Self-Employed Tax Tips for Construction Contractors

With the intense physical labor and never-ending headaches, many construction workers would definitely appreciate a long day of rest away from the hustle and bustle of work. Sadly, we can’t lighten your construction work. However, at Padgett Business Services, we can help ease your tax reporting burden. Construction contractors are usually classified as sole proprietors in Read More

By |September 15th, 2017|Small Business Tips|

Managing Growth in Your Small Business – Four Common Pitfalls to Avoid

The growth phase of a small business is a very delicate time. Small business owners need to manage their growth very carefully to survive and thrive during that time. They need to avoid some common pitfalls.

If your startup business is lucky enough to be successful and reach the all-important growth phase, it is important to Read More

By |August 15th, 2017|Small Business Tips|

Expense Tracking Tips for Your Home Business

One of the greatest things about owning your own business is it puts you in control of your life. Instead of relying on the boss to give you a raise, you can create your own opportunities by landing new clients and cross-selling different products to your existing base of customers. This level of control is Read More

By |July 15th, 2017|Small Business Tips|

4 Risks When Starting a Small Business

Hundreds of new small businesses launch daily, with some going on to become big names such as Apple, Google, and Microsoft. However, most small businesses remain just that — an enterprise with a few employees. Only about half of all businesses with at least two employees survive after five years according to the Small Business Read More

By |June 15th, 2017|Small Business Tips|

10 Steps to Take When You are Incredibly Behind on Credit Card Payments

More and more Canadians are finding themselves in a bad financial picture because they have fallen behind on their credit card payments.  Although the natural response may be to bury your head in the sand and pretend the debts don’t exist, you can’t do that for long.  Here is what you can do if you Read More

By |May 9th, 2017|Small Business Tips|

Salaries Paid to Family Members

When deciding as to whether a salary should be paid to a family member, or more specifically to one’s spouse, numerous questions arise. On one side, there is the question of the risk involved that the salary may be unreasonable and having the expense being disallowed. On the other side, there is the benefit of Read More

By |May 8th, 2017|SmallBiz Builder, Tax Tips|

3 Ways to Stretch Your Small Business Budget

Any small business owner can increase their profit if they follow a certain set of guiding principles.  If you are like many business owners, you have tight budget.  Does it really need to be that tight?

The answer is no. There are ways around paying more to get less. Here are three ways that you can Read More

By |April 12th, 2017|Small Business Tips, SmallBiz Builder|

Items and Slips Required for Personal Taxes

Are you ready for the tax season? Here is a convenient list of important documents you may need for tax preparation:

Slips

– Employment Income
– Employment Insurance Benefits
– Interest, Dividends, Mutual Funds
– Tuition / Education receipts
– Universal Child Care Benefit
– Old Age Security/CPP Benefits
– Other Pensions and Annuities
Read More

By |April 6th, 2017|Small Business Tips|

Claiming Automobile Expenses

One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as a van, bus, pickup truck, station wagon, SUV, or other truck). Many individuals use their automobile for work or business and incur personal expenses in doing so. It is important to note that only expenses of Read More

By |April 5th, 2017|Small Business Tips, Tax Tips|

What to Look for in a Business Credit Card

The decision to open a business credit card account is not a matter to take lightly. You should carefully weigh the pros and cons before making this decision for your business. The benefits associated with having access to capital when you need it, earning rewards points, and more often outweigh the cons associated with a Read More

By |March 16th, 2017|Small Business Tips|