Archive for July, 2009
Receipts and What To Keep
One of the most infuriating parts of running a business is the numerous rules that the government keeps inventing regarding your business records. The insane number of rules and the lack of general logic for each rule makes it nearly impossible to be able to successfully follow each one without likely breaking at least a [...]
Dividend Sprinkling – A Corporate Tax Strategy
I found a very interesting primer article on a generally little known tax strategy called: Dividend Sprinkling. Frugal Trader from Million Dollar Journey writes:
Dividend sprinkling is where family members are given shares of a private corporation setup with the intention of paying dividends to the members with the lowest tax bracket. The result is that [...]
GST And How To Profit From It
As a consumer GST is a terribly annoying tax to pay. It makes it hard to calculate the cost of goods and it just plain feels like the government reaching into my wallet every single time I make a purchase. GST is a very unpopular tax since any type of tax that gets piled on [...]
Fear Of An Audit
Almost every single person I have every talked to is afraid of an audit by the government. This extreme fear paralyzes them and completely prevents them from seeking out new ways to save money.
Your single greatest expense in life is taxes. The government is nice enough to each year create and modify the tax laws [...]
Record Keeping Secrets
When keeping records for your business there are three words to remember. Paperwork, paperwork, paperwork. Everyone loves paperwork, except those who have to do it. Keeping quality paperwork though can ensure you maximize your deductible expenses. Remember that an expense forgotten is something you get to pay taxes on.
Photocopies
I find that most businesses have moved [...]
