Ronika Khanna CPA,CA

DECEMBER 28, 2023

As we approach the new year, it will be time soon to start working on everyone’s favourite activity i.e. getting your tax stuff in order :). Below are the deadlines that all small businesses need to know for 2024. Download our free Canada unincorporated business tax deadline calendar for 2024 (both Federal and Quebec).

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business tax Tax income tax tax return 52

Ronika Khanna CPA,CA

DECEMBER 2, 2022

If you do decide to pay yourself dividends, it is important to ensure that you prepare the proper documentation for Revenue Canada (CRA) and if you live in Quebec, Revenue Quebec (MRQ) since this must be reported as investment income on your personal tax return in the calendar year in which the dividends are paid. available at Amazon.

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xendoo

DECEMBER 3, 2021

Once January arrives, your accountant will request certain forms in order to close your books and file your small business taxes. Form W-2 is used by business owners to report salary information for their employees, as well as the taxes that are withheld from their paychecks. CPAs provide the Schedule K-1. Form 1009-K.

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Ronika Khanna CPA,CA

AUGUST 29, 2024

One of these obligations requires that you calculate and pay the full amount of your income taxes when you file your income tax return, rather than having your employer remit deductions from your paycheck directly. Digital Download What is an Instalment Payment? Check out my post for specific 2024 business tax due dates.

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income tax Tax tax return business tax 76

Ronika Khanna CPA,CA

MAY 5, 2024

When using accounting software such as Quickbooks Online , the majority of transactions relate to invoicing customers, supplier bills and categorizing expenses that have been downloaded, are relatively straightforward. However, there are transactions that require somewhat special treatment and are usually entered via a journal entry.

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income tax Account accountant accounted 91

Ronika Khanna CPA,CA

SEPTEMBER 22, 2023

This is especially true with respect to the more technical aspects of business such as accounting and tax. Digital Download Available at Amazon 1. While you may not see yourself as a business owner, the tax authorities do and they, unfortunately, have the final say on this.

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Ronika Khanna CPA,CA

OCTOBER 5, 2023

Ensuring that you keep on top of your finances and tax obligations is among the most important of these tasks for which it is essential to have a system in place so that you can maximize tax deductions, minimize taxes payable and reduce amounts that you have to pay to CRA and RQ.

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CPA Practice

JULY 5, 2024

The Internal Revenue Service is providing a tax relief extension for individuals and businesses in Oklahoma that were affected by severe storms, straight-line winds, tornadoes, and flooding that began on May 19, 2024. 1, 2024, to file various federal individual and business tax returns and make tax payments.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Of course if your cat picture website starts to become popular and you decide that you want to actively build this business by advertising on the site or partnering up with cat product resellers, your non commercial hobby could then be considered a business. Corporations are required to file a separate corporate tax return.

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ThomsonReuters

OCTOBER 6, 2023

leaving preparers to wait on key information late into tax season. Portals have many of the same challenges as paper organizers, plus clients must download and print out documents, scan them, and upload them to the portal. TaxCaddy makes it easy to securely deliver the clients’ tax returns in PDF format for final approval and storage.

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tax preparation Tax tax return Technology 64

Ronika Khanna CPA,CA

MAY 26, 2023

While submitting your tax return is accompanied by a significant sense of relief, one cannot completely relax until you receive the notice of assessment from Revenue Canada (and Revenue Quebec for those of you lucky enough to file two tax returns).

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Ronika Khanna CPA,CA

FEBRUARY 10, 2023

This in turn reduces stress as tax deadlines approach and can result in significant potential tax savings as you keep track of all your tax deductions and avoid interest and penalties. See also 2023 tax deadlines pertaining to the 2022 taxation year Digital Download Available at Amazon What is a t2125?

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Ronika Khanna CPA,CA

APRIL 13, 2023

Below are some of the main provisions that impact small business owners: Digital Download Amazon Ebook and Print General Rules for Deductibility of Car Expenses If you purchase your car, the maximum cost eligible for deduction is $36,000 + sales taxes (starting on January 1, 2023.

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Ronika Khanna CPA,CA

OCTOBER 13, 2023

Digital Download Available at Amazon What is CPP/QPP? If you are using tax software to complete your personal tax return, it will be automatically calculated and included in the balance owing on the tax return. Looking to better understand your small business/self employed taxes?

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tax return payroll Tax Start-ups 52

Snyder

NOVEMBER 10, 2022

Online tax preparation + IRS forms. Dealing with deadlines for important business taxes. What is tax software? Tax software is a program built specifically to help individuals and businesses with taxation. What factors should be considered when selecting tax software? Do you need tax software?

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tax preparation Tax tax return accounting software 52

Ronika Khanna CPA,CA

SEPTEMBER 15, 2023

In other words, any business purchases that has a useful life that extends beyond one year, will usually qualify as a fixed asset. Below I discuss the accounting and tax treatment of fixed assets. In this case it is important to keep track of the tax amounts as this will need to be used in tax returns.

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Ronika Khanna CPA,CA

FEBRUARY 9, 2024

File it using the fillable form available and can be downloaded at the Revenue Quebec website. This lists the DAS paid for the first 9 months (or 3 quarters) while the last 3 months (or quarter) has to be entered manually. Once completed this has to be signed and mailed.

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payroll income tax Manufacturing accounting and finance 98

inDinero Tax Tips

NOVEMBER 16, 2021

At the federal level, there are three benefits of tax equity in solar: The solar investment tax credit (ITC) – Currently standing at 26%, the solar investment tax credit provides a draw against your federal income tax liabilities equal to a portion of the solar panel’s purchase price. There’s also a bit of a caveat.

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inDinero Tax Tips

NOVEMBER 16, 2021

At the federal level, there are three benefits of tax equity in solar: The solar investment tax credit (ITC) – Currently standing at 26%, the solar investment tax credit provides a draw against your federal income tax liabilities equal to a portion of the solar panel’s purchase price. Tax Equity in Solar and Your CFO.

Tax 52

Tax accounting and finance business tax tax preparation 52

Ronika Khanna CPA,CA

JUNE 30, 2023

These amounts are reported as employment income on your personal tax return. The amount is then reported as dividend income on your tax return. Are salaries tax deductible in the corporation? Even though dividends are not deductible as an expense, CRA compensates for this by allowing for a dividend tax credit.

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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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corporation tax payroll Tax Sales 57

Ronika Khanna CPA,CA

JULY 23, 2021

Many small business and self employed owners take on the responsibility of doing their own accounting. You may do your own accounting from set up to preparing your own small business tax return OR you may have an accountant who simply takes care of your year end and tax reporting while you do the rest.

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Ronika Khanna CPA,CA

JULY 7, 2023

Digital Download Buy it at Amazon What is Capital Cost Allowance (CCA) and how does it relate to depreciation? Consequently, when you sell it, there is “ recapture” of CCA which means that you have to pay tax on the difference between the sale price of the asset and the undepreciated capital cost.

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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. What is a business tax enquiry / hmrc corporate enquiry ?

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ThomsonReuters

JANUARY 18, 2024

Preparing tax returns. In order to keep their certification current for representation in front of government entities and tax return preparation, CPAs must also keep up to date with yearly continuing education requirements. Recording disbursements and payments. Ensuring that systems are up to date.

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Account accountant accounted tax preparation 59

Ronika Khanna CPA,CA

OCTOBER 15, 2021

The primary types of businesses that are being targeted are digital platforms eg Netflix and the numerous other online businesses who sell both products and services to Quebeckers but are not located in Quebec. Digital Download. The payment instructions are provided in the acknowledgement receipt when you file your tax return.

Tax 52

Tax accounting and finance Sales tax return 52

xendoo

JULY 6, 2022

Instead of using a scanner, you download the app on your phone and use your camera to take a photo of the receipt. Why do businesses need receipt apps? The IRS recommends that you keep certain financial records for at least three years after filing a tax return. You can scan receipts when you download the QuickBooks app.

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quickbooks bookkeeping Expense Management accounting and finance 64

KROST

APRIL 19, 2021

Business Tax Identification Number. Step 1: Begin with gross receipts as reported on the eligible entity’s 2019 Federal tax return. Step 1: Calculate your annualized 2019 gross receipts: Step 1(a): Begin with gross receipts as reported on the eligible entity’s 2019 Federal tax return. Valid ITIN.

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tax return Sales Non-Profits Tax 52

Nancy McClelland, LLC

APRIL 5, 2024

Not only did we end up using these reports for our own tax clients, but we also sent them over to our colleagues who prepare the tax returns for certain bookkeeping clients of ours, to help them out. (Honestly, I randomly stumbled on it when I went into my own Gusto account to run weekly payroll.)

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tax preparation Tax bookkeeping payroll 52

Ronika Khanna CPA,CA

SEPTEMBER 28, 2021

In Quebec, the process of registering a business, depending on your circumstances, is actually fairly straightforward. In this article we look at the questions that you need answer to determine your business registration obligations in Quebec and how to go about doing it. Digital Download. Amazon Ebook and Print.

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inDinero Tax Tips

MARCH 13, 2023

The IRS classifies that $20,000 as income, and the LLC partners will need to pay income taxes on it as soon as possible. The IRS also expects a tax return from the now-dissolved LLC. months from the dissolution date to file what’s known as a short tax year return. The LLC partners have 3.5

income tax 52

income tax Non-Profits payroll tax Tax 52

inDinero Tax Tips

MARCH 13, 2023

The IRS classifies that $20,000 as income, and the LLC partners will need to pay income taxes on it as soon as possible. The IRS also expects a tax return from the now-dissolved LLC. months from the dissolution date to file what’s known as a short tax year return. The LLC partners have 3.5

income tax 52

income tax Non-Profits payroll tax Tax 52

Ryan Lazanis

APRIL 4, 2022

This will ensure that you only admit the right small businesses into your accounting firm. 4) If you provide tax preparation services, they’re a great way to avoid a crazy tax season. As an example, you can see here that “small business tax deductions” is searched 1,900 times per month (ie. keyword) each month.

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CPA Practice

JUNE 29, 2023

Now, I don’t know whether they will explicitly say, Thou shalt download the entire thing. And so, you know, I start watching the dollars on a trial balance for a business tax return. How many tax returns? Well, with automation, the change, the calculus has changed somewhat on that. How many reviews?

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inDinero Accounting

JANUARY 9, 2023

It’s Time to Get Serious About Your Taxes Our Entrepreneur’s Business Tax Pack eBook will tell you all you need to know about making the most of your tax filings at your startup. Looking to Grow? Get it Now Your accountant can help advise you on what types of insurance are standard in your industry.

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inDinero Accounting

JANUARY 9, 2023

Download Now. For instance, a small business might manage their financial data with a simple accounting software like QuickBooks and their staffing with a simple scheduling software like Homebase. It’s Time to Get Serious About Your Taxes. Looking to Grow? You’re Gonna Need Funds. Get it Now. Comptroller vs. CFO.

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DMCL

APRIL 11, 2022

The tax credit rates are 60% for eligible capture equipment used in a direct air capture project, 50% for all other eligible capture equipment and 37.5% for eligible transportation storage and use equipment with lower tax credit rates applicable from 2031 to 2040. Introduction of the Critical Mineral Exploration Tax Credit (CMETC).

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