#RecipeForSuccess: How To Make Taxes Easier for Independent Contractors
What is a #RecipeforSuccess? Developed by QuickBooks ProAdvisors®, the #RecipeforSuccess campaign provides key ingredients and steps for your clients’ small businesses to achieve success. Search “Recipe” to find related articles on this site, and join the conversation on Twitter: #RecipeForSuccess.
Master Chef: Tanya Hilts
- QuickBooks® Self-Employed
- Good habits to keep and document all receipts
- Separate business bank account
- Knowledge of government responsibilities
- A good bookkeeper
Step 1: Help your client set up QuickBooks Self-Employed so that they can track expenses and income as they go. The app makes tracking expenses easy. Let your client know that they will find taxes less stressful when they keep track all year long!
Step 2: Track mileage with the QuickBooks Self-Employed app. Make sure your client turns on the automatic tracking so that it works in the background without even having to turn it on.
Step 3: Help your client set up a separate business bank account to keep you and Revenue Canada Happy. As we know, setting up a separate business bank account to record business expenses makes life easier. It can also help you find any missing expenses before year end.
Step 4: Let your client know about their government responsibilities. Share your expertise with your client regarding their government responsibilities, so they know the value you bring. Let them know what is expected and help your client plan for tax bills, so that there are no surprises.
Step 5: Teach your client good habits to make sure they have all receipts. Coach your clients to write on receipts and make sure things are recorded on time.
What’s your #RecipeForSuccess for helping your self-employed clients prepare for year end? The recipe may be different, but the goal remains the same: truly satisfying relationships with the small businesses that you help to achieve success.