Most employees cannot deduct expenses on their tax return however there are some instances when employees can claim a deduction. The rules are less stringent if an element of the employee’s compensation includes commission. Salary employees There are limited expenses you can deduct: accounting and legal fees, motor vehicle expenses, traveling expenses, parking, supplies, salary […]
Individual and business taxpayers should be aware of these primary tax filing due dates: April 30th — This is the deadline for filing most tax returns. If you owe anything, you must pay any balance by this date or interest will accrue. For 2016 tax returns, the filing deadline is May 1, 2017 as April 30th falls on […]
Many business relationships develop over a meal, and most entrepreneurs would readily agree that it’s worthwhile to track meal and entertainment expenses. Despite this, we commonly encounter clients that significantly underutilize the allowable meals and entertainment deductions on their tax returns. For many small business owners, such deductions should constitute a substantial line item on […]
Working as an accountant, I have been fortunate enough to work closely with a variety of business owners. Throughout my years, I have observed some common traits shared amongst my most successful clients: – They set goals and hold themselves accountable to these goals: An entrepreneur’s life is busy, goals will keep you focused. Put […]
What if I told you that there is a way to reduce the cost of your bookkeeper service and by taking advantage of this opportunity, you would save time, energy and rid yourself of paper, would you do it? If you are interested in learning more, keeping reading! How We Approach Bookkeeping – Take the […]
As a Chartered Professional Accountant, I have been taught to think analytically about things; not simply do things the way others have done them in the past, to question and recommend ways to make things more efficient. When I started my accounting firm in Toronto, I quickly realized there is a growing need in Toronto […]
What Does A Bookkeeper Do Exactly?: Many of us have heard the term bookkeeper but what exactly does a bookkeeper do? Why would someone need a bookkeeper? These questions are answered in my most recent podcast. I encourage you to listen to the audio recording. If you prefer to read, you can see a summary below. […]