Bookkeeping Education
professional
bookkeeping education
Helping you understand how to deal with your bookkeeping for your self employed business.
Prepping for Taxes – Quiz Tips
If you are struggling a bit with the quiz, here are our tips for you!
When you are writing off your home, you can only do it if you don’t have an office anywhere else. If you had a wellness clinic with a storefront, it would be anticipated that you would also have office space or that business took place in that storefront. A home expense is typically not allowed when a storefront exists!
Also, one of the key things in the end was talking about “next year”. What were the key steps you should have taken when you opened up your business!
And…I wish I had time to talk about how to contact CRA or what to do if you get audited. Those are thrilling topics (at least to me!). But, sadly, not enough time!
Finally, CRA is very specific about vehicle expenses. They would ask you for three major items: (1) your log showing where you travelled, (2) total kms you put on your vehicle (which you establish by reading your odometer at the beginning of the year and then again at the end of the year), and (3) receipts of all your expenses you are claiming. You must have all of these to properly claim your vehicle.
Resources for you to get help
Where can you go to get assistance?
Facebook Group
We have a free Facebook group that is designed for folks like yourself. Self employed.
This group is designed for newbies and those that need to ask questions.
Over 1000 members and that includes professionals from across Canada!
https://www.facebook.com/groups/870316459816945
Learning Lab
We are available for Learning Labs, where you only pay for time you need.
Pam is great with Quickbooks, Xero, and helping you establish your technology and books. She is a bookkeeping pro, so she can help you put it all together.
Lynn is great for taxes and high level discussion about “what should I do?” or “where do I go from here?”
You decide what you need!
To reach Pam, click here
To reach Lynn, click here
Taxes
We do personal taxes for most people.
We specialize in personal tax for small business owners.
Our tax process is more than just the taxes. We can also help teach you how to make the most of your deductions and your business to pay less tax.
FAQ
Here are some questions that have been asked by interested students. If you are wishing to know more information, please go to our contact page and we will get back to you with help as soon as possible.