How To Save Taxes On Your Home?

Taxes can indeed take a large chunk of your profits. Your profits minus the tax may leave you with very little money for yourself. This is, even more, a worrying sign for self-employed people who operate from their home. However, with the help of home office tax deduction, you can get home business tax saving. Thus, you are able to reduce your tax amount. But, how do you reduce it? An accounting assistance in Edmonton will be able to help you to get the home office tax deduction. Some of the ways to get home business tax saving are mentioned as follows.

Deductible Expenses

When you operate from your home, you are allowed to deduct some of the expenses such as a part of the electricity cost, heating, and maintenance. Some of the expenses that would not be deductible include mortgage interest, home insurance, capital cost allowance and property taxes. So if you have missed out on the deductible expenses before, make sure you add them to the deductible taxable amount to get the exemptions


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Remitting Payroll Deductions

If you have a payroll account, then you should be aware of the payroll deductions. As an employer, you need to have the payroll remittance schedule prepared. The Canada Pension Plan (CPP), the Employment Insurance (EI) premiums and the income tax deducted from your employees’ salary should be remitted together with your CPP contributions and EI premiums. Let’s take a look at remitting payroll deductions in detail.

Remittance

The remittances are deemed to be made on the day when it is received by the Receiver General. Therefore, as an employer it is critical to choose the right method of remittance that is suitable for you as per your due date. Your remittance form and deductions should be sent to the Canada Revenue Agency (CRA) on or before the remittance due date.


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Estate Planning Strategies For Small Business Owners

Are you concerned about what will happen to your family owned business after your death?  You want to ensure your family’s future is secured even after your death. For this purpose, estate planning for family owned business is crucial. An estate plan describes how your company assets are passed on to your family members in the most cost effective way as possible. The estate plan you create now can affect the accounts and finance your business substantially.

Here’s some estate planning strategies that you can use to plan for your estate accordingly.

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Variable Expense Vs Fixed Expense

In order to increase the profitability of your firm, many factors come into play. Accounting services in Edmonton may tell you that you can increase profitability by improving your sales, raising the prices of your goods and services or by reducing your expenses. A company does not have much control over increasing its sales and prices as much as, it has on lowering its expenses. If you want to increase your profits by reducing expenses, then you should have some knowledge about expenses. There are two types of expenses, variable expenses and fixed expenses. The difference between variable expense and fixed expense is described in detail below.

Meaning

The expenses which vary with a change in the number of units produced are known as variable expenses. Examples of variable expenses include the cost of raw materials, wages paid to labor, packaging of products and others. These expenses are incurred only when you start producing the units.


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Create A Business Plan That Investors Will Love

Business plans serve multiple functions such as setting a benchmark for growth, attracting investors and acquiring funding from investors. Creating the ideal business plan for investors can help you with fundraising more than any other endeavors. It is essential to learn the art of creating a business plan to attract investors. Often, before you even give your passionate pitch, investors will first want to take a look at your business plan. Here are some pointers on how to create the most effective business plan for investors.

What can a business plan showcase?

A business plan can help highlight key factors which are essential in your quest to acquire funding from investors. A detailed business plan helps the investor visualize the progress of the company and cements the idea that a lot of thought has been gone into the business venture. It also allows investors to hold the entrepreneur accountable for growth by taking into account a set of financial benchmarks to compare with.


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