what the numbersgal is saying
Tax Tips for the Direct Sales Professional
WELCOME TO SELF-EMPLOYMENT When you decide you’re going to be an entrepeneur, it’s important to know one thing: you are self-employed now. No one will be issuing you a Tslip of any kind whether it be a T4, T4A, or T5. Because of this, you will be solely responsible for accurately tracking your income AND your expenses. Please note that says INCOME not SALES –there is a difference and we’ll get back to that shortly. DO I NEED TO REMIT HST ON MY SALES? The second thing you need to know as far as selling a product – such as for any Direct Sales company – is that you are NOT collecting HST on the SALE of the product, so you are not responsible for remitting that to...
Read MoreAnd so it ends . . .
Actually, I do still have a couple of returns to print that will need to be filed by mail, but, in every way that matters, the 2012 tax season has ended!!! It was a busy one – I think I did as many “pro bono” returns as I did actual paid ones. But that’s ok because family and close friends are important to me so I don’t mind at all helping them get things organized. I picked up a couple of new clients, which is always nice. Looking forward to a peaceful day off tomorrow, going to maybe get my nails and hair done. But, it’s never too early for you to start planning for next year. Ciao for...
Read Moreit’s almost over!
And it’s been a busy one too! Tax season 2013 is about done. Through it all I’ve managed to still take some time away but the working times have been hectic. Have to admit, I like it that way though, so I’m not complaining. Thought I’d reach out to those of you who follow these posts with a reminder. It’s the 19th of April today. As of tomorrow morning, there will be 11 days left to file. While it’s getting close, it’s not quite “last minute” yet. Do yourself a favour and get it done before the frenzy that is the final days of April. You’ll be glad you did!!!
Read Moreunderway . . .
Funny how you always think it’s coming but don’t really envision it till it falls upon you. At least, that’s how it usually happens with me. I generally make it a rule to get my return done first. That way, no matter how busy the season gets with clients, I don’t have it hanging over my head. Missed that this year. Admittedly, clients started a bit earlier than usual. Plus I lost a bit of time playing with my new Neat Receipts scanner – awesome bit of office technology!!! – thanks to Becky Bays for the introduction. But all in all, it looks like I’ll weather the storm. How about you? Are you behind the eight ball??? We’re...
Read Moreand so it begins!!!
Well, technically, I’ve already begun the “tax season” this year. A couple of early bird clients which is always nice! But, if you’re among those who are still waiting for T slips, receipts etc, know that today is the last day that ALL entities have to release that information to you. Of course, depending on their chosen method of delivery, it could still take a couple of days to get to you. If you find yourself still waiting by this time next week, however, it’s time to take some action. Nothing drastic, of course, but a phone call to the Payroll office, bookkeeper, or whoever else is responsible is the place to start. In the extreme case...
Read MoreTo RRSP or to not RRSP . . .
We are closing in on the end of January and with that comes the time to take a look at your 2012 income and RRSP room to see if contributing a bit more is a good fit for you. Even a contribution of as little as $1,000 can make a difference to your bottom line. Ask me how.
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