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Grab the Documents

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If you have access to any bank, credit card, or investment accounts online, it’s advisable to go into the accounts and download all available statements and supporting documentation. Do it right away in case you lose access to that account later. Income tax returns. Bank account information.

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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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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. How do you file your GST/HST returns?

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

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Partnerships file their taxes using Form 1065, which determines that each partner is reporting their income correctly. They also report this information on their individual tax return (Form 1040), with a Schedule E attached. They are reported on the Schedule K-1, and noted as income on the Schedule E.

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Accounting Tips for Start up Freelancers

Cheap Accounting

Whatever the size or structure of your business dealing with your accounts and tax returns comes with the territory. Income tax is explained at [link]. Limited Company Taxes A limited company pays corporation tax on its profits. It can all seem daunting and overwhelming at first. Sounds complicated?

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

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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. While the Owner’s Draw is not subject to federal or state income tax, it is also not expense-able. Xendoo is Here for You.

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The Top 5 Benefits of Catch Up Bookkeeping

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Click here to learn more about Net Income. . Tax Compliance. As tax season draws closer, a concern that many business owners have is under or over reporting their earnings, and missing out on deductions. They may also experience a back and forth with their Tax CPA over missing documents and gaps in their financials.