20 Essential Tax Facts for Small Business Owners

Posted by ronika under Taxes
From http://www.montrealfinancial.ca 5004 days ago
Made Hot by: BusinessBloggerPro on March 16, 2011 1:43 pm

As the income tax filing deadline for the year approaches small business owners and their accountants are starting to feel the pressure. Receipts need to located, invoices entered, bank statements reconciled. Accountants’ offices are littered with shoeboxes and accordion folders while tax return checklists and missing info lists are being compiled and checked off. Google is starting to note an increase in tax related searches as business owners and accountants search for clarity on a variety of tax regulations, deductions and deadlines .

In an effort to assist business owners understand their obligations, gain a better understanding of the tax filing process and provide some structure to the chaos, I have prepared a list of some essential facts and resources that should help make the process a little more manageable:

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Comments

Written by saraib820
5004 days ago

Another great job Ronika.

You are one of the bloggers whom I really look forward to reading!

Rivkah

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Written by ronika
5004 days ago

That is a great compliment. Thank you, Rivkah.

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Written by yoni67
5004 days ago

Ronika,

Now that is one COMPREHENSIVE article!

Wow, the cartoon is eye-opening. I'm sure that at one time it was reality. Very draconian...which by-the-way is my new favorite word. I love the part about the beans too. Do you do any webinars? You have so much knowledge that you provide, I was wondering if you do live classes?

Yoni

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Written by ronika
5004 days ago

I love "draconian"! We may not go to the chopping block any more, but the government is still extremely powerful. I always advise my clients to deal with the government before any other creditors.

I do not provide webinars. I occasionally teach some CFA classes, but I'm more involved with setting up, organizing and monitoring systems for small businesses. That is an excellent suggestion, however, and something I will definitely contemplate for the future.

It's amazing how much knowledge I've acquired in the past two years, since becoming independent. It's one of the things I love most about being my own boss - I'm much more interested in learning.

Really appreciate your feedback, Yoni.

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