Remove accounting terms Remove audit Remove business tax
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What Is the Hobby Loss Rule & How Can It Impact Your Business?

MazumaBusinessAccounting

Keep extensive files showing where you spent your money and how it was imperative to your business. If you try to claim your hobby as a business then it could trigger an IRS audit. Only claim deductions if you are actually running a business. If you need help with your business taxes or finances, reach out to our team.

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What Is Payroll Tax? A Breakdown for Business Owners

inDinero Tax Tips

Table of Contents What Are the Types of Payroll Taxes? How Much Is Payroll Tax? How to Do Payroll Yourself Benefits of Outsourcing Payroll Conclusion Want to familiarize yourself with essential accounting terms and concepts for business owners? Download our accounting alphabet for entrepreneurs.

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What Is Payroll Tax? A Breakdown for Business Owners

inDinero Tax Tips

Table of Contents What Are the Types of Payroll Taxes? How Much Is Payroll Tax? How to Do Payroll Yourself Benefits of Outsourcing Payroll Conclusion Want to familiarize yourself with essential accounting terms and concepts for business owners? Download our accounting alphabet for entrepreneurs.

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What is Capital Cost Allowance and How Does it Impact Your Business

Ronika Khanna CPA,CA

The accounting term for the same concept is depreciation (or amortization). The difference between accounting and tax is that while there are many depreciation methods that can be used for accounting purposes, the calculation for CCA in Canada is generally based on what is referred to as the “declining balance method” (see below).