Tag Archives: small

Taxes Become More of A Networking Opportunity For Small Business

Every year millions of people scramble to do their taxes, and companies have been noticing a swell of people that want to go online to get things done. That’s where companies like Turbotax Online, and others have come together to connect those millions of people that have been using their line of products, with others that are like minded. From gathering in a connection setting like “QuickBooks Connect”, to other meet ups and information that is getting people together, the notion of taxes has never been more social than ever.

Decades of Connecting Small Business With Tax Help

QuickBooks - Networking Opportunity For Small Business

QuickBooks (Photo credit: Wikipedia)

No matter what the size of your company is, taxes are a big matter. This becomes obvious when you’re pushing forward as an entrepreneur. Entrepreneurs, small businesses, and accountants are not alone, and that’s why more social, networking events are being held. These vents, attract a great deal of people from all sorts of industries, and the main goal is to connect everyone into a far easier tax filing ideology. It’s at these types of events, that all walks of life, backgrounds, industries, and more find news on the latest software releases, and so much more.

The Move To Online

Looking at how taxes have changed in the past 20 years, you will find that there are a variety of different changes that have come through for the better. If you haven’t used Turbotax Online just yet, you will definitely be connecting in the near future. From developers to entrepreneurs, more and more people are using online solutions and learning about the latest tax incentives, laws and more through online means and social events like “QuickBooks Connect”, and it’s going to be a mainstay year to year.

Whether you have been doing things the old way, or you have adopted a new path towards doing your taxes, there’s nothing quite like knowing that technology is right there to help you get the most out of filing quarterly, and even annual returns. As more people get together to discuss changes, and build a broader network of clients, colleagues, and more, you’ll find that greatness abounds.

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Does Your Corporation Qualify For A Small Business Deduction?

The small business deduction is one of the most advantageous income tax benefits for company owners in Canada. The deduction lowers the amount of the Part 1 tax otherwise required of business owners. As of the first of January, adjusted tax rates allow a small corporation to qualify at the tax rate of 4.5% in the province of Ontario. Others will still need to pay the standard tax rate of 11.5%. Owners of Canadian businesses are encouraged to examine the tax guidelines to see if they qualify for this lower rate. A useful tool for this purpose is TurboTax Canada.

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The Canada Tax Agency has released a chart detailing the varying rates of corporate taxes for different types of businesses. Data is listed for all provinces except Quebec and Alberta, which are exempt from corporate taxes. To qualify for this lower rate, Canadian companies need to meet certain criteria. Each needs to be a Canadian-controlled private company and must meet all the rules set forth in the T4012-T2 Corporate Tax Guide. Each corporation needs to have been incorporated in Canada after the first of June 1971 and must operate fully in the country for all of the given tax year. The CEO of each corporation must also be a full-time Canadian resident. Shares of each qualifying corporation must also not be traded in overseas stock exchanges.

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