Blog by Williamson Accounting
  • Are You Throwing Money Down The Drain?

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    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.

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  • Know Your Debtors Before Giving Them Credit

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    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.

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  • Find Sending Your Kids Away For Summer Is Too Expensive? Think Again

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    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.

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  • Hire Your Kids And Trim Taxes- It’s A Win/Win

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    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

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  • Have You Invested In Yourself? Learn The Financial Know-How to Do So!

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    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.

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  • Manage And Take Control Of Your Business With Technology

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    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.

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  • 9 Common Tax Mistakes

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    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.

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  • Enjoy These Employee Tax Breaks

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    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.

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  • Business Banking Features

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    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.

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  • Welcome Back From Summer...

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    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.

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  • Managing Cash Flow- Part 1- Getting Paid.

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    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.

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  • Corporate Tax Filing Guide

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    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.

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  • Why File A Tax Return?

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    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.

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  • Maximizing Business Income Tax Deductions

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    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?
     

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  • PST-GST Harmonization Summarized

    Author: Williamson Accounting |

    Blog by Williamson Accounting

     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.

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  • 10 New Year's Resolutions To Boost Your Business

    Author: Williamson Accounting |

    Blog by Williamson Accounting

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

    1. Start setting goals.

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  • Year-End Tax Planning Tips

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Unfortunately there is one constant in life, taxes. Therefore we have provided some last minute tips to help reduce your overall tax costs for 2009.

    NEW FOR 2009 AND 2010

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  • Profiting From Your Lease

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    Almost all companies grow, shrink or diversify over time. So they need more, less, or different types of space. If you negotiate your office rental agreement effectively, you'll save the cost of relocating every time your company changes size or direction. For that matter, you can use your lease to generate extra income. That's why it's a good idea to periodically audit all leases, including those of your company's branches or divisions. Check for modifications you might need when it's time to renew the contracts. Here are some quick ideas: When you renew your lease, ask the landlord to provide extra improvements or…

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  • Make Tax Planning A Year-Round Process

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    What is synonymous with April? Tulips and tax returns. But once tax returns are finished, can you forget about taxes for the rest of the year?

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  • Tax Deductibility Of Life Insurance Premiums

    Author: Williamson Accounting |

    Blog by Williamson Accounting

    The question of whether premiums paid for life insurance can be deducted from income often arises in tax-planning exercises. The rule is that life insurance premiums are considered to be capital outlays and not an expense incurred for the purpose of producing income from a business or property. Therefore  a deduction is usually disallowed. Registered Life Insurance A portion of the premiums paid under a life insurance policy that has been registered as a retirement savings plan is deductible. Group Insurance Group insurance premiums paid by an employer are deductible. (See ‘Did You Know?’ below) Charitable Gifts A deduction is permitted in the case of a life…

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