Do you own a corporation? Why does your corporation need a minute book? Proving your corporation is legitimate relies heavily on your Minute Book. Learn what a Minute Book is, and how it can help your corporation.
Has your company offered to pay for your vehicle expenses as a taxable benefit? If yes, it is time to reconsider your answer! Avoid paying taxes and deduct a portion of your car costs simply by using your personal car for businesses purposes.
E commerce has taken the business world by storm. It is evident that creating a website is an ingredient to building a successful business. Learn how building your small business website can reduce your taxes.
Are you an employer who is wondering if meal allowances are tax-deductible? Better yet, are you an employee who is required to travel for work? Is your meal allowance tax-free? Learn the benefits and regulations towards food and meal taxes while traveling. Take a bite out of this week’s Tax Tip.
Every small business owner should beware of the tax frauds that are preying on their business. Tax scams are the demise of many small businesses and can lead to criminal investigations on tax evasion, identity theft, and much more. Find out the 5 tax scams that every small business owner should know.
Are you an incorporated business owner? Have you wondered about paying yourself management fees or a salary? If the answer is yes, then this article is for you! I will discuss the pros and cons of management fees and salary.
When you have a new business venture it can be difficult generating cash and capital. Luckily for you, there are a few options. The first option is through a shareholder loan, these loans can be repaid to you tax-free. The second option is generating capital by issuing shares.
Are you wondering what are the tax benefits of a holding company? Setting up a holding company can provide you with some benefits. The first is that it provides creditor proof. The second benefit is that the holding company can be used for income splitting purposes thus reducing your overall tax liability.
There are many benefits that a corporation can gain from getting life insurance. It provides lump sum cash for the family members of the deceased. Another benefit is that it can also be used to protect profits from investments from tax.
While corporations have many benefits, there are also some drawbacks. Generally, losses incurred by your business can be offset by personal income. If you’re incorporated then these losses cannot offset.
If you have a business then it might be a good idea to consider incorporating into an corporation otherwise known as a limited liability corporation. There are a number of different benefits for corporations such as the low corporate tax rate and limited liability protection.
Are you looking for tax tips for sole proprietors? Sole proprietorships can utilize a number of different strategies to save money and reduce their tax obligations. These include taking advantage non-capital losses, paying wages to family members for income splitting, claiming relevant business expenses and incorporating your business.
Deciding on the right compensation strategy between salary and dividends can be quite tricky. There are advantages and disadvantages with each approach and this also varies depending on one’s situation. So the best strategy in order to save money involves a combination of both tailored to the individual’s situation.