CTP

MAY 12, 2023

New business owners may be excited to learn that the IRS also allows them to deduct their annual business mileage as a business expense. However, they may be less prepared for the task of keeping accurate records of their business trips and educating themselves on the precise rules around what counts as business mileage.

Tax 98

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ThomsonReuters

MARCH 1, 2024

How a corporate tax software can help filing S corporation taxes Setting up your business as an S corporation (S corp) provides several tax advantages that are not available to owners of C corporations (C corp) or Limited Liability Companies (LLCs). Jump to: How are S corporations taxed? How can S corporations reduce their taxes?

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Ronika Khanna CPA,CA

NOVEMBER 17, 2023

Upwork or Fiverr Short term accommodations e.g. Airbnb Task based platforms e.g. taskrabbit or pet sitting services E-commere selling e.g. ebay, Amazon and affiliate programs Writing/Blogging which generates revenue either by selling articles to publications or via ads on their website Virtual assistants, online surveys, tutoring etc.

Tax 52

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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? If not, CRA will often assess you for this amount.

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LyfeAccounting

OCTOBER 21, 2020

So I’d say, learn how to use small business tax deductions to lower your liability. Another month… Another week… And another day… So today we’re going to look at how you can start reducing taxes by taking advantage of small business tax deductions. An ordinary expense is one that is common and accepted business.

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LyfeAccounting

NOVEMBER 9, 2020

LLCs are by far the most popular entity type amongst small businesses. How does it protect your business? The answers to these questions may influence the entity structure that you choose for your business, and how much money you end up paying the IRS. First of all, your business is taxed on all income. LLC Tax Loopholes.

Tax 52

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Ryan Lazanis

APRIL 4, 2022

Do you want to know how to start a bookkeeping business or accounting firm in 2022? In fact, these are the very steps that I followed to help take my heavily bookkeeping-focused accounting business from scratch to sale in only 5 years. In this guide, you’ll learn: How to set up a strategic business plan. Table of Contents.

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