Accounting Insight

FEBRUARY 1, 2024

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. This calls for increased resources being required at the business’ end (i.e. more people and time resources and so costs too).

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inDinero Tax Tips

MARCH 3, 2021

Extension tax deadline for partnerships ( Form 1065 ). S Corporation Tax Deadlines. Original tax deadline for S Corporations ( Form 1120-S ). Extension tax deadline for S Corporations ( Form 1120-S ). C Corporation Tax Deadlines. Original tax deadline for C Corporations ( Form 1120 ).

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LyfeAccounting

NOVEMBER 4, 2020

C-corporations are required to pay corporate tax on the profits of the business. Currently, the corporate tax rate is 21%. Shareholders only pay tax if they receive dividends from the corporation which would be calculated on their individual tax return. Not to be confused with 1120S.

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LyfeAccounting

MAY 18, 2021

More importantly, for you as the business owner, it would be nearly impossible to know where your business stands financially without segmenting your business and personal finances. You can open a business account at any major banking institution. Tax Mistake #2: Not paying quarterly estimated tax.

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LyfeAccounting

JANUARY 30, 2021

Now the biggest tax date we’re likely going to see in 2021 is April 15th because several things are due. Firstly, after you file your partnership, LLC, or S-Corporation tax returns then April 15, 2021 is coming up for you to file your personal tax returns. April 15, 2021. Contact us today!

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LyfeAccounting

NOVEMBER 9, 2020

If your tax rate is 25%, then you would only pay $25,000.00 in taxes as a LLC. However, on the other hand, let’s say you’re a C Corporation. If you made $100,000 as a C Corporation, your business would be taxed on that income first. If the corporate tax rate is 20%, then you would pay $20,000 in taxes.

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LyfeAccounting

MAY 12, 2021

This income already includes the dividends and money you took out of the business. Then it’s taxed again on your personal return for any amount you took out of the business as a dividend, or in other words, a distribution. The current corporate tax rate is 21%, and the Federal deadline to file and pay is April 15th on Form 1120.

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LyfeAccounting

APRIL 22, 2021

In 2019, Amazon broke its streak of paying $0 Federal taxes and actually owed money to the federal government. But don’t feel too bad for them as the rate came out to an approximate tax rate of 1.2% – far below the 21% corporate tax rate. Myth #2: Small businesses can’t write off taxes like Amazon does.

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Wellers Accounting

JUNE 21, 2023

Tom Walker answers the question, what is a director's loan account, explaining how they work, and the potential tax issues and risks involved.

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Ronika Khanna CPA,CA

APRIL 26, 2024

Business tax instalment payments (including GST-QST instalments ) This means that instead of entering the data on the forms that are available via my business account at CRA and RQ and then going to your bank to make payment, either online or via mail, it can all be done at one time through one form that serves as both tax filing and payment.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

Webforms can also be accessed by going to your CRA business account how to complete the T5 Dividend Declaration Note: The example and calculator below assumes that you are paying income taxes at the small business tax rate i.e. your net profits for tax purposes are less than $500,000.

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Ronika Khanna CPA,CA

AUGUST 13, 2024

At its core, an accounting system is a method of organizing your financial data. There are various types of accounting systems out there, ranging from complex enterprise solutions to simple small business accounting software like QuickBooks. The key is to have some system in place to manage your finances effectively.

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Accounting Insight

MARCH 3, 2023

And governments around the world – 136, to date – have also already agreed to adopt the 15% minimum corporate tax. These are all seismic changes that will bring a need for new reporting capabilities, a new set of corporate tax penalties to navigate, and a new standard for auditing.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Ongoing subscriptions like dropbox, google, Quickbooks, etc (assuming they are used for business) and business publications If you belong to a professional or industry organization, these would be deductible as long as they directly relate to your business. Corporations are required to file a separate corporate tax return.

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Ronika Khanna CPA,CA

MAY 26, 2023

Notice of assessment for Corporate Tax Returns: The amount you need to pay or refund due The types of tax payable by line item Instalments paid Interest payable on overdue instalments and year end tax payments An explanation of any changes on the NOA from the tax return filed The identification number which ends in RC000?

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Ronika Khanna CPA,CA

JUNE 25, 2021

Alternatively, a customer or client might only do business with a corporation. tax optimization If your business is doing well, you might want to leave money in the corporation or have some flexibility in how you pay yourself i.e. salary vs dividends so that you can better optimize your taxes through tax deferral opportunities.

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Ronika Khanna CPA,CA

JANUARY 13, 2023

For those of you who are starting a new business, it is essential to know your tax obligations. Every business owner must report their net profits on a either their personal tax return if they are unincorporated or a corporation tax return if they are incorporated. How do you file your GST/HST returns?

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LyfeAccounting

OCTOBER 29, 2020

Now in my opinion, business deductions are great because they help support the economy and reward business owners who take on all the risk. Corporate Tax Rates. Currently, under President Trump, the corporate tax rates which will be referred to as C corporations are taxed at a flat rate of 21%.

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