Tax season isn’t a particularly fun time for anyone—but it can be especially tough on the self-employed. Not only can the filing process feel confusing, but you’re also faced with the harsh reality of just how much of your business income is going toward your income tax and Canada Pension Plan (CPP) contributions. If you’re […] The post How to Go About Lowering Your Self-Employed Taxes (Canada Edition) appeared first on FreshBooks Blog - Resources & Advice for Small Business Owners ..read more

The saying continues to ring true: In this world, nothing can be said to be certain, except death and taxes. So despite the dread you might feel before the tax filing deadline, it’s got to be done—this year, next year, and the year after. How can you make it a little more bearable? All it […] The post It’s That Time of Year Again! A Roundup of U.S. Tax Season Advice appeared first on FreshBooks Blog - Resources & Advice for Small Business Owners ..read more

Small business owners aren’t expected to be tax experts, but they are expected to file an income tax return. Your focus, though, is on your business and doing the work you love. But if you avoid dealing with taxes until tax time, or even the end of the tax year, those months before you file […] The post Canadian Tax Season Aftermath: How to Set Your Business up for Success Next Year appeared first on FreshBooks Blog - Resources & Advice for Small Business Owners ..read more

It’s a fact: People despise waiting. In 2019, the stationery supply company BIC asked people how long they were willing to wait before becoming frustrated. Respondents reported losing their patience after just 16 seconds of waiting for a web page to load, 18 seconds of looking for a pen, and 25 seconds of waiting for […] The post Dealing With a Canadian Tax Refund Delay? Here Are Some Reasons for the Hold-Up appeared first on FreshBooks Blog - Resources & Advice for Small Business Owners ..read more

For most Canadian businesses, the past few years have been irregular at best. In a January 2021 survey, the Canadian Federation of Independent Businesses found that 1 in 6—or about 181,000—Canadian small businesses are considering closing for good. Other businesses experienced disruptions or a lower volume of work throughout the pandemic while some entrepreneurs, particularly […] The post Canadians: What Changes Can You Expect on Your 2022 Small Business Tax Return? appeared first on FreshBooks Blog - Resources & Advice for Small Business Owners ..read more

For many new business owners, tax time can be a rude awakening. After all, it’s tough to say goodbye to a big refund of all of the tax your employer withheld from your paycheck. Not to mention filing a return is much more complicated when you’re self-employed. Want to get up to speed as quickly […] The post Keep These Tips in Mind When Filing Small Business Taxes for the First Time in the U.S. appeared first on FreshBooks Blog - Resources & Advice for Small Business Owners ..read more

If you’re just getting started—or even if you’ve been in business for a while—depreciation may be an expense category that you aren’t very familiar with or just don’t understand. Well, it’s time to get familiar because depreciation can lead to valuable income tax deductions that may save you thousands of dollars per year while allowing […] The post Make the Most of Your U.S. Business Expenses: What You Need to Know About Depreciation appeared first on FreshBooks Blog - Resources & Advice for Small Business Owners ..read more

As a thoughtful employer, you may provide your employees with facilities, benefits, or expenses in addition to their salary. Lots of them are in HMRC’s ‘taxable’ category. Form P11D is the way you must report the cash value of these expenses and benefits to HMRC. Then the tax office will decide how much income tax […] The post What Is a P11D Form in the UK and Why Does It Matter? appeared first on FreshBooks Blog - Resources & Advice for Small Business Owners ..read more

As part of the PAYE scheme, all UK employees must get a P60 at the end of each tax year. This ‘End of Year Certificate’ is a summary of all their pay and total tax deductions for that tax year. But what does this mean for you as an employer?   Don’t Worry, a P60 […] The post What Is a P60 Form or ‘End of Year Certificate’ in the UK? appeared first on FreshBooks Blog - Resources & Advice for Small Business Owners ..read more