In this article called, “How to Prepare Financial Statements”, I am going to walk you through, step by step, how to prepare financial statements for your business or corporation.
An excellent tax saving strategy for independent contractors is to learn of and apply all tax deductions that are available for reducing taxable income. This article indicates numerous deductible expenses that can result in substantial tax savings for self-employed individuals.
Many IT consultants and independent contractors are operating as sole-proprietors without considering the benefits of incorporation, according to an informal survey by Accountants for IT Consultants. Not only are they paying higher taxes, they are also exposing their personal assets to potential legal liabilities. This article will cover the key reasons why it is beneficial … Continue reading Reasons IT consultants and contractors should incorporate.
Whether to take a salary or dividend from the corporation is a complicated decision that a small business owner usually has to make. This article indicates advantages of both alternatives so you can decide which option is beneficial for you! Advantages of taking Salary Increase your RRSP contribution limit By taking a salary from your … Continue reading Is it better to take a Salary or Dividend?
As a U.S. tax accountant in Canada, I have come across many Canadian online businesses that sell to U.S. customers who completely ignore the IRS (Internal Revenue Service). The U.S. is a global hub for international business. The result? America has one of the world’s most complicated tax codes with hidden traps everywhere. As such, … Continue reading US tax issues for Canadian online businesses explained.
This short article will take you through the best legitimate methods to save business taxes in Canada.
Being self-employed can be great. You can have the opportunity to work from home, create your own success, acquire the rewards personally and most importantly, be your own boss. However, a common problem faced by independent contractors is the failure to stay on top of their finances.
This short article is called ‘Filing Back Tax Returns for US Citizens Living in Canada’ and it can help simplify the process of catching up with back taxes for Americans living in Canada. Before we start, I’ll tell you why it’s so important for you to become tax compliant with the IRS.
Watch this short interview with Allan Madan on small business deductions. Allan shares the best 5 tax deductions for small business owners with Mike, host of BNN, a leading Canadian business news agency.
This article is called “How Canadians Should Own US Real Estate” and going through it is bound to help if you are looking for information surrounding US real estate financing for Canadians. This post will take you through four different methods, or structures, that you can use to purchase rental properties in the US, so, … Continue reading How Canadians Should Own U.S. Real Estate
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