Year-end tax Checklist for 2021

 

The Year-End Tax Planning guide is primarily intended for individuals who have accumulated a certain amount of wealth or who own their business (large or small). It includes nine year-end tax planning checklists and several helpful information tables.

What's new?

Federal

Response to COVID-19 - introduction of wage subsidies (eg Canada Emergency Wage Subsidy) and benefits (eg Canada Economic Stimulus Benefit); extension of certain payment and production deadlines

Employee stock options - proposed limits to restrict the beneficial treatment of stock options.

Provinces and territories

Response to COVID-19 - introduction of various incentives (eg, reimbursement of BC PST on certain machinery and equipment); extension of certain production deadlines

• Alberta - decrease from 11% to 10% on January 1, 2020 and to 8% on July 1, 2020
  
• Nova Scotia - down from 16% to 14% on April 1, 2020
• Quebec - decrease from 11.6% to 11.5% on January 1, 2020

Small Business Rates

• Nova Scotia - decrease from 3% to 2.5% on April 1, 2020
• Ontario - down from 3.5% to 3.2% on January 1, 2020
• Prince Edward Island - decrease from 3.5% to 3% on January 1, 2020 and to 2% on January 1, 2021
• Quebec - drop in the going rate from 6% to 5% on January 1, 2020 and to 4% on January 1, 2021; small business CCPCs M&T rate remains at 4%
• Yukon - Decrease in non-M&T and O&M rates from 2% and 1.5% to 0% respectively on January 1, 2021

Research and development (R&D) tax credits

Alberta - credits are eliminated for qualifying expenses incurred after December 31, 2019, but a new innovation and employment grant that supports R&D for SMEs will be available starting January 1, 2021

Quebec - the expenditure exclusion threshold applies only to the R&D salary tax credit for eligible expenditures incurred for a taxation year beginning after March 10, 2020

Yukon - lower corporate rate to 12% for qualifying expenses incurred in tax years ending after December 31, 2020

Beneficial ownership records
New (British Columbia, Manitoba, Prince Edward Island) and planned (Nova Scotia, Quebec and Saskatchewan) provincial requirements for private companies to maintain ownership records

Year end tax planning checklists

The assistance of your PwC advisor is essential to properly analyze the following year-end tax planning strategies. In addition to tax considerations, your financial plan should take into account investment philosophies, sound business practices, and motivational goals. Owner-operators must ensure that sufficient funds are retained to achieve business objectives; Given the uncertain economic conditions, cash flow management is particularly important.

Year end tax planning tips

With December 31st just around the corner, now is a good time to review some tax return & preparation services that need to be in place before the end of the year.

Pay Deductible or Creditable expenses before the end of the year

Certain expenses can only be deducted from taxable income or qualify for a tax credit if the amount is paid before the end of the calendar year. If you plan to pay an expense that is tax deductible or qualifying for a credit early next year, consider doing so before the end of the year to take advantage of the deduction or credit on the income tax return.

Contact us here for the year end tax planning and tax preparation.

Accounts Receivable and Accounts Payable: how to use in business growth ?

What is Accounts Payable?

Accounts Payable (A/P) are often roughly defined as a file or ledger account that records amounts owed to suppliers, contractors or individuals. An accounts payable clerk is liable for the weekly or monthly payment processing within a corporation. This included with such payments as; payroll, office supplies, merchandise and utilities.

The major portion of the work involves validating and processing invoices for payments, however; it does involve a couple of other processes.

Accounts Payable Services works closely with the shipping and buying departments so as to validate the supplier invoices to be paid. When a sale is formed by a corporation , a sale order is made with a singular identifier like a sale order (PO) number. This order records the date on which the initial order was made, expected arrival date of shipment, number of units purchased, cost per item and any shipping charges indicated by the supplier.This is a particularly useful tracking method for shipments coming into the corporate . If a shipment isn't received by the expected date, you'll be reminded to follow up with the supplier. Once the products have arrived, they typically accompany a packing slip or (bill of lading) attached to every box. This is what's employed by the shipper to verify what has actually been received.

Contact us here for the accounts payable and accounts receivable services.

Infographic:Differences Between Accounts Receivable and Accounts Payable

See Ref: https://visual.ly/community/Infographics/business/differences-between-accounts-receivable-and-accounts-payable

Read More: https://www.myaccountsconsultant.com/accounts-receivable-and-accounts-payable-whats-the-difference/

Accounts Receivable and Accounts Payable: how the use it in business ?

 What is Accounts Receivable?

Accounts receivables generally refer to the quantity owed to a corporation by its’ clients and creditors. Sales are often recorded within the sort of an invoice both paper and electronic. This invoice includes the entire amount of invoices, shipping costs (if applicable), taxes, payment terms, invoice number and original order number and outline of shipping goods.

Payment terms are extension dates given to the client supported credit terms set by the client and therefore the sales division when the first order is formed. This enables the client ample time to sell the products and pay the invoice. Payment terms generally speaking are 30 or 60 days counting on the agreement.

The assets department works closely with the bookkeeper to make daily and monthly sales reports. Invoices are considered assets and are want to calculate the general worth of the corporation by the controller. The assets department is liable for generating the aged accounts, reports and followers abreast of collecting overdue accounts.

Accounts Receivable services is a crucial a part of the corporate because it's the first resource for all the sales departments. It creates invoices, orders, shipping labels, picking slips and oversees that each one goods are shipped during a timely fashion. Essentially, it's the liaison between the sales, accounting and shipping departments.

What is Accounts Payable?

Accounts Payable (A/P) are often roughly defined as a file or ledger account that records amounts owed to suppliers, contractors or individuals. An accounts payable clerk is liable for the weekly or monthly payment processing within a corporation. This included with such payments as; payroll, office supplies, merchandise and utilities.

The major portion of the work involves validating and processing invoices for payments, however; it does involve a couple of other processes.

Accounts Payable Services works closely with the shipping and buying departments so as to validate the supplier invoices to be paid. When a sale is formed by a corporation , a sale order is made with a singular identifier like a sale order (PO) number. This order records the date on which the initial order was made, expected arrival date of shipment, number of units purchased, cost per item and any shipping charges indicated by the supplier.This is a particularly useful tracking method for shipments coming into the corporate . If a shipment isn't received by the expected date, you'll be reminded to follow up with the supplier. Once the products have arrived, they typically accompany a packing slip or (bill of lading) attached to every box. This is what's employed by the shipper to verify what has actually been received.

Any discrepancies are noted and this packing slip is attached to the first order . This is done is to verify that each one goods on the first order are received and if there's a back order, the purchaser is going to be able to update his/her purchase orders accordingly. He or she is going to then follow up with the supplier on expected date of arrival of the missing goods.

Read More: https://www.myaccountsconsultant.com/accounts-receivable-and-accounts-payable-whats-the-difference/

Accounts Receivable and Accounts Payable: how the Difference?

 

What is Accounts Receivable?

Accounts receivables generally refer to the quantity owed to a corporation by its’ clients and creditors. Sales are often recorded within the sort of an invoice both paper and electronic. This invoice includes the entire amount of invoices, shipping costs (if applicable), taxes, payment terms, invoice number and original order number and outline of shipping goods.

Payment terms are extension dates given to the client supported credit terms set by the client and therefore the sales division when the first order is formed. This enables the client ample time to sell the products and pay the invoice. Payment terms generally speaking are 30 or 60 days counting on the agreement.

The assets department works closely with the bookkeeper to make daily and monthly sales reports. Invoices are considered assets and are want to calculate the general worth of the corporation by the controller. The assets department is liable for generating the aged accounts, reports and followers abreast of collecting overdue accounts.

Accounts Receivable services is a crucial a part of the corporate because it's the first resource for all the sales departments. It creates invoices, orders, shipping labels, picking slips and oversees that each one goods are shipped during a timely fashion. Essentially, it's the liaison between the sales, accounting and shipping departments.

What is Accounts Payable?

Accounts Payable (A/P) are often roughly defined as a file or ledger account that records amounts owed to suppliers, contractors or individuals. An accounts payable clerk is liable for the weekly or monthly payment processing within a corporation. This included with such payments as; payroll, office supplies, merchandise and utilities.

The major portion of the work involves validating and processing invoices for payments, however; it does involve a couple of other processes.

Accounts Payable Services works closely with the shipping and buying departments so as to validate the supplier invoices to be paid. When a sale is formed by a corporation , a sale order is made with a singular identifier like a sale order (PO) number. This order records the date on which the initial order was made, expected arrival date of shipment, number of units purchased, cost per item and any shipping charges indicated by the supplier.This is a particularly useful tracking method for shipments coming into the corporate . If a shipment isn't received by the expected date, you'll be reminded to follow up with the supplier. Once the products have arrived, they typically accompany a packing slip or (bill of lading) attached to every box. This is what's employed by the shipper to verify what has actually been received.

Any discrepancies are noted and this packing slip is attached to the first order . This is done is to verify that each one goods on the first order are received and if there's a back order, the purchaser is going to be able to update his/her purchase orders accordingly. He or she is going to then follow up with the supplier on expected date of arrival of the missing goods.

Once this process is complete, the signed order and bill of lading is shipped to the Accounts Payable department for payoff . If an invoice is received, the clerk will verify that the invoice amounts equals the purchased amount. If it's verified and everyone is correct, the invoice is going to be paid and every one cheque numbers or other tracing information is going to be added to the front of the invoice. It will then be filed for future reference. If there is a discrepancy, the A/P clerk will have to contact purchasing and/or shipping to verify the correct amounts.

All of our Certified QuickBooks bookkeepers are experts in Accounts Payable and Accounts Receivable Services and that we understand the importance of doing things during a timely and accurate fashion. accounts payable and receivable for business is very important task but if you are doing it by yourself, then you may miss the important task of the business and you can not focus on the business. So, Why would you pay a full time salary, you can outsource for therefore much less? Contact one among our experienced outsourcing bookkeeping companies today for all of your Complete Business & Individual accounting needs.

Contact us here for the accounts payable and accounts receivable services.

Infographic: Differences Between Accounts Receivable and Accounts Payable

See Ref: https://visual.ly/community/Infographics/business/differences-between-accounts-receivable-and-accounts-payable

Why QuickBooks is The Best Accounting Software for your Business?

QuickBooks is apt software for the small to medium-sized businesses. Using this software wisely is highly beneficial for the business. It is a cost-effective investment which can affect the functioning of your business positively. Using the right ideas and tools can go a long way to help you with the purpose. You can take the help of QuickBooks Enterprise or QuickBooks Support for optimally utilizing the QuickBooks software. 

QuickBooks Enterprise Accounting Software: QuickBooks Support

Get more information about QuickBooks Payroll Accounting Service and Payroll Processing Service here with us.

Run the QuickBooks more efficiently by following the given tips

1) Cash Flow Control

The finance related activity and cash flow can be easily managed using QuickBooks. You can reconcile your bank statements with the QuickBooks and maintain your cash flow in an effective manner. The data should be updated on regular basis and should be matched with the banking transactions. If you are not able to reconcile the banking transactions on owning you can seek the help of the customer support. They can be reached our websites www.myaccountsconsultant.com.

2) Managing Bills and Accounts Payable

By taking care of the outstanding bills you can make your supplier and vendors happy. Using the billing functions in QuickBooks helps you to determine how much are you falling behind. Managing the billing transaction in QuickBooks is very easy. If the users face any problem they can seek the help of the QuickBooks Tech Support. Paying the vendors on a regular basis without any delays builds a better business relationship.

3) Payroll Management

Payroll is a very useful feature in QuickBooks. Preparing and managing the salaries of the employees have become very easy accredited to the QuickBooks Payroll. Some accountants manage the Payroll on their own while some like to outsource it. Generally, it is advisable that the businesses should outsource this service. If they have any issue they can contact the QuickBooks Enterprise Support using the helpline number.

4) Memorized Reports

The owner can prepare memorized reports for himself. In this manner, he can remain updated and work with the customers and the clients in an efficient manner. He can also use the QuickBooks Support for getting help in this field

5) Email Invoices

Easily, You can set up the QuickBooks email service and send the invoices to the customers directly. In this manner, you can save an ample amount of time and energy. The QuickBooks tech support can help you to set up the QuickBooks Email Service.

6) Check Printing

You can use QuickBooks for printing checks for keeping the cash flow updated and improving the efficiency of the business. Include these checks in remembrance until they are cleared. You can use the QuickBooks Support to know more about scanning and printing checks using QuickBooks Enterprise.

QuickBooks Support - +1 (877) 761-9996

Know about our QuickBooks Bookkeeping Services

If you are looking for the accounting services on quickbooks then contact us here

Top 5 Expert Tax Preparation Services in California

The best tax Preparation companies in Los Angelas offer you a convenient way to the tax preparation services. We’ve researched the tax preparation Agencies. All of these companies will work on your behalf to find, challenge.

Here list of top 5 Tax Preparation company in California

Unchained Financial Services

Unchained Financial Services offers tax and accounting support to clients in and around Los Angeles. Services offered include tax preparation, IRS representation, tax and payroll, Quickbooks setup and management, one-on-one training, bookkeeping support, budget forecasting, data entry, receivables and payables, and secure data exchange. Flat, hourly, monthly, and project rates are available depending on the scope and complexity of work required. Unchained Financial Services is woman-owned, and its CEO, Melissa Guy, EA, brings over twenty years of tax and accounting experience.

MyaccountsConsultant

Looking for the simplest tax preparation service for yourself or your business? Myaccountscosultant has been offering professional tax preparation and tax accounting services to individuals and businesses in the US since 2008. We’re your most suitable option for tax preparation Los Angeles area because we continue on all the newest revisions and updates to the State and Federal tax regulations. We’re constantly checking out new tax breaks and deductions we will use to save lots of our clients money on taxes. From income tax returns to business tax preparation services, we exerting to attenuate tax liabilities for all of our clients.

Global Gate Tax Relief and Accounting

Global Gate Tax Relief and Accounting is a full-service financial service provider for clients in Southern California. Headquartered in Irvine, it takes clients in and around the Los Angeles metro area. It delivers personalized attention to clients and delivers tax-efficient strategies to individuals and businesses. Its team of financial advisors helps clients achieve short-term and long-term objectives. Tax services include investigation, IRS relief, consulting, audits, and collection appeals, and accounting services include financial statement preparation, monthly, quarterly, and annual reports, bill paying, payroll, employee benefits planning, and bookkeeping.

Accounting Taxes Payroll Partners

Accounting Taxes Payroll Partners is located in Woodland Hills, California and specializes in accounting and bookkeeping, taxes preparation and planning, and payroll solutions. For tax preparation and planning, they serve the industries of corporations, LLCs, partnerships, sole proprietors, and non-profits. Their accounting and bookkeeping services are provided by local accountants that are in accordance with the generally accepted accounting principles and other comprehensive basics of accounting.

Ben Artikov

Located in West Hollywood, California, Ben Artikov provides tax and accounting services. The agency specializes in bookkeeping and tax preparation. Their bookkeeping services include full-service bookkeeping, QuickBooks setup and training, and payroll services. Other services they render include financial statements, GST, PST, tax returns, and business registration. The agency is a proud member of California Tax Education Council.

When it comes to tax preparation, not all companies are created equal. If you are looking for a better tax preparation service, tax consulting or tax advice, we suggest you research some as per your busines and financial needs and see the difference for yourself.

Resources: Tax Return Preparation Services

Small Business Tax Preparation Checklist

 

Here’s Your Small Business Tax Preparation Checklist

There are few things as stressful as tax season.

The business tax preparation experts at MyaccountsConsultant have designed this check list to help you save as much money on your taxes as possible in the most hassle-free way.

 Below we cover a couple of the important checkpoints you want to consider when filing your small business taxes.

As always, you won’t want to undertake something of this magnitude alone. Finding the right tax-preparation specialist (especially those with small business backgrounds) is an investment worth many times the usual tax preparation services fee.

Confirm Your Filing Deadline

The first thing you want to do is figure out exactly what your tax filing deadline is for the type of business you are running.

Sole proprietorships, owners of single-member and multimember LLCs, and corporations that have a tax calendar that ends on December 31 will need to file their taxes with the IRS by the time April 15 rolls around.

This deadline should be easy to remember for most small business owners. It’s the same day that personal tax returns need to be filed with the IRS, the day commonly referred to as “Tax Day” across the country.

At the same time, small businesses registered as partnerships, multimember LLCs not taxed as a corporation, and S corporations have a different tax filing altogether. These kinds of businesses need to file their taxes by March 15.

Get Your Records Together

The next piece of the puzzle is to make sure that all of your tax records and business reports are gathered and ready to go, especially if you are hiring tax professionals to handle the heavy lifting of filing your taxes for you.

Financial records can include balance sheet information, income statements, full documentation of all your business receipts, credit card statements, loans, and more should be printed out, organized, and ready to go to your tax preparers, too. 

If this information is not available then the financial statements will have to be created from raw data like the all the money your business brought in, all the money you paid out, what you purchased and invested in, how much money you made or lost – and that’s just the tip of the iceberg. 

You also need information regarding your Taxpayer Identification Number or Federal Employer Identification Number (or both).

Thankfully, top-tier small business tax specialists are always going to be able to help you understand the kind of documentation you need, where to find it and how to secure, and can walk you step-by-step through the process to make sure you are the best organized as possible.

Contact Us Today! 

If you’d like to learn more about how you could save big on your small business taxes (legally and ethically), or have any questions about the small business tax preparing process, don’t hesitate to contact us here at MyaccountsConsultant when you have a chance.

As one of the premier tax preparing organization in Los Angeles, California (and recognized as a leader in small business tax preparation all across the country) the experts at MyaccountsConsultant can protect your profits, lower your tax liabilities, and streamline the tax prep process all at the same time.

We would love to talk more about helping you save time, money, and effort with a 100% headache free tax preparing process.