Withum
FEBRUARY 6, 2023
Inter-company and Transfer Pricing Transactions ; distinguishing entries between related entities or groups for proper reporting on consolidated tax returns. Successful ERP Implementations Imagine the possibilities and potential of a modern accounting system as you work on compiling information to complete the Tax Organizer.
Ronika Khanna CPA,CA
MARCH 22, 2024
Table of Contents As an accountant I frequently receive panicked calls from business owners who have received ominous letters from the tax authorities requesting that overdue tax returns be immediately filed. Others receive notices of assessments for estimated taxes payable if they have an overdue tax return.
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Ronika Khanna CPA,CA
FEBRUARY 23, 2023
Tax Administration: Sole proprietorships and unincorporated businesses are required to include their business income and expenses in their personal tax returns by filling out the T-2125. This form can be found in most online tax filing software including Ufile and TurboTax.
Ronika Khanna CPA,CA
SEPTEMBER 22, 2023
Not reporting earnings from a business venture on your tax return Anyone who earns income, whether you are a freelancer or selling vintage clothing on Instagram or a course/template/digital download on your website is required to declare their net business income on Schedule 2125 of their tax return.
Ronika Khanna CPA,CA
FEBRUARY 10, 2023
If you are an unincorporated business owner you are required to report the revenues/sales generated from your business activities and are entitled to claim business related expenses against the income. What type of businesses are required to prepare a T2125? What type of accounting system should you use?
Snyder
DECEMBER 28, 2022
If you’re a small business owner, however, your chances are a bit higher – about 2.5 percent of small businesses are getting tax audited. What’s interesting is that the less income you have, the higher the chance of a tax audit. What does a tax audit mean? IRS tax audit process. Let’s have a look!
Ronika Khanna CPA,CA
OCTOBER 5, 2023
Banking Having a separate bank account and credit card for your business can be invaluable when trying to figure out your financial picture, particularly if you only do it once a year. It is also a great way to see your available funds and a quick way to calculate revenues and expenses in the absence of an accounting system.
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