15 May 2013

We are on another countdown!

Unincorporated businesses — sole proprietors, partners, self-employed individuals — have until June 15 to submit their income-tax returns.

The bad news is, that’s only a month away.

The good news is, June 15 falls on a Saturday this year, so you have until Monday, June 17, to file.

Your self-employment income is reported on lines 135 to 143 on your T-1 form. You must fill outForm T2125 to report your business or professional income and expenses.

What expenses can I claim?

We’ve been posting some guidelines on what you can claim as a small business owner.

Check these out:

  • Claiming a home office
  • Claiming your car
  • Tax credits for hiring employees
  • Musicians can claim their expenses

Stay tuned. We’ll be writing more advice on tax benefits and credits for small businesses.

What if I owe money?

Yeah, that’s the sticky wicket. Although unincorporated businesses have a later deadline for filing, they still must have their tax owing paid by April 30.

That means you will be charged interest retroactively from April 30.

Can you help?

We sure can. We specialize in small business finances. Contact one of our tax specialists and we can help you wade through the tax benefits and credits available.

Fill out our contact form or give A1 Accounting a call at 403-226-8297.