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Hire Your Kids and Trim Taxes- It’s a win/win

Assuming your children are mature, responsible and won't disrupt the smooth flow of your business and don't mind being thought of as "the boss' kids”. There are several advantages to hiring them for the summer or to work part-time during the school year, and all the benefits stem from one strategy: Income Splitting. 

Manage and Take Control of Your Business with Technology

Many owners and managers of small or medium sized businesses have acquired accounting software to help them ease the burden and monotony of bookkeeping tasks, yet they are overlooking a lot of useful and valuable features of the software. This can include automated financial reporting, financial analysis, and data sharing. These functions are valuable in aiding users and assessing the profitability of their company.

Enjoy these Employee Tax Breaks

Do you have a job that requires you to do your hair every two weeks or so? You might want to consider finding a less expensive stylist, as you cannot deduct the expense from your taxes even though it is related to your employment. It does not end there. For example, you also cannot deduct the cost of special clothes or shoes that are necessary for some jobs. Luckily, however, there are still a few ways you can lower your 2010 taxes.

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Williamson Accounting is a firm that provides a high standard of accounting for Small Businesses in the Greater Toronto and Surrounding areas.

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