Avoiding Tax Pitfalls: Advice For Entrepreneurs From Krista Burch

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Krista Burch is a Tax Principal at Bateman MacKay with 10 years experience in corporate structures, mergers and acquisitions and tax compliance. She obtained her CPA in 2014 after graduating with an Honors in accounting from Brock University. Krista is currently in pursuit of her tax and estate planner designation to begin to provide more comprehensive estate planning services. She loves to travel and play recreational sports.

In this episode, Nikki and Krista talk about

• Some of the biggest mistakes people make before having an accountant
• The feel to incorporate right away, which isn’t the case
• Some tips to help come tax time
• Keeping finances for business separate
• Difference between a bookkeeper and an accountant
• When HST needs to be charged and tips regarding it
• Deductions that can be used as business expenses
  • Home
  • Auto
  • Food/Entertainment
  • Specific categories
• You can find the full list of deductions here for sole proprietors: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2125.html
  • Page 3, Part 4 - Net income (loss) before adjustments - categories for business deductions
  • Page 4, Part 7 - Calculating business-use-of-home expenses
• The role of CPP in taxes
• The requirements for paying installments for taxes over the year

Connect with Krista

Website: https://www.batemanmackay.com/

Email: [email protected]

Instagram: https://www.instagram.com/bateman_mackay/

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This podcast is for information purposes only. We are certified clinical aromatherapists and holistic health professionals. If you have a medication concern, please refer to your health team. Everyone’s health is unique to themselves, so the topics and suggestions stated may or may not apply directly to you. Please reach out to an aromatherapist to work with or consider training to become one yourself!

Show music: Happy Dreams - By David Fesliyan