CPA4IT
Salary or dividends, how do I pay myself?
The question “How do I pay myself?” has two answers for a small business owner who has set up a corporation; she can pay herself a salary or she can … Read more
What is the difference between a tax credit and a tax deduction?
A tax deduction saves tax at your marginal tax rate. Your marginal tax rate is the amount of tax you pay on the next dollar of income. A tax credit … Read more
Raising your business like a child
Why did you decide to become an entrepreneur? If you’re like most owners, you aspire to have the freedom that comes from owning your own business: The freedom to decide how … Read more
I have expenses that I am not sure are deductible. Should I track them?
We encourage our clients to keep track of all expenses whether deductible or not. Any expense whose deductibility is uncertain should be tracked in the ask my accountant category. At … Read more
What happens if I forgot to obtain a receipt?
Receipts are generally required to substantiate an expense. However, if you forget to obtain a receipt, you should write a receipt from yourself to your business in as much detail … Read more
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