The start of 2022 has everyone thinking about the “To-Do” list and accomplishments for the year ahead.
It’s never too early to start planning for the upcoming tax season for your business.
Carson Law can help answer any tax questions or get you in touch with our professional contacts in the industry.
Tax Planning Checklist for Small Businesses
INCOME
• Gross receipts from sales or services
• Sales records
• Returns and allowances
• Business checking/savings account interest
• Other income, including rental income
• Investment Information
COST OF GOODS SOLD
• Beginning inventory total dollar amount
• Inventory purchases
• Ending inventory total dollar amount
• Items removed for personal purposes
• Materials and supplies
EXPENSES
• Advertising
• Phones
• Computer & Internet expenses
• Transportation & travel expenses
• Commissions and fees
• Depreciation
• Amortization of intangible assets
• Business insurance
• Interest expense
• Professional fees
• Office supplies
• Rent expense
• Office-in-home
• Wages paid to employees
• Employee benefit expenses
• Receipts for eligible medical expenses
• Receipts for charitable donations
• Tuition or educational expenses
• Child care expenses
• Moving expenses
ADDITIONAL
• If you have employees → T4: Summary of Remuneration Paid & T4A: Summary of pension, retirement, annuity and other income
• If you make payments to subcontractors → T5018: Statement of Contract Payments
• If you’re in partnership → T5013: Partnership information return
• If you’re a corporation → T2: Incorporate income tax return & shareholder transactions and dividends
• Instalments made for income tax, GST/HST/PST and payroll