I say that because everything on this list I learned the hard way during my first year in business.
Not every lesson came hard, mind you; I ran my own bookkeeping business after all, so I came equipped with a lot of the tax know-how.
Nonetheless, when you’re running a business, you’re hard at work everyday.
Often times, we only learn when we encounter a situation that makes us realize we don’t know the thing we need to know.
This list is...
The vehicle can be one of your best write offs in your business. It can also be your worst.
What makes it one way or the other? Well, first it is the option which you choose to write it off. The age of the vehicle makes a difference. Where you travel make a difference.
Everyone's situation is unique.
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Every entrepreneur has their own reasons for going into business.
Some for personal wealth, others to provide the best they can for their families.
Some do it to pursue their passions or fulfill a dream, others to leave a legacy.
Regardless of the whys of the entrepreneurial spirit, there are tried and true methods to attaining that success – as well as all-too-common missteps.
Especially this one.
I owned a professional accounting firm for just over 10...
In the course of our hectic lives, we rarely have time to register this one question as we interact with countless people performing a job or service for us: how qualified are they?
We assume the cook at the restaurant washed his hands properly, the taxi driver knows where he’s going, that our to-go order is perfect as we grab the bag.
We need to put some things at the back of our minds, even when those little concerns cross our minds, because if we thought about them nonstop,...
The Income Tax Act is A HUGE act.
At its core, it stipulates that what you claim on your business taxes must be reasonable.
Also, that you are responsible for being honest with your submissions, and that by claiming deductions, you not only understand why they are reasonable, but can prove them to be so through supporting documentation and receipts.
Disclaimer: this article pertains to business tax returns. For personal tax, software programs tend to be okay- because there...
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