Business Expenses
Did you know that if you are self-employed you can write off business expenses to pay less tax?
If your home office is your principal place of business, then you’ll be entitled to deduct a portion of many types of expenses. These are things you’re paying for anyway, such as mortgage interest, property taxes, home insurance, utilities and repairs just to name a few. Keep all your receipts and bills. Contact us to find out more!
Self-employed Person
If you are Self-employed Person your tax returns need to be filed by June 15th but your taxes have to be paid by April 30th.
Corporate Tax Returns:
You need to file your corporate tax return no later than six months after the end of each tax year, but you have to pay owing taxes three months after year end.
What is Accrual Accounting?
Accrual accounting attempts to measure the profit or loss from a business or property by matching revenues and expenses to the applicable period to be measured. Revenues are recorded when earned (not when received) and expenses are recorded when incurred (not when paid).
What is Cash Accounting?
Cash basis of accounting records revenues when received in cash, and expenses only when actually paid. A cash basis of accounting does not accurately measure the profit or loss of a business activity for a given period, as cash inflows and outflows are not indicative of the actual earning process
To be used as a reference only.
