Whether you run your own business or only speak to Shaelene about your personal taxes, consider setting yourself up with Quickbooks Online and Receipt Bank. Quickbooks is simple, easy, online bookkeeping. Receipt Bank allows you to take pictures of all your receipts and invoices so you can upload them to the cloud where we can instantly see them in real time. While it does cost a monthly subscription fee, you can write it off as an accounting fee; these are reasonable accounting fees that you pay so that you can prepare and file your income tax. It helps your accountants tremendously when all of your data is organized in a simple web interface.
Know the difference between “tax credit” and “tax deduction.” A deduction is an expense or exception which reduces your total taxable income. The tax credit is what reduces whatever you’re on the hook for income tax wise.
As a self-employed individual, the due date for your personal income tax return (as well as your spouse’s return) is on or before June 15th. However, if you owe money it’s due on April 30th!
My tax tip?
Forget all about the June 15th due date and always treat your bookkeeping and taxes as though everything should be completed and ready to be paid by April 30th.