Category Archives: Small Business

Putting Accounting Services Toronto to Work for Toronto Hairdressers

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iStock_000016293624XSmallBeing self-employed in any industry does have its challenges, and when it comes to the self-employed hairdresser this certainly holds true. It is a great profession to be in and although it is highly competitive there seems to be lots of room for growth for those that want to work for themselves. It also means utilizing the business sense when it comes to the accounting needs and for Toronto hairdressers one of the best resources to rely on is Toronto Accountants for the Hairdressing Business.

Many hair stylists are not too sure how they really want to go about their self-employed business. There are lots of options available. Some prefer to rent out a chair in a well-known and established salon while others have the extra space in their home to be able to set up a small personalized business there.

If you are in the beauty industry and your primary services are those of a hair stylist you not only have to consider the best location where you can build a good clientele, you also have to look at it from the financial view as it pertains to your best tax alternatives and incorporate some tax planning.

No matter which choice you make when it comes to the end of the year and it’s time to do your taxes your first though is to turn to the CRA guides to see what category you come under. You may not be sure if you are considered a self-employed individual, or a professional. Or would you be classed as an employee or tradesperson? This can get pretty confusing and making the wrong choice of classification can lead you to doing your taxes wrong. It is well worth using the services of a Toronto accountant to do your taxes for you.

One of the big mistakes that many self-employed individuals make and is a common one amongst hairdressers is that they don’t give much thought to their taxes throughout the year until it comes tax time. AN accountant for small businesses in Toronto will give you insight as to how to keep track of your income and expenses which you may not have a great deal of knowledge about. There may be many expenses available to you that you can claim, but if you are not aware of these then chances are you won’t keep the receipts necessary to provide proof of expenses.

You can also talk to your Toronto tax expert about the options you have in your line of work and what would provide the best tax advantages for you in your particular situation. For example, if you work from home then there are some additional expenses you may be able to claim. Then it may turn out that it’s more advantageous for you to rent a chair, or ultimately work as an employee for a period of time.

As a Toronto Account I offer accounting services Toronto to many different industries that are of comprised of small to medium business entities. I would be pleased to discuss your hairdressing accounting needs with you. Just give me a call at (416)398-1700 .

Toronto Small Business Accountant for the Self Employed

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Self employed taxes canadaAs a Canadian self employed individual you may not be viewing yourself as a true business entity. If this is the case then you may not be thinking that you could really benefit from the services of a Toronto Business Accountant. This is an error on your part if this is what you have been thinking.

As a self-employed individual you may have been filing your tax returns yourself in the past, or this may be your first year at attempting it. If this is the case then you are probably turning to all the information on the internet concerning this. You will soon discover that the Canadian tax laws for any type of filing for tax returns, is not as easy as it sounds. Just by merely misinterpreting some of the information that you come across could be costly for you. This is why it is always advisable to rely on the experts such a Toronto Tax Accountant.

Something else you may not realize is that each year there are small changes and sometimes big ones that take place. You may neglect to bring yourself up to date with these and as a result miss out on a tax break or make the necessary plans to change something applicable to this in your self employment approach.

You may have been going along quite nicely with filing your tax returns over the last several years as a self-employed individual. You have never been hassled by the CRA so you figure you are doing just fine. The question is though are you getting all the tax breaks that may be available to you? All too often individual tax payers concentrate so much on making sure that they are complying with all the tax rules they don’t spend enough time looking at the potential tax breaks.

Perhaps you are in a situation where you are wondering if you should turn your self-employment status into a company ownership. This is an area that your Toronto tax accountant can advise you on in regards to what it would do for you from a tax point of view.

One of the most important responsibilities of tax returns and self employment status is that you keep good records. If you don’t have a business degree or are familiar with bookkeeping practices this may be an area that could give you potential problems. Your tax accountant has to rely on these records to assist you with your self employed tax returns. If you have not been astute at doing this it doesn’t mean that you should avoid using the services of these tax experts. They will guide you as to what you need to do to get yourself on track with your accounting records.

As a Toronto Accountant I take great pride in the tax assistance I have been able to provide to my self-employed clients over the years. I have had the pleasure of seeing some of them move their self-employment status to a small successful business entity. Why not take advantage of my FREE consultation and let’s see where I can make a difference in your tax situation.

Benefits of a Small Business Accountant

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Many people are owners of small businesses and find that they have a big responsibility in managing their own financial records. Some find that hiring their own small business accountant to help manage the financial aspects of their business, is very beneficial to them and their business. Small business accountants offer many benefits to a business and can help keep many organizations from financial ruin. Accountants help keep financial records current by keeping financial books in order, managing cash flow, and assessing risks. Accountants often help business owners with their personal finances as well. Before hiring a small business accountant, many business owners do research in making sure that good candidates have small business experience and are experienced in preparation of personal tax returns including self employed, proprietorships and partnerships along with corporations. Business owners have the option to contact the Institute of Chartered Accountants of Ontario if they are wanting to check the full credentials of a chartered accountant candidate they are thinking of hiring. Accountants main purpose through the whole process is to be a trusted financial advisor for the business and to make sure that the business financial stability remains in good standing.

For Toronto residents, one well known trusted small business and chartered Toronto accountant, Sam Seidman, CA specalizes in small business tax and all accounting needs. He has much experience and great credentials to offer, providing services in Personal Tax Returns, Corporate Taxes, Estate Tax and more and all for a reasonable price. The personal tax service that Sam Seidman offers includes preparing current and past tax returns, and they include professional income, self employment, investment properties, and commissions sales and reps. For small business owners, Sam Seidman prepares and electronically files Corporate T2 Tax Returns as well as annual financial statements. He serves in doing payroll taxes as well in helping with referrals to payroll services, monthly remittances for payroll and preparation of T4 slips. He can help his customers make the best tax decisions and assist in tax planning to help them minimize their taxes. He offers the taxpayer a chance to talk with him before making most tax decisions in order to see if he can be of help to them in the planning process.

Sam is available to serve the needs of all small businesses and entrepreneurs of Toronto and surrounding areas and he is reachable by e-mail or phone Tel: 416-398-1700. He also offers consultation services by people leaving their e-mails, phone number, and full name. He is a professional, licensed, experienced Public Accountant and is very experienced in small business accounting. He is a member of the Institute of Chartered Accountants of Ontario and has practiced in the business for over 20 years. Whenever in need of a small business accountant for personal tax purposes, payroll tax purposes, corporate taxes, tax problems, and any tax planning, or whatever small business accounting issue, Sam Seidman is one of the most reliable, dependable tax preparers and accountants available in Toronto, Ontario.

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