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During the Christmas season there are so many social events where people have the chance to get together and just socialize. It has been an age old concept that there are three subjects that really should never be discussed. These are death, politics and taxes. So what are the reasons for this, and why maybe should this taboo of not speaking about these subjects?
Usually when we are planning the Christmas budget the main focus is on the gift buying expenses. What we tend to forget is about all the additional expenses that comes with this festive season. If you take these into account when planning your budget then you will find that you are able to stick to it much easier and really keep your overall expenses down.
It usually begins with the Christmas decorating. It is really very difficult to refrain buying at least a few new ornaments and a core each year because of all of the wonderful selections that we are faced with as soon as Halloween passes. There is certainly nothing wrong with buying one or two pieces each year but these should be planned for and budgeted for. Try to make it a habit to only buy something that is really going to be put to good use, and that you are not just buying it because you have become enthralled with its looks. At the same time in order to prevent yourself from becoming overburdened with a multitude of decorations only buy if you are going to be replacing something which means getting rid of the original.
It is also a good idea to go through your Christmas decor and see what needs to be discarded and what needs to be replaced before you start out on your shopping ventures. Try to attack all the segment of the festive season as you would when buying any other type of decor for your home.
There is no shortage of what we have to teach our children and we certainly need to concentrate on life skills that are going to carry them forward into their future. Part of these life skills is teaching them money management, and it is often the question as to at what age do parents start with this form of teaching.
Business owners are always looking for deductions in an effort to lower their taxes payable. It is important to consider expenses for accounting vs. deductions for tax may differ from time to time.
Thank you for visiting our web page. We are very proud of the quality of services that we provide and hope that by reviewing our website, that you acquire an understanding of who and what we represent.
Accountable Business Services (ABS) ABSPROF is an Accounting and Tax Firm located in Alberta offers Accounting and Tax Services in Edmonton, Calgary, Red Deer, St Albert, Strathcona County, Lethbridge, Medicine Hat, Fort Mcmurray, Grande Prairie, Airdrie, Banff Canmore, Lloydminster and all over Canada on a very affordable rates. We delights helping simple to complex clients with their accounting, financial, and Tax (T1 & T2) needs. We are able to help clients who are either employed or run a business in a variety of industries.
As Tax (T1 & T2) preparers and Tax (T1 & T2) consultants, we want to ensure your Canadian corporation, trust, or individual Tax (T1 & T2) matters are attended in a timely and effective manner. Meeting Canada Revenue Agency (CRA) reporting requirements is key to Tax (T1 & T2) compliance and success. Such informational returns, we will file to CRA on your behalf are Income Taxes (T1 & T2) along with related income and deduction schedules, farm programs, trust returns, estate returns, GST, T slips, payroll, and CRA Tax reviews just to name a few.
If you offer your employee with a Cellular Phone or Internet Service at home in order for them to carry out their employment duties, the business use is not a Taxable Benefit. However, you must included the value of the personal use in your employee’s income as a Taxable Benefit.
Calculating the Taxable Benefit
As the employer, you are accountable for determining the percentage of business use and the Fair Market Value (FMV). You must be developed to justify your position if requested by the Canada Revenue Agency (CRA). The value of the Benefit is based on the FMV of the service, minus any amounts your Employee reimburses the company. You can only use your cost to calculate the value of the Benefit if it reflects the FMV. This means that if the Employee was to purchase comparable Services as an individual, what would they pay.
Tax interest and punishments add up lightning fast. If you did not file a Tax (T1 & T2) Return because you did not have the income to pay what was due, or you filed but simply did not pay, you have gotten yourself into quite a predicament. And the more you let this situation go, the more likely you’re going to pay for it and pay for it big.
We’re asked to pay Tax (T1 & T2) in Canada, and a significant amount of money of our profit goes to pay Tax (T1 & T2). Why not have a professional prepare your Tax Return (T1 & T2) and help you in Tax planning? The target of Tax Planning is to optimize or defer Taxes (T1 & T2) payable. Individuals are given the chance to prepare their financial matters in the most healthful means possible within the rules of the Income Tax Act. Many Canadians do not give much thought to Tax (T1 & T2) Planning until it is time to file their Tax (T1 & T2) Returns. However, it is the Tax (T1 & T2) Planning throughout the year that will save the most money at Tax (T1 & T2) time.
CRA requires taxpayers to make quarterly Tax (T1 & T2) Installments when there’s a large amount owing in previous years.
If your net Tax owing for 2013 or 2014 was greater than $3,000 you likely received a letter from CRA stating you must pay your Income Tax by installments.
If your primary source of income is self-employment then, your installment dates are December 31 and April 30.
CRA Tax installment Payments.
Note: if the deadline is on a Saturday or Sunday, the installment defrayal is due the next business day.
Canada Revenue Agency (CRA) will accuse you interest and penalties if your payments are not received by the due date or you pay less than the compulsory amount. Accountable Business Services (ABS) ABSPROF offers this reminder article to our clients to guarantee you do not drop a payment.
If your 2015 net Tax (T1 & T2) outstanding will be less than $3,000 then you don’t require to make quarterly payments even if you receive an installment reminder.
Tax installment payments are figured based on:
1. Your net Tax (T1 & T2) owing.
2. Any Canada Pension Plan contributions payable on self-employment and other earnings.
3. Any voluntary employment insurance premiums payable on self-employment and other eligible earnings.
Accountable Business Services (ABS) ABSPROF is an Alberta based Accounting, Bookkeeping and Tax preparation and Filing Firm operating from Edmonton, Alberta. We have an experienced team of Professional Bookkeepers, who provide Accounting and Bookkeeping Services to Small Businesses in Edmonton, St Albert, Strathcona County, Calgary, Red Deer, Lethbridge, Medicine Hat, Fort Mcmurray, Grande Prairie, Airdrie, Banff Canmore, Lloydminster and all over Canada at affordable price.
Our team is client focused. We believe that the most significant component of our business is our relationship with our clients. We contact with our clients to realize their business demands. Through this understanding, we are able to design individualized services to meet all our customer’s accounting needs.
Whether you’ve children or not, September always brings thoughts of school, changing seasons and fresh showtimes. So, Taxes (T1 & T2) may be the last thing on your mind. That’s why Accountable Business Services (ABS) ABSPROF is here; to always be working to make your life less Taxing (T1 & T2) and put more income in your pouch.
The Autumn is a pure time to meet with a Tax Consultant to recap the current Tax year and have a Tax (T1 & T2) Plan that can assure you time any Business decisions to put you in the best Tax position for your 2015 Tax (T1 & T2) Return.
Accountable Business Services (ABS) ABSPROF offers Tax Planning, Preparation and Filing Services to the Farm and Small Business Owners in Alberta specially Edmonton Area, St Albert, Strathcona County, Calgary, Red Deer, Lethbridge, Medicine Hat, Fort Mcmurray, Grande Prairie, Airdrie, Banff Canmore, Lloydminster and all over Canada on a least price.
As a professional Trucking Business Owner and Truck Driver, you know that there’s a lot more to the industry than sitting behind the wheel of a big rig. Driving an 18-wheel vehicle is no easy task on its own, but there’s a host of other things to be mindful of besides getting to and from your destination safely.
Compliance is perhaps the biggest of them all. The truck carrier profession can often seem like one big regulation. In fact, on May 5th 2015, yet another regulation went into effect called eManifest. Any company that is bringing cargo from the U.S. now has to inform the Canada Border Services Agency (CBSA) of what’s coming and when it will be arriving.
Fortunately, CBSA has set up a web portal that allows carriers to transmit this information electronically to help cut down on paperwork, but you should still have a hard copy of the transaction so that you have a paper trail.
Bookkeeping for Trucking Business Owner and Truck Drivers
Bookkeeping is part of the deal when it comes to the commercial driving profession. But you can prevent it from becoming a chore by establishing a smart system.
The following are a few tips for how to develop a reliable and efficient system you can take with you when on the road, as truckers by their very nature are always on the move:
1. Keep a File Folder in the Truck
Paperwork is a lot like socks: It’s bound to get lost when not kept together. Instead of tossing your receipts and documents on the passenger seat, have a folder so that you can keep everything you have in one place. Alternatively, you may want to color code your folders as shown in the below picture. For example, you could have a red folder for all receipts and a blue-colored folder for all invoices.
Color coding your folders is a smart way to keep track of various records.
2. Take the Folder with You
If you always have a folder in the Truck, you’ll never have to worry about misplacing it or risk it getting lost. However, by doing this, you have to be sure that the first thing you do is transport the documents and receipts to a safe place after returning from a trip, like a filing cabinet or bin.
3. Record Everything
When Tax Filing season comes, you’re going to want to have as many deductions as possible to take advantage of. But you’ll only be able to get them if you have a track record of your expenses.
Whether it’s filling up the tank, association dues or the fee paid after getting a medical exam, have a hard copy of all financial records, making sure to date them as well.
Take Advantage of Online Solutions
The Internet has made the daily grind a whole lot easier for Truck Drivers with such things as the ability to quickly find directions and alternative routes to parts unknown.
It’s also made Bookkeeping much simpler as well thanks to digitization. A digital bookkeeper will help you keep everything in one convenient place – your wireless device. In short, it prevents you from dealing with extra paperwork and receipt overload. It’s all at your e-fingertips.
Accountable Business Services (ABS) ABSPROF has just the thing you need for digital bookkeeping. Just ask an ABS Tax specialist about easy recordbooks. You’re sure to be impressed by what it has to offer.
Making sense of the data you’ve kept is a task unto itself when Taxes need to be done. Let the specialists at ABS handle the work for you. For more information, Contact with an ABS Tax specialist on our Toll Free Number: 1 (888) 556-7864
Contact Details
Accountable Business Services 9905 104 St NW T5K 2G5 Edmonton
Support Call: 1 (888) 556-7864
Fax Number: 780-669-7960
E-Mail: [email protected]
Website: https://absprof.com/
Tax issues can be quite confusing. You could lose much of your hard-earned money without the assistance of Tax Preparation experts. If you are anticipating an easy way to plan your Taxes, then we can help. Accountable Business Services (ABS) is an Income Tax Return (T1 & T2) Preparation Services company located in Edmonton, Alberta; which prepares Income Tax (T1 & T2) Return through E-mail and Fax. Besides Edmonton we offer Income Tax (T1 & T2) Preparation Services in St Albert, Strathcona County, Calgary, Red Deer, Lethbridge, Medicine Hat, Fort Mcmurray, Grande Prairie, Airdrie, Banff Canmore, Lloydminster and all over Canada on your Stargaze (Dream) Rate.
At Accountable Business Services (ABS), we provide consultation services to individuals as well as businesses through E-mail and Fax. Once you have choose our services, you can expect absolute peace of mind. The Income Tax (T1 & T2) Return expert at Accountable Business Services offers you practical solutions to downplay your Taxes (T1 & T2). We keep update ourselves with the latest CRA Tax laws to provide you with expert Income Tax (T1 & T2) Return Preparation Services through E-mail and Fax. Our staff are expert to accommodate the individual needs of our wide client base.
Accountable Business Services (ABS) operates Canada wide; from Edmonton, Alberta. Our Services are offered by a group of Accounting, Bookkeeping and Tax (T1 & T2) experts. With wide experience working with a mixture of clients. The goal of our expert staff is to provide each client like Trucking and Small Business owners with the most cost-effective and solutions possible needed for each unique situation.
Accountable Business Services (ABS) offers Professional Accounting and Tax (T1 & T2) Services for clients like Trucking Businesses in Alberta, Edmonton Area, St Albert, Strathcona County, Calgary, Red Deer, Lethbridge, Medicine Hat, Fort Mcmurray, Grande Prairie, Airdrie, Banff Canmore, Lloydminster and all over Canada on Winsome (Attractive) Rates.
ABS staff experience is broad, meaning we offer help to every type of client whether it’s Personal Accounting, Small Business Accounting, or Corporate Accounting. But despite the broad range of services, there is one elemental goal at which we’re stand out – accomplishing cost effectiveness. This ultimate goal fits all clients from the individual to the large corporation because saving money is a universal target.
Are you disgusted spending big amounts of your hard earned money on Accounting, Bookkeeping, and Income Tax T1 & T2 Preparation and Filing fees charged by the ‘Big Firms’? We began Accountable Business Services (ABS) to offer quality services to Bobcat Businesses and their Owners in Alberta especially in Edmonton, St Albert, Strathcona County, Calgary, Red Deer, Lethbridge, Medicine Hat, Fort Mcmurray, Grande Prairie, Airdrie, Banff Canmore, Lloydminster and all over Canada on Gnomish (Little) Price.
Cloud Accounting provides the ability to care your small business accounts online without the demand for offline storage or applications. There is no local installation on your server and you may approach your accounts from anyplace with an internet connection.
The welfares of cloud accounting as a solution are practically boundless, and peculiarly for a small business, converting to the cloud can allow an alternative to crunching numbers, which apparently is a nightmare because it can be puzzling and time consuming. Many businesses are choosing to cut down time being spent on accounting and instead turn to focus on their core business operations.
Location independent: The ability to run your business and access your accounts from work, home or on the go.
Collaborate online: Invite other business partners to view your accounts and provide valuable real-time advice.
Private and secure: Your data is completely secure even if your computer is lost or stolen.
Automation: Get your bank, credit card and PayPal statements imported and categorized automatically.
Reduction in errors: Automation provides a reduced need for manual entry of transactions which typically would include costly human error.
The Accountable Business Services (ABS) works with Individuals, Small, Medium and Large Enterprises across the Ottawa, Alberta, Edmonton AB, St Albert, Strathcona County, Calgary, Red Deer, Lethbridge, Medicine Hat, Fort Mcmurray, Grande Prairie, Airdrie, Banff Canmore, Lloydminster and Canada on a Piffling (Little) Rate. like you who have a trouble with handling their finances and knowing how much money to set aside for tax. You are comfy with addressing your business via the web, email and Skype, but you don’t want to pay thousands to a face-to-face accounting expert to take care of things. What we do is provide an online Accounting Services which is bespoke to you.
You will receive proper tax planning from our experienced accounting expert to assure that your tax affairs are integrated with efficiency and you’re not allowing unnecessary money on the table for the taxman. Your job is to manage the day to day business transactions.
Accountable Business Services (ABS) is a Professional Accounting and Tax Services firm in Alberta, Edmonton dedicated to being professional and reachable, offering finest accounting, bookkeeping, payroll, personal and tax services on a more personal level.
We provide top Professional Accounting and Tax Services for commercial, industrial and residential clients; small, medium and large business payroll, personal tax service, commercial book keeping and much more in Alberta specially Edmonton Area, St Albert, Strathcona County, Calgary, Red Deer, Lethbridge, Medicine Hat, Fort Mcmurray, Grande Prairie, Airdrie, Banff Canmore, Lloydminster and all over Canada on an astounding (amazing) price.
Our goal is to provide highly personalized service, individuals and companies unique needs, and providing customer specific solutions. Every company requires a different approach and we aim to always provide the best value. It’s our Mission to build valued relationships while providing sound, professional advice through extensive business knowledge and conception while assuring clients their concerns will be addressed efficiently.
Our Values include professional will and personal humility – in both work and in life. We aim to build a Corporate Culture directed by a self-motivated team that values precision, accuracy and efficiency, and a disciplined approach to its work.
We provide personal service and advice on where to save on taxes, how to optimize your accounting, and we will consult on the best approach for your daily operations.
Every corporation operating in Canada has to file a Corporate T2 Tax Return every year even if the corporation has been inactive and/or has no income tax payable that particular tax year.
So your corporation will need to file a T2 corporate tax return every year within six months of the end of its fiscal year. (One of the advantages of incorporating your business is that you don’t have to have a fiscal year that corresponds to the calendar year, but you can have a fiscal year starting in any month and ending twelve months later.)
Generally T2 Corporation Income Tax Return would have to be e-filed by April 30th of every year. If the filing deadline falls on a Saturday, Sunday, or statutory holiday, the Canada Revenue Agency will consider the return filed on time if it is sent on the first business day after the E-Filing deadline. Keep in mind that E-FILE AND CASH BACK are your best solution to getting your refund quickly. With e-file you can get your refund in 2 weeks.
Accountable Business Services (ABS Prof) is an Alberta Canada based company and was established with a vision to provide quality and informed business decisions. We have a history of firm and constant growth and we will continue that into the predictable future!
Every few years, a new technology comes out which alterations the way Accountable Business Services (ABSProf) do business. Cloud computing and more specifically Cloud Accounting is such a technology. The development of cloud based accounting software comprises the next generation of record keeping technology and can be a more businesslike and advanced way to monitor and follow the financial operation of your business.
As with most technologies implementation is just the beginning, it’s how you make use of the software that counts. By embracing a single account book system Accountable Business Services (ABSProf) are able to offer far more than compliance services to Small, Medium and Large Companies in every Cities of Alberta Edmonton Area, Calgary and Canada. No longer do you and your Best Cloud Accounting Service provider have to transfer files back and forth; you both simply login to a secure online data file to view financial transactions as they happen.
We take full advantage of the ability to access our clients’ financial data in real time to make adjustments, prepare and lodge tax returns and actively provide support and recommendations throughout the year not just at year end. We can spot chances and threats before they come up and work beside our clients to actively manage the growth of their businesses.
Accountable Business Services (ABSProf) are experts in Best Cloud Accounting Services for Small, Medium and Large Companies in every cities of Alberta Edmonton Area, Calgary and Canad, proactively using the Cloud to provide innovative ccounting Services to you. The Cloud enables the team at Accountable Business Services (ABSProf) to build a thorough understanding of your business building a mutually beneficial relationship.
Accountable Business Services (ABS) have a staff of QuickBooks ProAdvisor of Intuit, on hand to provide complete QuickBooks services to companies in Alberta, Edmonton, St Albert, Strathcona County, Calgary, Red Deer, Lethbridge, Medicine Hat, Fort Mcmurray, Grande Prairie, Airdrie, Banff, Canmore, Lloydminster and all across Canada. We provide one step QuickBooks results that will assist facilitate your accounting and data management load, as well immediate customer service and support to respond any questions you might have.
Accountable Business Services (ABS) understands that as a business owner you have many responsibilities other than managing your company’s Books. ABS Full Cycle Bookkeeping Services takes care of the Bookkeeping considerations so you can give your full attention to managing and growing your business.
ABS comprehensive approach, knowledge, and experience will improve your company’s financial well being. Just a few of the priorities that we achieve are timely billing and collection, and decreasing costs. We also provide the financial and project data you need to make informed, profitable decisions.
ABS Full Cycle Bookkeeping Services specializes in QuickBooks, Xero (Cloud based Bookkeeping) and Simply Accounting softwares which provides full confidentiality and security. ABS mission is to provide our clients with top-quality Full Cycle Bookkeeping and Accounting solutions in a timely manner meeting all statutory reporting deadlines.