Tax Tip Thursday

We are dealing with a lot of small businesses of late; so, let’s talk about that. If you are a small business, it doesn’t matter if you are a sole proprietorship or incorporated, this applies to you. There is so much more to running a business than doing what it is that you love to do. Whether you are a contractor, yoga instructor, tax accountant, retail store, graphic designer, artist, etc… be prepared to devote more time to your business after your workday is over.

Like What?

• Marketing
• Personnel
• Technology
• Website maintenance
• Social media
• Administration – never-ending!
• Bookkeeping
• Invoicing
• Paying bills
• Budgeting
• Banking
• Cash flow analysis, and, of course,
• Tax compliance reporting (tax returns)

It is important to know there is much more to running a business than just doing your main business activity and calling it a day. Whether you have a home-based business, small store, a consulting business, a contractor, or someone selling widgets, all businesses need to file tax returns.

So what does this mean to you as a business owner?

This means that after you have completed your day doing what you do, you need to put in an hour of additional work for your business. I cannot emphasize that enough. I see it every day. This means you need to keep your financial records or your bookkeeping up to date. This is very important! It is an easy job to do on a daily or weekly basis, but it becomes a huge job at the end of the year. I have had several clients come to me in the last couple of months, with virtually no records at all and not for just 1 year, but 5 or 10 years!

The Mad Accountant team can help you!

The biggest problem we run into is that people have no idea how big a job it has now become and how much it will cost for us to sort it out. Most of the time it takes a long time, costs you a lot more money, leaves you with unsupportable financial statements and tax returns, and personally, would just leave me very nervous.

If you know you are a person that is going to procrastinate doing your bookkeeping, then do yourself a favour and hire us to do it for you regularly. That is the best way to deal with procrastination, get someone else to do it! We have a Fixed Price Monthly Bookkeeping/Financial Package and you will not have to worry about that anymore.

We can offer you peace of mind.

It does not matter how many years, we can get it straightened out. Get your bookkeeping done; book an appointment and eliminate the worry.

Disclaimer:

This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal or tax advice nor can it or should it be relied upon. All tax situations are specific to each individual. If you have specific tax questions you should book an appointment for a 1 on 1 consultation.