Tax Season Blooms

It’s that time of the year again – Tax Season. It’s when small business owners have to organize their mounds of receipts in the hopes that they won’t owe too much additional tax at the end of it all (and maybe even get a return!).

In Canada and the United States (as well as some other countries abroad), April brings both spring flowers and tax deadlines for filing.

For those that file on time, interest on any amount owed can be deferred until the date you are assessed. If you’re late, your interest will begin to accrue once the deadline has passed for filing.

If you’re new to filing business related taxes, here are some government resources to help you get started and ensure you are meeting the guidelines:

CANADA

https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/business-income-tax-reporting.html

U.S.

https://www.irs.gov/businesses/small-businesses-self-employed

UNITED KINGDOM:

https://www.gov.uk/topic/business-tax/self-employed

EUROPE:

https://europa.eu/youreurope/business/taxation/business-tax/index_en.htm

AUSTRALIA:

https://www.austrade.gov.au/International/Invest/Guide-to-investing/Running-a-business/Understanding-Australian-taxes/Australian-business-taxes

And don’t forget, a great accountant goes a long way in helping navigating what you can claim/not claim and can save you time in the long run!