A small business usually starts out as a sole proprietorship, owned and operated by the founder personally and reporting business income on their annual personal tax return. But as the business grows, the question of incorporation will always arise, and there are several factors to consider when this happens. The most important single factor, inContinue reading “Incorporate or not: It’s the investment”
Tag Archives: income tax
Kent Brockman’s accountant Myron
There have been scant references in the best animated comedies of our time – The Simpsons, Family Guy, South Park – to accountants. One that stands out was in the episode of The Simpsons when the April 15th tax deadline rolled around. Ned Flanders did his taxes on January 1st and mailed them out theContinue reading “Kent Brockman’s accountant Myron”
Broad base and low rates = recipe for tax fairness
The Tax Foundation‘s Tax Policy Blog has an interesting post concerning a report produced by something called the (US) Congressional Research Service. The report investigates the possibility of a flat tax in simplifying the tax code and concludes that the existence of a progressive system isn’t what is making things complicated at all. I’ve alreadyContinue reading “Broad base and low rates = recipe for tax fairness”
Busy season comes to an end!
I celebrated the end of accountants’ busy season last night with our firm’s annual “tax party”, which was held at a local watering hole and we had an entire section reserved for us. Free drinks and free food, it was a heck of a night. Great way to celebrate a job well done from JanuaryContinue reading “Busy season comes to an end!”
Keep the income tax cuts, ditch the GST cut
I read in the Star yesterday that the income tax cuts enacted by the Liberals before their fall from power and effective January 1, 2006 may be kept by the Conservative government, which has all along threatened to reinstate them to make room for their GST cut. I have always been in favor of incomeContinue reading “Keep the income tax cuts, ditch the GST cut”