4 Tax Tips for Small Business Owners from Your Year End Accounting Firm in Calgary

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4 Tax Tips for Small Business Owners from Your Year End Accounting Firm in Calgary

folders at year end accounting firm in Calgary

Could your business benefit from the advice of an experienced year end accounting firm in Calgary? With the fall ushering in a taste of cold weather across Calgary, business owners can’t ignore the fact that tax season is approaching any longer. It seems hard to believe, but there are only a few months left in 2015, which means fiscal year-end closing procedures are on the horizon for your business.

It’s a tough pill to swallow. You’re dreading tax season, and you promised your family your time for the fall and winter holidays – don’t worry, we can help! Whether your small or growing business does not retain a year-end CPA accountant full-time, or your current staff are swamped, our year end accounting firm in Calgary can help!  

folders at year end accounting firm in CalgaryQualified help (and free consultations) with our year end accounting firm in Calgary.

If your small business requires the help of a year end accounting firm in Calgary, then call Edison Wen CPA, CGA at (403)-800-3303, or visit our Monthly and Year End Accounting Firm services page to learn more.

Edison Wen CPA, CGA has been helping Calgary business owners save time and tax costs for years, building a trusted reputation with a hands-on, personalized process that complies with all ASPE and IFRS accounting standards. When you work with our year end accounting firm in Calgary, you benefit from true dedication and total transparency – not only will be take care of your corporate tax returns and other fiscal year-end closing procedures, but we will explain the process to you every step of the way. We believe in empowering our clients with knowledge and concrete data about Calgary’s complex tax climate, helping you make informed decisions in the future while we take care of your year end accounting needs today.

4 tax tips for DIY business owners

If you are trying to tackle your fiscal closing procedures without the help of a year end accounting firm in Calgary, then the following 4 tax tips might be of use!

  • Defer your income where possible. Income is taxed the year it comes-in – everybody knows that. But did you know that deferring your income if you’re self-employed or freelancing can help you pay less this tax season? Sending client invoices in late December ensures that payments will not be processed before 2016, thereby minimizing your taxable income when filing on the cash basis of accounting.
  • Stay on top of your tax liabilities. Assess your company’s profit and loss, and determine how your company’s performance. If your income is greater than expected, try to get some business-related purchases out of the way before 2016 to control your tax liability. The sweet spot between Christmas and the New Year is ideal for saving since post-holiday discounts come into effect.
  • Start early, stress less. Before the holiday rush kicks in, you should try to make time to start your year end bookkeeping tasks. Reserve an hour each week to separate your personal and business expenses – it will go a long way.
  • Pounce on deductions. If you give your employees a festive centerpiece, holiday ham, or bag of Halloween candy, you can take advantage of some gift deductions. You get a deduction, and your employees won’t have to pay tax on the item – everyone wins! However, if you buy them a gift card for the same item, you’ll have to add the value to their wages, which means more payroll tax paperwork this holiday season. Choose wisely!

Whether you have a quiet holiday or a frenetic fall ahead of you, Edison Wen CPA, CGA year end accounting firm in Calgary take taxes off of your mind. Call (403)-800-3303 for a free consultation!