This is the final module in the Canadian Small Business Course.
In this module we analyze some of the most frequently asked questions related to areas such as vehicle expenses and home office expenses. Also reviewed are a host of other common small business expense.
Record keeping and tips to maintaining proper records are also reviewed with an emphasis on keeping CRA tax auditors of your back.
Basic guide for contractors and freelancerssajahmed99
Limited company basic principles, important dates, allowable and dis-allowable business expenses for small limited companies, IR35, PAYE, Registering as an employer, what expenses I can put through the company? What expenses I can claim being a director? Should I have a company car or my personal car? What can I claim VAT on if the company is VAT registered? What can I not claim in relation to VAT? Dividends explained
When a business owner decides to sell the company, there are different scenarios to consider ensuring the sale benefits the seller as much as possible. It’s imperative that the owner should understand the tax implications and how they relate to the company’s corporate structure. When starting a business or changing your business structure, one of the most common options business owners evaluate is whether to form an S corporation or C corporation. These are the two most common ways to incorporate, and the choice really depends on your business goals.
Basic guide for contractors and freelancerssajahmed99
Limited company basic principles, important dates, allowable and dis-allowable business expenses for small limited companies, IR35, PAYE, Registering as an employer, what expenses I can put through the company? What expenses I can claim being a director? Should I have a company car or my personal car? What can I claim VAT on if the company is VAT registered? What can I not claim in relation to VAT? Dividends explained
When a business owner decides to sell the company, there are different scenarios to consider ensuring the sale benefits the seller as much as possible. It’s imperative that the owner should understand the tax implications and how they relate to the company’s corporate structure. When starting a business or changing your business structure, one of the most common options business owners evaluate is whether to form an S corporation or C corporation. These are the two most common ways to incorporate, and the choice really depends on your business goals.
Payroll Service provider is very important for small businesses today. The services provided by this service provider, generally ranges from processing of payroll works to managing the custody of the payroll of an employer.
Fringe Benefit Tax is a tax paid by employer on fringe benefits provided to employee. The cash benefits are taxed through income tax but non-cash benefits don’t. FBT taxes non-cash benefits, thus keeping things fair. Copy the link given below and paste it in new browser window to get more information on FBT (Fringe Benefit Tax):- www.transtutors.com/homework-help/accounting/fringe-benefit-tax.aspx
On-demand drivers for ridesharing companies, such as
Uber or Lyft, are not employees and are instead considered
independent contractors for tax purposes. Being an
independent contractor means you are self-employed.
The Be-All, End-All List of Small Business Tax DeductionsWagepoint
Read the full article with even more details at https://blog.wagepoint.com/h/i/289427271-the-comprehensive-list-of-small-business-tax-deductions/185037
Payroll Service provider is very important for small businesses today. The services provided by this service provider, generally ranges from processing of payroll works to managing the custody of the payroll of an employer.
Fringe Benefit Tax is a tax paid by employer on fringe benefits provided to employee. The cash benefits are taxed through income tax but non-cash benefits don’t. FBT taxes non-cash benefits, thus keeping things fair. Copy the link given below and paste it in new browser window to get more information on FBT (Fringe Benefit Tax):- www.transtutors.com/homework-help/accounting/fringe-benefit-tax.aspx
On-demand drivers for ridesharing companies, such as
Uber or Lyft, are not employees and are instead considered
independent contractors for tax purposes. Being an
independent contractor means you are self-employed.
The Be-All, End-All List of Small Business Tax DeductionsWagepoint
Read the full article with even more details at https://blog.wagepoint.com/h/i/289427271-the-comprehensive-list-of-small-business-tax-deductions/185037
Speeding Through 2020 Auto Webinar Series - Year-End ReviewCitrin Cooperman
As 2020 nears completion, we discuss what automotive dealerships need to record and what files need to be kept in order to ensure that 2020 is closed properly and that the new year starts off right.
Taxpayers who pay work-related expenses out of their own pocket may be able to deduct them. Generally, employee business expenses are deductible if they are more than two percent of adjusted gross income. In most cases, they go on IRS Schedule A, Itemized Deductions.
Tax Return Preparation: A Guide for Individuals, CPA & Small BusinessCogneesol
A Quick Guide for Individuals, CPA and Small businesses that covers a huge information about Tax, Tax Forms & their Significance, Software used to prepare Tax, Tax Troubles/ Issues & the Simple way out for the Best Tax Preparation for the Upcoming Year.
No matter what field you are in, taxes may not make your business but they can certainly break your business if not handled properly. Get the latest tax tips from Felix Cheng, CPA for managing your small business.
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
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A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
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Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
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A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
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3. FREQUENTLY ASKED QUESTIONS Automobile Expenses Should I buy or lease a vehicle in the company name or personally? Should I buy or lease the vehicle? What’s better for tax purposes? How should I pay my vehicle expenses? Do I have to keep a kilometer log?
4. FREQUENTLY ASKED QUESTIONS Home Office Expenses Am I allowed to write off any home office expenses? If so, what expenses are deductible and how much? How do I keep track of the expenses?
5. FREQUENTLY ASKED QUESTIONS Travel Expenses Can I write off any of my trips? What about meals and entertaining clients? Can I do anything with those?
6. AUTO EXPENSES Deductibility and how to deduct will depend on a number of factors Proprietorship, partnership or corporation Who owns the vehicle – company or personal Lease or purchased
7. Who owns the vehicle? Lease or purchased Type of business organization
8. AUTO – PROPRIETORSHIP Gas and oil Repairs and maintenance Insurance Lease costs or depreciation License fees Business use: You can only write off the proportion of expenses used for business purposes
9. CORPORATE AUTO Question Should I buy personally or under the corporation name? What kind of vehicle is it? What is the business-use vs. personal use?
10. CORP AUTO - OPTIONS Rules of Thumb Substantial personal element? Personal and Charge corporation Purely business use? Company name and write off all expenses
11. CORP AUTO – CAUTION! Potential Pitfall Company asset, but substantial personal use? You will be charged a taxable benefit for using a corporation asset for personal use Composed of the standby charge and operating cost benefit
12. CORPORATE OWNED Different rules and be aware of adverse tax consequences Only beneficial for primary business use vehicles Capitalized – company assets (put on books) and depreciate Taxable benefit– used for personal use Standby charge Operating cost benefit
13. STANDBY CHARGE OWND BY THE CORPORATION 2% x cost of automobile x # of months available to the employee in the year LEASED BY THE CORPORATION 2/3 x monthly lease costs (excluding insurance) x # of months available to the employee in the year.
14. STANDBY CHARGE REDUCTION Can reduce the benefit if: the business use of the automobile is more than 50% the total personal use kilometers is less than 20,004 kms per year (1,667 km per month) Less: and reimbursements by the employee to the employer (i.e. or the owner-manager back to the company)
15. KILOMETRE LOG To avoid problems on audit, an accurate kilometre log should be maintained Know what is business and what is personal What if I don’t keep a log? There will be more scrutiny by the CRA auditor and it will be challenged
16. KEEPING RECORDS Maintain a kilometre log Keep all gas receipts, repair bills, insurance policies Have some proof of payment (credit card statement) Company policy – use one credit card for all your business expenses, including vehicle Reasonability and make sense
17. BUY VS. LEASE Should I buy or lease my car – What is better for me tax-wise? Tax implications – there is not a significant difference (either write off lease payments or take CCA on the vehicle) If charging company based on prescribed rates then it won’t matter
18. HOME OFFICE EXPENSES Can only deduct (as a proprietorship) if: Predominant place where you meet clients Primary place where you operate your business Determine expenses, then multiply by % of total square feet used for business For proprietor, cannot use home office expenses to create or increase a loss – carryforward unused
19. HOME OFFICE - CORPORATION Step 1: Determine the monthly amount that will cover the business proportion Step 2: As part of your expense reports, reimburse yourself for these expenses Step 3: At the end of the year, declare the rental income with the proportionate expense on your tax return
20. OTHER EXPENSES Travel Expense – be aware of the personal element and do some due diligence in writing-off Meals & Entertainment – Keep receipts, write down who you entertained, again due diligence on any personal component Clothing & Grooming – non-deductible in all cases unless specific to the job and not personal in nature
21. PERSONAL EXPENSES PROPRIETORSHIP Auditor will disallow the expense Interest will be charged on any tax assessed on the non-deductible expenses
22. PERSONAL EXPENSES CORPORATIONS Rules are more harsh Corporation will not be allowed deduction with the related interest charged Shareholder benefit will be assessed under 15(2) for using corporate assets for personal use – taxable personal benefit
23. Canadian Small Business Course www.sbclearnbusiness.com Visit us online and take the Canadian Small Business Course for the in-depth video tutorials related to this presentation
24. Canadian Small Business Course www.sbclearnbusiness.com Or take individual modules such as this presentation: Module 1: Forms of business organization Module 2: Starting a business step-by-step Module 3: Compensation strategies Module 4: Tax planning and strategies Module 5: Expenses and deductions