The Small Business Tax Help Blog

Posts Tagged ‘government’

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Question: Ontario, Canada Business Tax Claims?

Just wondering about a few claims…if they can be made or not in Ontario Canada and what it would be in a special category or something
- fees bell charges for cancelling a phone contract
- parking tickets
- personal legal fees (long shot, but worth a shot ha ha)

Any not so obvious claims a small business can make?

Answer: Bell fees: if they were business lines, yes

Parking tickets: if it was on business, yes. Personal parking, no

Legal fees: I think you know the answer there.

I strongly suggest you get an accountant, filing incorrectly can get very expensive, VERY fast.

Callander man fined $158,000 for tax evasion: Public servant under-reported income

A federal public servant who falsely reported his income — making him eligible for child tax benefits reserved for families struggling to make ends meet — was verbally spanked and handed a hefty fine by the Ontario Court of Justice Thursday.[...]

Harmonized Sales Tax for greater competitiveness Part 1 of 2

Question: can a cash accting taxpayer carryforward business losses on federal income tax?

Answer: Yes, but the loss is carried back 2 years first. If it is not all used in the previous 2 years, whatever is left over is carried forward. A taxpayer can make an election in the loss year tax return to forego the carry back, in which case the loss is carried forward without being carried back first.

Obama signs tax package, clearing way for tax breaks, bigger paychecks — and more federal debt

Obama signs tax package, clearing way for tax breaks, bigger paychecks — and more federal debt

Tax Tips & Information : About Self-Employed Federal Income Tax Deductions

Free Income Tax Assistance Offered

Free tax assistance by IRS trained and certified volunteers is available to residents of Middlesex County with household incomes up to $50,000 through the the Volunteer Income Tax Assistance program.

Tax Help : How to File Taxes for Free

Question: In regards to taxes, what should i do with my 18 month old home business? Incorporate?

I generate about 40k profit from my home office. When it comes to paying taxes and making deductions, what is the best way to set up my business? I live in Florida.

Answer: You need to have someone sit down with you and do a financial analysis of your situation. There is no easy answer until you know what will apply to you.

There may be a case for you to incorporate to take advantage of deductions and fringe benefits that may be available in your situation.

In any event, consult a CPA in your area to help you.

What Delays a Mortgage Foreclosure

Did your neighbor stay in the house more than a year after the last mortgage payment? Here’s why.

Rubio Talks Taxes on Fox Business Network

Question: Business Income Tax – how to claim purchase of website as expense?

CANADA – I run an online business under a sole proprietorship and so will include my business expenses along with my personal income tax.

As I am calculating my business expenses for my personal income tax for 2007, I am wondering how do I classify purchasing a website? under what expense does it fall under on my income tax? capital? what about domain registration?

Answer: This is considered an Advertising Expense in most cases.

Business Highlights

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Tax Write offs for Small Business in Canada – Accountant Toronto