The following are 5 tax tips that you should aim for in 2016. By being conscientious about them, you could reach your financial goal before the year is over, bolstering your confidence by proving you have what it takes to accomplish your goals.
Tax planning gives farm and small business owners the ability to time business decisions for maximum tax benefit. Some decisions are best made before year-end and others are better to put off until the new year.
Over the last several months, many Canadian small business owners and independent contractors - including farmers and truck drivers - have likely noticed that the nation seems to be in a bit of economic distress right now.
While many farm owners and truck drivers may not think about it, even in late September, the consensus among small business tax experts is that now is the time to start tax preparations ahead of the April 30 deadline.
Tax planning has to be an integral part of your day-to-day operations. If you're not taking steps year-round to minimize the amount you'll eventually have to pay in taxes, then you're costing your business huge amounts of money that you'll never get back.
You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something – your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life. — Steve Jobs