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Thread: Year end taxes

  1. #1
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    Year end taxes

    What do I need to do (or have collected) to properly account for taxes with my web design and hosting business?

  2. #2
    <C²: web standards /> cybercodeur's Avatar
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    I have had my own little empire in Web design for two years now and even though it doesn't bring out that much cash each year (about 5-10k per year), I basically only do a tax declaration under the company name where I declare all I've made using that name in the year. It's all that needs to be done (here in Canada)...
    Denis Boudreau <C²/> - Web Standards & Accessibility
    [+] ICQ number: 115649885 || Email: denis@cybercodeur.net
    [+] Daily Weblog on Web standards and accessibility : CYBERcodeur.net

  3. #3
    <C²: web standards /> cybercodeur's Avatar
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    The law in Canada stipulates that you don't have to have a tax number (and charge taxes to your clients) if you charge under 30k per year. So unless you really drive hard on your own, all you have to do is charge your clients for so much without any taxes and you declare what you've billed by year end.

    Either way, it all comes down to the same thing. If you don't charge taxes to your clients, they won't be able to get it back from the governement. They don't lose any money, but they save a step in their declarations. Everybody comes out happy (at least according to my experiences).
    Denis Boudreau <C²/> - Web Standards & Accessibility
    [+] ICQ number: 115649885 || Email: denis@cybercodeur.net
    [+] Daily Weblog on Web standards and accessibility : CYBERcodeur.net

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    SitePoint Wizard Lil_Red's Avatar
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    It is always best to consult with a tax accountant. It's no fun if the government decides to audit you and then fines you a few thousand dollars because you did not submit a proper form or you incorrectly filled out a form.

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    I agree that checking with an tax advisor is the best route to go.

    Also, in the USA, the IRS offers tax classes for business owners. The classes are free (hey they want our money!) You might want to check around to see if Canada, and/or continue ed classes are available for you regarding this.

    Also, in the USA, the IRS will send us a bunch of free articles and guides to read. Again, check to see if your government offers them, too.

  6. #6
    <C²: web standards /> cybercodeur's Avatar
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    You can also fond all sorts of information on the goverment of Canada website...
    Denis Boudreau <C²/> - Web Standards & Accessibility
    [+] ICQ number: 115649885 || Email: denis@cybercodeur.net
    [+] Daily Weblog on Web standards and accessibility : CYBERcodeur.net

  7. #7
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    Another great place for info on Canada Businesses is...
    about.com Canada Small Business Forum.

    Maria

  8. #8
    <C²: web standards /> cybercodeur's Avatar
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    Thanks Maria I'll check it before long too (tax reason is coming... uuurrrggghhhh... )
    Denis Boudreau <C²/> - Web Standards & Accessibility
    [+] ICQ number: 115649885 || Email: denis@cybercodeur.net
    [+] Daily Weblog on Web standards and accessibility : CYBERcodeur.net


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