Archive for the ‘Accounting And Tax’ Category
5 Best Tax Tips
5 Best Tax Tips by a Toronto Chartered Accountant:
1. Paying Dividends – Tax Tip
Dividends have a lower tax rate than salary. For example, the highest personal income tax rate in Toronto, Ontario is 46.4% for salary and only 31% for dividends.
In fact, the first $38,000 of dividends are tax free in Toronto, Ontario, providing that you have no other source of income.
Therefore, it’s more advantageous for your corporation to pay you dividends instead of salary.
You should consult your Chartered Accountant in Toronto first, before you implement this strategy.
2. Income Splitting – Tax Tip
If your spouse is involved in your business, you could pay him/her a reasonable salary for the work that he/she has performed. If you are in a high tax bracket, and your spouse is in a lower tax bracket, then your overall tax burden will be less by paying your spouse a salary.
3. Home Office – Tax Tip
As a sole proprietor that has a home based office, you can write-off a portion of the costs of running your home. These costs include utilities, property taxes, mortgage interest and maintenance. The portion that you can write-off is the based on the proportion of the size of your home office of total the total size of your home. For example, if your home office comprises 10% of the total space in your home, then you can write-off 10% of the costs for running your home.
Before undertaking this strategy, you should speak with your Toronto Chartered Accountant first.
4. Shareholder loans – Tax Tip
If your corporation has a debt that it owes to you, you can have your corporation repay that debt to you on a tax free basis. Shareholder loans often arise from the initial capital invested by the business owner or because of expenses paid on behalf of the corporation by the business owner.
If your Chartered Accountant in Toronto hasn’t told you about shareholder loans, then you should definitely ask why.
5. Tax-Free Automobile Allowance – Tax Tip
If you have a corporately owned automobile, consider having your corporation pay you a tax-free automobile allowance for the KM’s that you drive for business purposes.
In Toronto, Ontario, you can receive a tax-free automobile allowance of 52 cents per KM for the first 5,000 KM and 46 cents thereafter. In addition, the automobile allowance paid to you is tax deductible by your corporation.
Choosing The Forex Trading Systems
When it comes to trading, you need to consider the time you’re willing to spend on your computer to open and close deals. A Forex expert advisor is the solution operators turn to when they need time, so they can just let it run and do the work for them. But there are plenty of products on the market and choosing one of these Forex trading systems can be risky. Here are some tips for choosing your wisdom.
Screenshot evidence means nothing. Many experts advise sellers will show you a screenshot of the performance of their Forex Expert Advisors in the previous weeks, months or years. Well it means nothing if it’s not from a live trading account. Too many times they’re showing you back test performance results, or a demo account. If you want to make money, you want to use it on a Live account, please choose one that shows you just that, and better, the best sellers will show you the results in real time.
What others say? Not the testimony from the merchant sales page, but in the industry. Is the company selling the EA is a device that you can trust? There are numerous Forex Trading forums where people share their views and strategies. Many people will tell you that the EAS is not in length. There are still some very trusted businesses and EA developers have a good product that really works.
How to Get Your Money Back Fast After Financial Loss
Having a financial loss can set you back tenfold if you don’t think outside the box. I recently had a conversation with a student of
mine who lost everything in a fire including the hundreds of books she’d illustrated and written. She was an established writer and had been published. She also was a true expert in her niche and already had a website with kits and tools to teach others. She wanted to know how to make some money quickly to pay for some costs that were not covered by her insurance company. She also had a deadline where she wanted to make $4500 to cover costs she had. I give her tons of credit for being such a go-getter and writing a book about her experience. She was writing a book about how to deal with insurance companies after disaster. She not only wanted to help people, but she was using her experience to make money. Now that’s an innovative mind. But, could this concept work for her?
When you want to establish a business online and make money quickly you need to utilize your expertise and your knowledge you currently already have and not look outside yourself. You can basically shave off a lot of time this way since you don’t need any training or need to gain any knowledge or credibility. In this woman’s case, I don’t think she needs to write a book about her recent experience. Although a good concept, she has more to offer then that. She needs to use what she already has.
Now, what could she do to gain some cash fairly quickly? Well, if you’re in a similar situation you have do options. If you had a bunch of people to mail for you, you could probably make that money back in no time at all. If you had your own list then there is no limit to how much you could make. But assuming that you don’t have a list, you could look for joint venture opportunities. Since you’re pretty much already in the business, it would be easy for you to establish your credibility and in this womans case, because of your existing website. And since she’s got samples of writing, as well as kits, she’s already much further ahead than other people in her situation.
All of these different things, make her the perfect person that someone would not hesitate to joint venture with. I also suggested that she get testimonials from those people who she has worked with in the past to vouch for her expertise. If you are in a similar situation I highly suggest you try this strategy. Getting accolades and praise for your work ethic and skill-set will set you apart from any other potential JV partner simply because you’ve “done it” and are a recognized and experienced writer who has the credibility to back up your claims.
Learn Affiliate Marketing – Learn Financial Security and Freedom
If you really want to learn affiliate marketing, you have to treat it as a business. Period.
I’ve seen dozens of affiliate marketers learn this the hard way. After just “messing around” for a few months and making no money,
they decide that they’re going to make a business out of it.
What do you think happens when someone goes from dabbling 5-6 hours a week with their hobby to working at least 10-15 hours a week on their side business?
Results!
Also, if you seriously want to learn affiliate marketing you have to keep in mind WHY you’re doing so. Maybe you’re trying to save money for a dream house. Perhaps your son is leaving for college in a few years, and you want to make sure you can support him financially.
Personally, I want the financial freedom and security that comes from the income available by affiliate marketing. I’d also like to be able to give money to my church.
The reason this is necessary is that it’s difficult to learn affiliate marketing. You will have to put in some hard work, it’s not a get rich quick scheme.
However, the good news is that the learning curve is huge, and once you know what you’re doing the dollars will start rolling in.
Getting to that stage requires some help, so I recommend joining some kind of affiliate marketing forum or getting a guide or mentor (or all three!)
Affiliate marketing is getting bigger all the time, but a lot of people quit and even more don’t take it seriously enough to make money. Those who stick around are usually very helpful and want to share their experience with you- learn from them!
The other way to learn is to actually get your hands dirty. Basically figure out what you want to do, then go for it. You’ll learn a lot along the way, just make sure you take action instead of sitting on the sidelines.
I love the idea of “Ready, Fire, Aim” rather than “Ready, Aim, Aim, Aim….” Most of us get caught up in that second mindset- watch out for it!
I’ll close with this- if you really want to learn affiliate marketing, be ready for some hard work. Get some great tools, learn from the masters, then dive right in and get your hands dirty. Good luck- see you out there!
