Homework Week 43 Tax Planning
In this world nothing can be said to be certain, except death and taxes.
- Benjamin Franklin
- Stay on top of your bookkeeping. Make it a regular appointment in your calendar to do it yourself or get it to your bookkeeper
- Work with your accountant to understand what the numbers tell you. You can get all sorts of reports, but if you don't understand what they mean they don't help you
- Ask questions. Lots of questions. The numbers tell a story and you need to become friendly and familiar with the story
- Are there places where you can reduce expenses, but not quality?
- Are there places where you need to be investing to increase your revenue and profit? (Outsourcing something, better equipment, assistant)
- Should you be making purchases before the end of your tax year or holding off until next tax year to improve your tax situation?
- Are you making enough money to think about incorporating if you aren't already?
- Do you have your finances separate between business and personal?
- Do you have an operating account and good savings accounts for your GST, taxes, and stabilization?
- Participate in the call and ask questions