Now is the time to start thinking about the 2011 tax year. To help reduce income taxes for the current year, we are providing a list of 8 simple strategies to implement before year end.

The rules set up by CRA for Tax Free Savings Accounts (TFSAs’) can be confusing, and for that reason, many people tend to over contribute to their TFSA and when they get charged, they don’t understand why. We want to help simplify these rules for you so you can get the most out of your TFSA without having to pay any penalties.

In part 1 of these series, we mentioned some simple things you can do to help manage your money and make bookkeeping simpler. Some of these included handling paper once, and reporting monthly profit and loss. Here, in part 2, we will continue with some more tips that will help you get bookkeeping right the first time.

In any startup or growing company, you are extremely busy. With everything that is going on, it is easy to lose sight of how and where you are spending money. Here we will give you some tips on some simple bookkeeping techniques that will make you the master of your financial domain and help you manage your money.

Here are some ways to save money, and maybe even get some back…

If you’ve bought any machinery or equipment, did you buy any extended warranty plans or servicing packages? If you have, then chances are you’re throwing money away.

Do you routinely extend credits to your customers? If so, this makes you a lender. In this case, you and your staff authorizing credit should become experts at judging credit relationships before you perform services or ship goods.

Children spend the whole year waiting for summer vacation so they can go to their favorite summer camp. Their parents, however, find ways to save up all year to make this possible without breaking the bank.

Assuming your children are mature, responsible and won't disrupt the smooth flow of your business and don't mind being thought of as "the boss' kids”. There are several advantages to hiring them for the summer or to work part-time during the school year, and all the benefits stem from one strategy: Income Splitting. 

People from the smallest budget to the largest budget can learn how to make the right money decisions; regardless of whether it’s personal or business financial matters. Everyone should make a commitment to learning how to make your money work for you.

Many owners and managers of small or medium sized businesses have acquired accounting software to help them ease the burden and monotony of bookkeeping tasks, yet they are overlooking a lot of useful and valuable features of the software. This can include automated financial reporting, financial analysis, and data sharing. These functions are valuable in aiding users and assessing the profitability of their company.

Tax mistakes can happen to anyone – I am sure you know someone that it has happened to. It is reported that Canadian individuals and businesses owe more than $25 billion in overdue taxes.

Do you have a job that requires you to do your hair every two weeks or so? You might want to consider finding a less expensive stylist, as you cannot deduct the expense from your taxes even though it is related to your employment. It does not end there. For example, you also cannot deduct the cost of special clothes or shoes that are necessary for some jobs. Luckily, however, there are still a few ways you can lower your 2010 taxes.

When using a business banking account (s), there are several features you will want to consider to support your business operations more smoothly, and to save you time and money. Here are a few things to consider which can make your life easier.

We definitely had a good summer this year. Apparently, it was one of the warmest summers on record. I hope you enjoyed it (frankly, I have never attended so many barbeques in my life). As a busy person running your own business, you owe it to yourselves to take a break. After all, here comes fall and you know it will get busy again.

As if getting the sale, delivering your product or service, and satisfying your customers wasn't hard enough...getting paid on time can be even harder! But implementing these tactics will make it easier.

Well, we are listening. Williamson Accounting has been assisting clients with their various accounting needs for a few years now, from Business Consulting to Corporate Tax Preparation and Filing. We are always happy to provide helpful information and tips on various topics.

We have past the peak of the personal income tax season and many taxpayers have not file a return for the current year-- some have never filed. Along with the obligation to file a tax return set out by CRA, Individuals need to be aware of the many benefits in filing.

If you’re like most Entrepreneurs and Small Business, December 31st was your fiscal year end, and you’re already sorting through your receipts, and making preliminary income tax calculations for the year. But are you maximizing your small business tax deductions?
 

 If you have not heard yet, we have a proposed harmonization of the PST and GST on July 1, 2010. Currently in Ontario businesses prepare two separate returns, the federal GST (Goods and Services Tax) at a 5% component and the PST (Provincial Sales Tax) at an 8% component. These taxes with the used of transitional periods will be harmonized on July 1, 2010. This change will not be easy, it will take getting used to. For one, the general public will be paying more taxes on purchases and businesses will be overwhelmed with the changes in reporting. In summary it will be a huge tax grab.

It's the New Year and we have found 10 easy things to implement that will definitely grow your business.

1. Start setting goals.