to handle.

Account 52

Account accountant accounted bookkeeping 52

xendoo

JUNE 13, 2022

Every business should have a chart of accounts. We’ll explain everything you need to know and include an example chart of accounts below. Note, if you use Xendoo for your accounting , we can set up and maintain your chart of accounts for you. . What Is the Chart of Accounts? Chart of Accounts Types.

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inDinero Tax Tips

OCTOBER 21, 2023

In this case, “ordinary” means an expense that is common in your industry, while a necessary expense is one that you need to run and grow your business effectively. Benefits of Tracking Business Expenses Effectively tracking expenses offers several significant benefits that can impact the overall success of a business.

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xendoo

OCTOBER 18, 2021

Chances are that your accounting and bookkeeping needs are low on your list of priorities, but that can come back to bite you. Your eCommerce business requires the attention of an eCommerce accountant. . Today, we’ll show you how partnering with an accountant that specializes in eCommerce can help your business to thrive.

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xendoo

APRIL 19, 2021

Whether you’re brand new to online retail and trying to decide how to set up your eCommerce business, or you’ve been around a while and simply reached the point where your DIY accounting solution just isn’t cutting it anymore, Xendoo’s innovative suite of business offerings can help you. Tax organization. Print checks.

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CPA Practice

FEBRUARY 23, 2023

“Yes, taxes are a pain, but that pain can definitely be soothed by using the right tools and resources.” FreshBooks also discovered there are a lot of things small business owners would rather do than stay on top of daily accounting.

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Ronika Khanna CPA,CA

APRIL 26, 2024

Business tax instalment payments (including GST-QST instalments ) This means that instead of entering the data on the forms that are available via my business account at CRA and RQ and then going to your bank to make payment, either online or via mail, it can all be done at one time through one form that serves as both tax filing and payment.

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corporation tax payroll Tax Sales 74

xendoo

MARCH 16, 2022

As you try to figure out which need to prioritize in your new venture, it is crucial that you first learn how to set up accounting for a new business. While it might seem mundane, good accounting is integral to the success of any business. However, we know that money can be tight for new business owners. .

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accrual accounting Account accountant accounted 52

Ronika Khanna CPA,CA

FEBRUARY 10, 2023

Uber provides a tax summary at the end of the year as well as weekly breakdowns of earnings, which should be reconciled to the amount received in your bank account. What type of accounting system should you use? A comprehensive breakdown of each section of the T2125 is available in our Small Business Tax Facts Guide.

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Xero

JUNE 1, 2022

We recently hosted our US Xero Partner Advisory Council (XPAC) meeting in Denver to hear from our valued accounting and bookkeeping partners about what matters most to them. Our XPAC members provide crucial insights and advice, and help inform us on the issues and challenges they’re seeing in the accounting industry.

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Ronika Khanna CPA,CA

SEPTEMBER 22, 2023

Starting a business is hard work. In addition to creating your core product or service , you also need to have a working knowledge of numerous other facets of business including marketing, IT, accounting and operations. This is especially true with respect to the more technical aspects of business such as accounting and tax.

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inDinero Tax Tips

JUNE 24, 2023

Business tax deductions – three words that can cause stress and confusion for even the most seasoned entrepreneurs. Most business owners spend their days managing operations, nurturing client relationships, and focusing on growth goals. Software is no replacement for professional help.

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Snyder

NOVEMBER 10, 2022

The biggest tax season challenge for a small business is tax preparation and filing. Most SMB owners fall into the trap of putting off taxes until the last minute because they don’t have professional tax accounting software backing them up. First, try to make the most out of your accounting software.

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ThomsonReuters

APRIL 18, 2022

Tax season is a stressful time of year for anyone who works at an accounting firm. Burnout is commonplace and sometimes it’s hard to get back into the swing of things when the busy season dies down. Burnout’s effect on tax and accounting professionals. Ways to recover and avoid burnout next tax season.

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Ronika Khanna CPA,CA

OCTOBER 5, 2023

You are expected to take on role of salesperson, market researcher, accountant, lawyer and social media expert , while not getting paid for any of it. Filing the documents so that they are easy to locate makes life much easier at tax time. If you don’t have a business bank account, a separate personal bank account is ok.

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Steve Feinberg

AUGUST 9, 2023

You need to make sure that your income exceeds expenses, avoid costly mistakes, and keep finances organized when it’s time to pay taxes. Digital accounting software allows you to automate tasks like creating invoices, tracking payments and expenses, generating financial statements, and more.

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quickbooks bookkeeping accounting and finance tax preparation 52

Basis 365

NOVEMBER 30, 2022

It's the most wonderful time of the year until you realize that you still have year-end accounting tasks to complete. For new business owners, closing the books can be a daunting task. What is YEAR-END ACCOUNTING? Year-end accounting is used to balance and close your books for 12 months.

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quickbooks accounting software payroll tax payroll 52

Reckon

JUNE 21, 2022

Hot on their lips is the nail-biting question: what if I don’t have enough coin in the bank to pay my tax bill? Most sole traders will know that they’ll need to file their business tax return to the ATO between 1 July and 31 October. All you need is a few software tools…and two separate business bank accounts! (A

Tax 98

Tax income tax tax return accounting and finance 98

Steve Feinberg

DECEMBER 22, 2023

Managing Expenses Effectively: Managing expenses is crucial to the financial health of your business. One effective strategy is to create a detailed budget that accounts for all income and expenses, including monthly bills, business expenses, and unexpected costs.

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PYMNTS

NOVEMBER 16, 2018

Cloud accounting software firm Xero is broadening its reach in the small business tax filing space through an acquisition of Instafile. based Instafile to integrate its cloud-based tax preparation and filing solution. Financial Conduct Authority (FCA) to operate as an account information services provider.

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Ronika Khanna CPA,CA

APRIL 14, 2022

Unlike a simple personal tax return with no business income, this information is generally not simply provided to you on a tax slip, such as a T4 or T5, but must be compiled and calculated. This is also true for spouses of small business owners who may only have a regular(non small business) tax return.

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Tax tax return business tax accounting and finance 52

xendoo

MARCH 18, 2021

A skilled accountant will keep you tax compliant and ensure that you’re always in-the-know and focused on the big picture when it comes to your financials. And cost can definitely feel like a huge barrier here – it can be hard for a small business to afford to hire an accountant. Or the interest!?) .

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Ronika Khanna CPA,CA

FEBRUARY 23, 2024

When slips are submitted electronically, they become available as part of CRA auto fill function where taxpayers can automatically download their tax information once they have signed up for CRA my account. T4 filings are a necessary evil, but a good accounting software can make this process fairly painless.

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quickbooks payroll accounting and finance Start-ups 76

Steve Feinberg

JANUARY 30, 2023

All of the industry experience necessary to run a functioning HVAC company leaves little time to learn the minutiae of business accounting, bookkeeping, taxes, and payroll—unfortunately, these things are exactly what can keep even the best businesses from turning a profit. See related: Small business tax services.

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Ronika Khanna CPA,CA

FEBRUARY 9, 2024

While there are numerous payroll software that handle the filing of the T4 and RL1 slips , the RL1 summary is usually left to the employer (and/or their accountants) to file. However, most accounting software, will only produce a non official summary report that then has to be transcribed onto the actual form which can then be mailed.

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payroll income tax Manufacturing accounting and finance 98

Ronika Khanna CPA,CA

JULY 23, 2021

Many small business and self employed owners take on the responsibility of doing their own accounting. You may do your own accounting from set up to preparing your own small business tax return OR you may have an accountant who simply takes care of your year end and tax reporting while you do the rest.

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quickbooks accounting software Account accountant 52

Snyder

MAY 31, 2022

Operating a business requires managing a lot of different tasks and expenses. From advertisements and purchasing additional supplies to covering business taxes, every expense has to be accounted for. An expense report is a record of expenses incurred by a business. What is an expense report? Additional apps.

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E-commerce accounting and finance audit accounting software 52

Snyder

JUNE 9, 2022

Note: The important thing is that the United States income tax rates are marginal , which just means that each tax rate applies to only one part of your income. . Income tax calculations are reflected in the business tax return. In the USA, the IRS or local tax agencies play the role of such authority.

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income tax tax return Tax E-commerce 52

Ronika Khanna CPA,CA

NOVEMBER 17, 2023

Additionally, CRA has become much more sophisticated in identifying those who are earning more income that they are reporting via lifestyle audits, site visits and review of social media accounts. Accounting and Tax Considerations for Gig Workers As discussed, there is an administrative burden to being a self employed gig worker.

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