Ep. 88: Avoiding Tax Pitfalls: Advice For Entrepreneurs From Krista Burch
SHOW NOTES
Krista Burch is a Tax Principal at Bateman MacKay with 10 years experience in corporate structures, mergers and acquisitions and tax compliance. She obtained her CPA in 2014 after graduating with an Honors in accounting from Brock University. Krista is currently in pursuit of her tax and estate planner designation to begin to provide more comprehensive estate planning services. She loves to travel and play recreational sports.
In this episode, Nikki and Krista talk about
Some of the biggest mistakes people make before having an accountant
The feel to incorporate right away, which isn’t the case
Some tips to help come tax time
Keeping finances for business separate
Difference between a bookkeeper and an accountant
When HST needs to be charged and tips regarding it
Deductions that can be used as business expenses
Home
Auto
Food/Entertainment
Specific categories
You can find the full list of deductions here for sole proprietors: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2125.html
Page 3, Part 4 - Net income (loss) before adjustments - categories for business deductions
Page 4, Part 7 - Calculating business-use-of-home expenses
The role of CPP in taxes
The requirements for paying installments for taxes over the year
Connect with Krista
Website: https://www.batemanmackay.com/
Email: kburch@batemanmackay.com
Instagram: https://www.instagram.com/bateman_mackay/
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Show music: Happy Dreams - By David Fesliyan
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