Your February 2nd Tax Tip of the Week – from Shaelene! ?

Books In Line

⬇️    Did you know?   ⬇️

The deadline for filing your income tax return is June 15th if you’re self-employed. However, you must still pay taxes owing by April 30th. If your taxes owing is more than $3,000 in the current or previous two years, you will be required to pay quarterly installments. There could be interest and penalties incurred by the CRA if you miss meeting your income tax filing and payment deadlines.

To avoid being hit by a huge tax bill or missing deadlines, it may be wise to make it a habit of estimating taxes owing based on your income throughout the year and making monthly or quarterly tax payments to the CRA by setting them up as an online vendor via online banking.

Have questions? Give us a call at 905-571-2665 (BOOK)!

Your Tax Tip of the Week – from Shaelene! ?

Books In Line

Don’t get creative without talking to your tax advisor. Even if the idea sounds good, you need to find out if it works for your business and what you need to do in order to properly claim a specific deduction or execute an income or cost-saving plan.

Have questions? Give us a call at 905-571-2665 (BOOK)!

We’ve got you covered! #BooksInLine

Shaelene’s Tax Tip of the Week – November 17th

Books In Line
Did you know?
If you’re self-employed and use your car to earn business income, you may be able to claim vehicle related expenses like gas, insurance, licensing and registration fees, maintenance and repairs, leasing costs and interest on money borrowed to purchase a car.  ?If the car is also your personal vehicle, you may only write off the portion used for business  purposes. To calculate this, you must keep a logbook detailing all your business trips, including  the mileage, date and purpose of the trip. Make sure to document all other expenses and keep receipts organized in one place so you’re prepared if you get audited.

Have questions? Give us a call at 905-571-2665 (BOOK)!