by ABS Professionals | Dec 31, 2015 | Articles, Blog
Most average families have gotten to the point where they are really scaling up their efforts on cutting back their expenses and looking for innovative ways of making a few extra dollars or savings. When there is something free being offered a lot of people tended to opt for it. A good example of this is air miles and one of the latest fads is the cash back credit cards.
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by ABS Professionals | Dec 30, 2015 | Articles, Blog
Usually when the finances begin to get out of control it’s because there is a lot of debt that has to be dealt with. When this happens individuals then start looking for solutions to be able to turn things around. One of the options that often gets put on the table is looking at the consolidations of loans.
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by ABS Professionals | Dec 28, 2015 | Accounting & Taxes, Blog
Running a small business takes time and dedication, and if you’re like most small business owners and managers, you’ve already got a lot on your plate. Why add accounting to your ever-growing list of responsibilities when our team is on hand to help? At Accountable Business Services (ABS) ABSPROF, we offer a variety of small business accounting services to local organizations in and around Edmonton, AB.
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by ABS Professionals | Dec 27, 2015 | Articles, Blog
One of the most famous happenings when it comes to the New Year is the New Year’s resolutions that a multitude of people put in place. They usually start thinking about this seriously between the week of Christmas and New Year’s and then when the clock strikes midnight on New Year’s Eve they are ready to start on a new path in life.
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by ABS Professionals | Dec 26, 2015 | Blog, Tax Preparation & Filing
If you live in Calgary, AB, tax preparation help is waiting with a knowledgeable and friendly team at Accountable Business Services (ABS) ABSPROF, Filing your taxes can sometimes be a long and time consuming process, especially if you own a business or have a unique employment situation, but our team is able to quickly navigate the tax code to file the right paperwork for you.
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by ABS Professionals | Dec 16, 2015 | Blog, Tax Preparation & Filing
Once you get your taxes filed then you can sit back and wait for your assessment. Eventually it arrives and it all appears to be good. So you file it away and figure you are done for another year. Then all of a sudden some time through the summer you receive another piece of mail from the CRA.
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by ABS Professionals | Dec 15, 2015 | Articles, Blog
It is truly hard to believe that another year has gone by so quickly. In many ways it has been an eventful year with it being an election one. As the year comes to a close the general aura of the Canadian population seems to be one with a more positive outlook.
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by ABS Professionals | Dec 12, 2015 | Articles, Blog
For a lot of people money is tight at any time of year, but this situation can become most depressing around the Christmas Celebration in Canada. This is because there are so many financial expectations that arise. Families are expected to decorate their homes in keeping with the season. There are at least a few gifts to buy and there are family gatherings where some form of refreshments have to be served.
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by ABS Professionals | Dec 11, 2015 | Articles, Blog
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?
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by ABS Professionals | Dec 1, 2015 | Articles, Blog
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.
The Christmas decor
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.
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by ABS Professionals | Nov 24, 2015 | Articles, Blog
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.
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by ABS Professionals | Nov 22, 2015 | Blog, Business Planning & Strategies
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.
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by ABS Professionals | Nov 4, 2015 | Accounting & Taxes, Blog
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.
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by ABS Professionals | Oct 13, 2015 | Articles, Blog
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.
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by ABS Professionals | Sep 16, 2015 | Blog, Tax Preparation & Filing
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.
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by ABS Professionals | Sep 1, 2015 | Blog, Bookkeeping
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.
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by ABS Professionals | Aug 27, 2015 | Blog, Farm Taxes
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.
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by ABS Professionals | May 30, 2015 | Blog
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: info@absprof.com
Website: https://absprof.com/
by ABS Professionals | Feb 27, 2015 | Blog
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.
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by ABS Professionals | Dec 18, 2014 | Accounting & Taxes, Blog
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.
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