If you had a great business year, you’ll be expected to show it in your taxes. But how do you ensure that your business successfully files your taxes? There are a number of things you need to focus on doing before it comes time for tax season again. Make it your goal to do the following things before the next tax season…or at least take them into consideration.
- You need to lessen on the number of errors that you make in your transactions with your clients and even your workers. Make sure that you don’t make errors in your calculations, nor in your recordings, etc.
- Be careful not to miss out on the tax deductions that are made available to your business. You can get a bigger refund if you pay attention to such opportunities.
- Always stay updated with your financial calendar. Ensure that you focus on things like payrolls, income tax installments, etc.
- Make use of whatever free tax seminars are offered for small businesses and for individuals as well.
- Be very conscious of the changes or updates in tax laws. You can monitor the CRA’s website or you can look out for the announcements that the government offers.
- Take advantage of the deductions available on furniture for the upgrades on your office upholstery.
- Never make assumptions that each and every item you buy is tax deductible.
- There are a lot of scams which may be used to take advantage of you, so you need to be very careful not to get tricked by such perpetrators.
- You need to think about donating to charity, because it is quite a good option for receiving tax deductions.
- Learn about the bonuses which can affect your tax liability.
- Try to become much more attentive to your taxes so that you can avoid getting audited.
- Know that you can receive deductions on your furniture.
- You should know that you can get a tax deduction from your health insurance.
- Focus on and set the date for your tax deadlines.
- ALWAYS pay your taxes – each and every one of them, so that you don’t get into any issues with the CRA.
If you are looking for bookkeeping or accounting services in Ottawa, then you have come to the right place. We can help with book keeping, tax preparation as well as professional & local Ottawa payroll services. Additionally, we offer business advisory services as well as CFO/Controller services. Priti Lad Professional Corporation assists individuals who need a little or a lot of help in organizing and recording their financial affairs. Whether your time is limited, you find bookkeeping an absolute bore or you want to spend more time growing your business instead of working in the business, we can help.