As someone who wants to start her photography business and is slowly getting clients, THANK YOU for this video (and all of your other educational videos). It's so hard to find any helpful information about taxes and running a business from this POV. I appreciate this so much!
Hey Luke great video , I just down loaded the tax form form the CRA I think it the T4A ,but don't quote me. It also has the code for the expense category , making it simpler for you accountant to enter.
This was a great video, and I’d just add: it’s useful to have a proper sit-down with your accountant before you have to actually file taxes to clarify what is a tax write-off, how to properly store invoices (some offer apps to take photos of your invoices so they have your dossier ready come tax season). Finally, work with projections of income vs expenditures: open Excel / Google Sheets and create a monthly breakdown of expected income/expenditure, and then keep updating it against actual income/expenditure. Make sure to have a cell show your monthly / quarterly / annual totals so you have an overview of where your business is heading + the $ you have to save for taxation (I have a flat-rate cell of % to save before filing vs current cash to keep me on my toes)
LOL. I know most of your viewers must be from the US, but the reference right off the start of the video to the IRS is funny. May the Canada Revenue Agency not audit you- ever.
As someone who wants to start her photography business and is slowly getting clients, THANK YOU for this video (and all of your other educational videos). It's so hard to find any helpful information about taxes and running a business from this POV. I appreciate this so much!
Hey Luke great video , I just down loaded the tax form form the CRA I think it the T4A ,but don't quote me. It also has the code for the expense category , making it simpler for you accountant to enter.
this is great information at the right time for me, thank you for making this video but I don't see the link to the spreadsheet.
Glad it's helpful! I just added it to the description!
This was a great video, and I’d just add: it’s useful to have a proper sit-down with your accountant before you have to actually file taxes to clarify what is a tax write-off, how to properly store invoices (some offer apps to take photos of your invoices so they have your dossier ready come tax season).
Finally, work with projections of income vs expenditures: open Excel / Google Sheets and create a monthly breakdown of expected income/expenditure, and then keep updating it against actual income/expenditure. Make sure to have a cell show your monthly / quarterly / annual totals so you have an overview of where your business is heading + the $ you have to save for taxation (I have a flat-rate cell of % to save before filing vs current cash to keep me on my toes)
dang 26 views in 2 days, people hate taxes
haha it's not what you call a viral video idea. lol
@@lukewtcleland It's a very helpful video though and I appreciate it
LOL. I know most of your viewers must be from the US, but the reference right off the start of the video to the IRS is funny. May the Canada Revenue Agency not audit you- ever.