CPA for Tech Consultants
We’re Here to Help
As an accounting firm for IT Consultants in Toronto, we offer a wide range of accounting, tax and advisory services designed to increase your net-worth and decrease your stress. Our processes are designed to meet your needs regardless of the stage at which you are in within your IT consulting career. Our team of Chartered Accountants has over 30 years of experience in all aspects of accounting, tax, and advisory services for incorporated IT Consultants and IT Professionals.
We understand that as an Incorporated IT Consultant and business owner, you want more from your Chartered Accountant than just a set of financial statements or corporate tax return preparation. As a client of CPA4IT, you will gain the benefit of regular access to our experienced Chartered Accountants and IT Consulting accounting experts. Our team can provide you with general business and tax advice, as well as assistance with setting up, running and maintaining your IT consulting business.
Accounting Services For IT Consultants
Tax Services For IT Consultants
Frequently Asked Questions
If you are using a portion of your home for business purposes, you must calculate the allowable portion of your home expenses. These expenses are deductible only to the extent that they do not exceed income earned. When considering the percentage of space used for business, remember to consider the space utilized by your automobile times the business use percentage as well. If you are a sole proprietor, you may only claim expenses for the business use of a workspace in your home if either:• the workspace is your principal place of business, or • you only use the workspace to earn income from your business and you use it on a continuous and regular basis for meeting clients, suppliers, etc
Interest is deductible under the following conditions:
• It must have been paid or payable pursuant to a legal obligation to pay interest.
• The borrowed money must have been used for the purposes of earning income from a business or property or the interest must have been on an amount payable for property acquired for the purpose of gaining or producing income from the property or from a business. Interest and penalties on government remittances should be included here but are not tax deductible and will be added back when calculating your taxable income.
Generally speaking, all professional liability insurance, ordinary commercial insurance premiums for fire, theft, and liability on buildings, machinery, and equipment you use for business purposes are deductible. The deciding factor regarding the deductibility of premiums appears to be “What is the nature of the loss being insured against?” If it is of a revenue nature (that is, related to the normal day-to-day carrying on of the business), then the insurance premium is deductible. Where health/dental insurance premiums are paid for an employee’s benefit by their employer, under an approved superannuation fund or plan or under a group insurance or medical services plan, the employee need not include this premiums in determining their income and the employer may deduct them as a business expense unless otherwise noted below.
Disability insurance is deductible but, if deducted, any benefits received will be taxable. Thus, we recommend that no deduction be claimed by the insured so that benefits remain tax-free.
Life Insurance Premiums
Life insurance premiums are not deductible. The first $25,000 of coverage on a group insurance plan was deductible until 1996.
Medical & Dental Premiums
Medical & dental premiums paid through a group plan are deductible to the corporation and are not a taxable benefit to the employee.
Note: If you have a home office that includes your Company’s computer equipment, make sure that these items are covered under your household contents insurance policy. This insurance expense should be included with Rent Expense.
If you are using a portion of your home for business purposes, you must calculate the allowable portion of your home expenses. These expenses are deductible only to the extent that they do not exceed income earned.
When considering the percentage of space used for business, remember to consider the space utilized by your automobile times the business use percentage as well.
I am a sole proprietor working from home. Can I claim expenses for the business use of workspace in my home?
If you are a sole proprietor, you may only claim expenses for the business use of a workspace in your home if either:
- the work space is your principal place of business, or
- you only use the work space to earn income from your business and you use it on a continuous and regular basis for meeting clients, suppliers, etc.
If you carry on your business through a corporation, the above restrictions do not apply.
The corporation may reimburse you, the owner, and a portion of your rental expenses and claim a deduction. If you own or rent your home and use some of it for business purposes, you may deduct a reasonable portion of your home expenses such as light, heat, water, home insurance, mortgage interest, property taxes, decorating, landscaping, snow removal, cleaning materials, security alarm, repairs & maintenance, etc. The expenses should be apportioned between business and non-business use on a reasonable basis, for example, square metres of floor space used as a percentage of total living space.
If you own the house, you may claim capital cost allowance (CCA) and mortgage interest on the business use portion of this property. However, it is generally not prudent to claim CCA, as a taxable capital gain could arise on the portion of the property used for business purposes on the sale of the property. You could also be subject to recapture of CCA previously claimed.
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Get cutting edge accounting tools
If you are providing accounting services for IT consultants it better leverage the latest tech tools. We love technology which is why we provide all our accounting and bookkeeping clients with their own secure digital vault and free Mobile App for capturing and tracking receipts.
peace of mind
Taxes can be stressful but our job as an accountant for it consultants is to make this process as quick and easy as possible. Our mission is to decrease your stress and increase your networth. That’s why we back up our work with audit representation protection.
We leverage our decades of experience providing accounting service for IT Consultants and our vast database of tax returns to generate a proprietary industry benchmark that shows you how your revenue and expenses compare to your peers.
We work with all of our corporate clients to develop a financial legacy plan that will enable them to build a legacy that can fund their retirement and their legacy.
We're here to help!
CPA4IT focuses specifically on maximizing your financial benefits to help you have the security to grow and improve your business. Our services include all the important aspects of your finances, such as:
You should always keep a record of legal documents as well as past tax returns and other vital documents like income statements and balance sheets. Everything we handle, we keep in a secure file digital vault.
Tax laws frequently change, so rather than risk a misstep, it’s important to hire a knowledgeable representative that is familiar with your industry. At CPA4IT we stay up-to-date on our practices and we attend and speak at some of the largest accounting conferences in the world.
An accountant has plenty of financial experience to guide you on important decisions. We have over a century of combined experience helping small businesses manage their finances and generate success.
Why Hire a Tax Accountant?
If you plan to manage your finances on your own, you open your business up to a high potential for errors that could cost you a lot. An experienced accountant can take care of all your financial responsibilities to put you in a healthy financial spot.
At CPA4IT we can manage your finances and generate a financial legacy.
As a family-owned business, we take pride in helping small businesses grow. If you would like to schedule a free consultation with a small business tax accountant at our firm, call us today at 1-800-465-7532.