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What Is the Hobby Loss Rule & How Can It Impact Your Business?

MazumaBusinessAccounting

Having these records in place can help you make your case that your business is a legitimate business, and you deserve the benefits that come with it. If you need help with your business taxes or finances, reach out to our team. The post What Is the Hobby Loss Rule & How Can It Impact Your Business?

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Tax Forms Explained

MazumaBusinessAccounting

To make sure you are prepared for the future success of your small business, here are some of the important tax forms you will need to know about: 1120 Form: Form 1120 is used to report business taxes to the IRS. With these forms, you’ll report income, gains, losses, deductions, or credits associated with your business.

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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).