When running a small business, be sure your tax liabilities are calculated correctly. Set aside time on a weekly basis to record revenue and accurately estimate taxes due. You can make this much more manageable by using accounting software applications such as QuickBooks Online. This program, requiring only a computer and Internet connection, allows you to easily figure out what you owe the Canada Revenue Agency, thereby minimizing the chance of paying too much tax through human error.
It’s also a smart idea to schedule regular visits with your accountant so when it comes time to file, tax estimates are verified and accurate. Furthermore, QuickBooks allows effortless integration of your personal data with the systems used by tax professionals, saving you the unnecessary expense of paying more than your share.