Tax Tuesday: Free Software to File Your Taxes!

If you have a relatively uncomplicated tax situation (i.e. just have T4s, or a simple self-employed business) you may be able to use CRA Netfile-certified software for FREE! Pros Free! Also, most software programs will guide you through the common tax forms to make sure you don’t miss any important info. Cons May not be able to carry-forward information from previous years. Free versions may be restricted to lower-incomes or simple tax filers. We always recommend working with a pro to maximize your tax benefits, but free software can be a great way to educate yourself about the tax system and help get organized to work with your tax pro. Want more info? Check out the list of free, Netfile-ready programs from the CRA Website....

Tax Tuesday: 5 Common Tax Mistakes to Avoid

A tax error can be costly (in more ways than one)!  It can lead to penalty fees and interest fees from the government, as well as additional accounting costs in the event of an audit. Canada Revenue Agency has released a list of the 5 most commonly reported errors on tax returns; check out the full list HERE....

Tax Tuesday: 10 things you are doing to attract a CRA audit

No one likes to be the focus of an audit.  Many small business owners and self-employed persons feel they are not prepared or knowledgeable enough to go through an audit without the assistance of a tax professional. Here’s a list of 10 ways you may be attracting the attention of a CRA auditor when filing your taxes. Our advice for tax season: Get organized and get help from the pros!...

Tax Tuesday: Get Organized!

Here’s your Tuesday Tax Tip! GET ORGANIZED! That shoebox of receipts can seem overwhelming, we know! Before diving into that Pandora’s Receipt Box, make sure you have the necessary tools to make the sorting and organizing process a breeze! Our faves: Accordion File Folder (13 pocket) Labels for the File Folder Your Calendar- digital or print version (we use this as a reference point later on to check for “missed” or “mystery” expenses receipt) Pen (Non-smudging kind) Now, it’s on to the digital tools you may want to use! I like to create a separate folder on my computer, i.e. 2014 Tax Prep, to help organize all the info. If you use Dropbox or another sharing program, this makes it super easy for team members/staff to add to, or for your accountant to access if they need additional information. Bank Statements- download or print all bank statements (including paypal, moneybookers, etc) Invoices- have digital or print copies ready (We’ll get into Income during week 3 so have these handy!) Credit Card Bills- digital or paper copies If you’re also going to enter your receipts into a program like Excel (which we recommend to help reduce your accountant’s time AND your accountant’s bill!), go ahead and get that set up. We suggest the following columns: Date Store Name Description Category (We’ll get into that next week!) Price before taxes (Subtotal) PST, if applicable GST/HST Total So, that’s step 1! Grab a glass of wine, put on some tunes, and get ORGANIZED- next week we’re diving into common expense categories for the Self-Employed and Small Business owner!...

Powered by WordPress | © The Corporate Canuck