Last updated on April 21st, 2021 at 11:53 pm
Many of us dream of owning our own businesses, being able to call the shots and feel like we’re working by our own priorities instead of anybody else’s. The idea’s appealing—there’s little in life like getting rewards that measure up to the amount of effort you put in—but you’re sorely mistaken if you expect it to be a cakewalk. You soon discover that owning a business comes with a lot of responsibility—keeping track of expenses. Paying wages. And it all comes to a head around this time each year when we have to account for it all and pay our self-employed taxes. But TurboTax Live Full-Service Self-Employed will help to guide you along the way and give your business the little lift it deserves this tax season.
Taxes Aren’t SUPPOSED to be Fun, but They Don’t Have to be HARD. Enter TurboTax Self-Employed.
Owning a business can seem overwhelming—you suddenly have to do all this stuff on your own that other people or entire departments would do for you if you were an employee. Paying employment insurance and Canada Pension Plan contributions for your employees. Keeping track of your business expenses and knowing which ones apply to your claims and deductions. It really challenges you to be as organised as possible so that tax time’s a smooth transition when you need to make sense of it all.
That said, my tax approach isn’t always the best it could be, but I’ve learned some things from it that I want to help you avoid when preparing your return.