If you’re operating as an incorporated or unincorporated business, determining if you can deduct an expense for meals isn’t based on a definitive and clear-cut rule. This is a very subjective or grey area that depends on your specific business…
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If an individual owns multiple corporations, he or she will commonly transfer money from one corporation to the other. If one business makes more money, then it will loan funds to another corporation that could use the money. Intercompany loans…
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Once you’ve incorporated your business, you may wonder what the best way to pay yourself is. After all, being able to take money out of the corporation is one of the primary reasons to operate a business. The end-goal of…
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Most of the time when a person starts a business, the start-up phase of the business is very expensive and this is when much more money is spent as opposed to when the business is up and running. Most businesses…
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You have taken the plunge and started a business or are considering starting a business. At this point, you should seriously consider how your business’s bookkeeping will be accomplished. There are two options for this: Hire a bookkeeper/accountant Do it…
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At the end of the year, regardless of how involved you are in the accounting aspect of your business, how much the accounting fees for your business’s year-end cost is something every business owner is aware of. Many business owners…
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One of the most common types of corporations is a business operated by one person (the owner of the corporation). This is common for tradespersons operating their own corporation, consultants of various fields such as oil-field consulting or I.T. consulting,…
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If you have grown your business to the point where you would like to incorporate it or if you would like to create a new corporation for tax planning purposes, the actual mechanical process of incorporating a business is not…
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