Small Business Tax Preparation and Filing Services near Erin

Small Business Tax Return Checklist

Small business owner or self-employed or solopreneur? We prepare and file tax returns for small businesses and sole proprietors. Your tax situation: You are an employer or self-employed, you are not incorporated, and you are involved in:

• Business (from selling products)

• Professional Service

Please, check all the relevant documents to attach to your personal T1 tax return package. Self-employed tax preparation fees start from $120 for sole proprietor business or professional service. Small business or professional service fees start from $300 and increase depending on the complexity (ex: filing for a partnership).

Do you have other sources of income and expenses?

Eligible Expenses

Business or Professional Income

T2125 Statement of Business or Professional Activities

BUSINESS INCOME

Self-employment Income
Sales, Fees, Commissions
Invoices from sales or services
Accounts receivable at the fiscal year-end if on a cash basis
Commissions as per T4A (Self-employed)
Returns
HST collected and paid
Business chequing/savings account interest

COST OF GOODS SOLD

Opening inventory
Ending inventory
Purchases during the year
Subcontracts and direct wage

INVENTORY

Opening inventory
Ending inventory
Purchases during the year
Subcontracts and direct wages

PROFESSIONAL INCOME

Professional income
Invoices from services
HST collected and paid
Business chequing/savings account interest

Work-in-progress (WIP)

GENERAL EXPENSES

Accounts payable at the end of the fiscal year (cash basis)
Advertising and Promotion
Bad debts

Business or Professional tax, fees, licenses, dues and memberships
Business or Professional assets and liability Insurance
Delivery and freight charges
Insurance expense
Fuel costs

Interest expense (business loans, investments)
Maintenance and repair expenses related to business

Legal accounting expense
Management and administration fees
Professional fees (lawyers, accountants, and consultants)

Moving expenses for business purposes
Private health service plan premiums
Meals and Entertainment expenses
Office and Supplies expenses

Property taxes
Salaries and wages

Travel Expenses
Utilities and Telephone bills
Allowable Business Investment Loss, Stock Options

HOME OFFICE EXPENSES

Sq. ft. of Home for business use
Mortgage interest
Rental expense
Utilities (heat/hydro/phone/internet)
Condominium fees
Property tax/rent
Home Insurance
Home maintenance and repairs related to business

Personal Tax Return - Other Income and Eligible Expenses