SMALL BUSINESS TAXES
FOR SMALL BUSINESSES
SMALL BUSINESS TAXES
If you are either a sole proprietor or a partner in a small business, the financial activities need to be reported on your personal income tax return.
It is a misguided thought that self-employed individual pays a wage to themselves, in truth the taxable portion is the difference between income and expenses.
Your taxable income through self-employment (business or commission income) is calculated allowing for all permissible expenses which will include a percentage of your auto expenses and a percentage of any home office cost.
Remember that any income through small business greater than $3500 is subject to CPP – the good news is all business expenses can be put against your earned income, which will provide a refund.
A quick discussion with us will guide you in the right direction and ensure your tax decisions are to your best advantage.
“I own a veterinary practice with 8 staff members. I have been using Ancan Business Services for over 2 years now, and they are outstanding! They are always on time with payroll, taxes and all other services and go above and beyond for me. I highly recommend them!”