Tax Services for Self-Employed Entrepreneurs
If you are a freelance or a self-employed person, you must wear many hats. Accounting and taxation are obviously important, even if they are not your specialty. Other tasks are usually a priority, including increasing your sales, obtaining new contracts, developing partnerships, hiring staff, and making sure you have enough cash left over for your personal expenses!
In short, compatibility for the self-employed is not always a simple task, although it is essential. Would you like help to manage your accounts efficiently and plan your taxes? EB Conseil Fiscal Inc. can aid you with its accounting services for self-employed workers! Read on to learn more about this service and how our accountants can help you.
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Self-Employed Worker
Accounting For Self-Employed Workers:
Knowing the Deductible Expenses
As a self-employed person, you are required to file income tax returns. Unlike an employee, you must set aside a portion of your income to pay your taxes. However, be careful; the amount you must pay depends on your annual income and also on your expenses!
Business expenses include all the costs you incur to operate your business. They can include advertising, business licenses, insurance premiums, supplies, legal and accounting services, and travel expenses. To be deductible, these expenses must be incurred for business purposes.
One deductible expense is a home office.
You can deduct a portion of your mortgage costs (interest, municipal and school taxes, insurance, etc.), rent, and utilities. The deductibility of the amounts will depend on your office size in relation to your home and how often you use the space.
Generally, meals, entertainment, and travel expenses incurred for the purpose of generating business income are deductible at 50%. However, in certain circumstances, these expenses may be 100% deductible. It is important to keep all receipts and to be able to justify the reason for the expense as well as the persons (clients) for whom the expense was incurred.
In accounting, a self-employed person can also deduct automobile expenses. If you use your personal vehicle for business travel, it is a deductible expense. Expenses should be claimed based on the portion of your travel that is for business purposes. It is important to maintain a complete history of all travel and keep all gas receipts in a safe place.
Finally, in some areas, it is common to have losses in the first few years after starting a business. A self-employed accountant will help you manage your tax returns accordingly! Indeed, these losses can be used against other income in the year, if not in the three preceding years or in the twenty following years.
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Self-Employed Worker
Tax Management for Self-Employed Workers
A self-employed person will probably have to register for the GST-QST (sales tax) during the operation of his business. To do so, he must have generated a business income of more than $30,000 over the last 4 consecutive quarters. Beyond this threshold, he is required to charge taxes to his customers and remit them to the government. It is therefore important for the taxpayer to make a projection of his future revenues from the first months of business, because once this $30,000 threshold is reached, the government expects to receive taxes, even if they have not been collected by the self-employed person. In other words, to avoid any surprises, it is better to know from the beginning when to ask the government for its tax numbers.
At EB Conseil Fiscal Inc. your concerns are our concerns. As accountants for self-employed workers, we understand your reality and can take charge of your company’s accounting. We will help make filing your tax returns and plan the development of your business much easier!
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EB Conseil Fiscal Inc: Adapted Accounting Services for Self-Employed Workers
As tax specialists and chartered professional accountants, we can put our expertise at your disposal to optimize your accounting! The status of a self-employed worker is not always easy to determine. The distinction between personal and professional expenses, amongst others, depends on the worker. To optimize your accounting and taxation management while respecting existing standards, the EB Conseil Fiscal Inc. team will be by your side!
Take advantage of our various accounting services tailored to the needs and specificities of self-employed workers. We can produce and revise your income tax and tax returns while optimizing your expenses to reduce your taxes as much as possible. Our team also offers personalized advice to improve the profitability of your business.
Take advantage of our tax and accounting services for self-employed workers. Your accounts will be in great hands!