Business Blog: Where to begin...

'Where do we start? Where do we begin?' Those are the first questions people ask themselves, or others, when starting anything, blogs, businesses, projects etc. There are many different answers, neither being better than the other. In the case of this blog, I thought I'd start with a few tax tips for small businesses and new corporations. These tips are pretty general but, it's the simple stuff we forget first!

Tax tips:
-if you can justify it's use for business, expense it (or part of it) if you can legitimize it's use for business you can expense it.
-make sure your accounting records are up to date and organized. If you're finding this year that your paperwork is unorganized and not recorded properly consider hiring a freelance bookkeeper this year. They're cheaper than an in house one (cause you're not required to pay employee fees) and are just as reliable.
-be aware of all the available tax credits for small businesses and low earning corporations.
-know the new tax rates. The corporate tax rate in Canada is planned to decease each year until 2012 and that sole proprietors are taxed at the employment tax rates.
-it's always best to ask before doing (or not doing) if you don't know something about your taxes look it up or ask a professional! Or at least someone in the tax business. The CRA has a decent website where you can get most of the answers to your questions. And if that doesn't work, Google it! There are plenty of people out there willing to answer your tax questions with out making you pay!
These are just a few tips to get you started.
Feel free to post comments and questions about this blog, bookkeeping/accounting or taxation in Canada!
Thanks for reading. I appreciate it!

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Time is the only thing we can't get back! Use it wisely! Small Business, Big Words