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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
Have a fantastic week and Kick Some Ass!