Feb 07 2022
Blog, City Guide
Things to Know About Small Business Tax Filing
Are you doing some tax planning or commencing your own business? Whether you are new to US or a permanent resident, educating yourself about tax returns & filing is very important. Remember, it is essential both for your personal and professional lives. Thereby get in touch with the best best CPA in East Meadow NY
Most of the newcomers generally ask, is it tough to file your tax in US ? Every single year, Canadian residents need to devote some time aside to prepare their taxes. For someone who resides in Canada for numerous years, it is no longer an issue.
If you are self-employed & have not made any income, you might think there is no significant reason to file a tax return. Remember, if you are eager to claim GST, HST, , the net income declared on tax return, determine the amount.
Filing a return will help you to claim for
• Provincial Tax Benefit
• Tax refund For Installment
• Sourced Deductions
• Canada pension plan or employment insurance
• Refundable medical expenses
The Dates matter The Most-
The tax return creates contribution room in the RRSP. Ensure you are filing so that you receive all the credit and benefits you are entitled to. The tax deadline for personal income tax is 30th April. In the year 2020, it was shuffled due to the COVID outbreak. If you are self-employed, you have time till 15th June.
If you have an amount owning, you need to pay by 20th April. If you are owing money to CRA and filing your tax rate, you need to pay a penalty of about 5% of the balance you owe along with 1% for every month you are late to a minimum of 12 months. If you are late for numerous years, the penalty increases to 10% and 2% for every month your return is late till a minimum period of 20 months.
Keeping All Records Are Very Essential-
You need to keep all records of transactions to support income & expense claims. Support the reported income with original documents. It includes sales invoices along with bank deposit slips & fee statements. Contracts and receipts that are articulated by your accountant or you can get in touch with a best CPA in East Meadow NY are also taken into consideration.
Keep the receipt of each of the transactions to support the expense. Remember, the CRA won't accept the bank or credit statement to justify the deducted business expenses. Make sure you have an itemized receipt that corresponds to the transactions. If you face any issue with tax filing, get in touch with your Corporate Taxation Assistance in Simcoe and get things done correctly.
May 26 2022
Blog, City Guide
Strategies Adopted By Accounting Firms to Keep Work Rolling During Pandemic
Anyone involved in accounting & bookkeeping is aware of the obnoxious changes & challenges the overall circuit is going through. The overall structure of business accounting & bookkeeping that has been nurtured over the years fell apart at the onset of the pandemic.
The impact of the disease created a lot of bottlenecks for each & every business. Throughout the accounting & bookkeeping industry, we are witnessing a battle going around for streamlining the roadmap & driving growth & success. In this article, we will discuss exactly how payroll firm in New York City & Long Island has adapted to the pandemic.
Accounting automation has been rising quickly. Since the breakout of the pandemic, it is grown in importance.
Automated workflows & system have been used in tandem since the rise of cloud computing.
Accounting processes were the first to receive complete automation.
Automated financial management is a major resource for all business types for several reasons.
With every single accounting processes manoeuvred from home, automation has made the processing faster & is less demanding.
Rather than trying out manual data entry automation frees the total time of financial professionals.
Amid the COVID-19 pandemic, automation in a particular way was a key to keep things in operation.
It has helped businesses to stay firm amidst the competition.
(2) Remote Working-
Remote working was a challenge & almost each & every sector has adopted itself towards the new transformation. Right in the beginning, it was impossible to believe payroll firm in New York City & Long Island could execute in such a flawless manner. With remote working, data is being managed well & all key information is kept on the cloud & thereby there are no chances of theft or hacking.
(3) Adapting to technology-
Technology is not only about software & the cloud; it also involves a whole lot of things. Remote communication & data transfers are also part of innovative technologies. In the past meetings & discussions were held directly at the client's workstation or in the firm.
With remote working virtual meetings are set up and minutes of the meeting are sent across to the client through the mail. All data are transferred using tools & other cloud-based software.
(4) Transparency & Security-
Every process of remote payroll firm in New York City & Long Island needs to be transparent & seamless. There should not be any hidden process as it gives birth to scams. All key documents are currently being signed virtually & forwarded through the mail. Every mail is being acknowledged for further clarification.
Each & every business must understand its need & requirements. COVID pandemic has left a scar on us, but we are unanimously working together for the betterment of small & mid-scale business. Let's not lose hope & let us all believe that we can work in tandem to get things done in an accurate manner