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Make Your Taxes Easier with this Detailed Checklist

Ronika Khanna CPA,CA

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

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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. . They are reported on the Schedule K-1, and noted as income on the Schedule E.

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Frequently Asked Questions About GST/HST By Business Owners

Ronika Khanna CPA,CA

For those of you who are starting a new business, it is essential to know your tax obligations. Every business owner must report their net profits on a either their personal tax return if they are unincorporated or a corporation tax return if they are incorporated.

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

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Sole proprietorships are considered pass-through entities , meaning the IRS views your business, personal assets, and liabilities as one in the same. Because of this, you are only required to file a personal tax return. Income and expenses related to your business are accounted for on your individual Form 1040, Schedule C.

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The Top 5 Benefits of Catch Up Bookkeeping

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Catch up bookkeeping determines your bottom line, so you can understand and increase the profitability of your business, meet loan requirements, and secure funding for your next venture! . Click here to learn more about Net Income. . Tax Compliance. 25% of business owners are behind on their books.