Basics

Casey Palmer’s Tips for Doing Your Taxes If You’re Your Own Boss

2008’s economic downturn changed everything. Though many with established careers might not have understood it at first, it created a new set of norms that youths could reasonably expect about their futures. No longer would you remain loyal to a company ’til you’re old and grey—you found more strength in the various opportunities you took along the way, using them collectively to develop a robust skill set. And the idea of the perfect little home with the white picket fence was all but out the window. And just as well—we’re looking at a generation who doesn’t want to gain material wealth at the expense of their ability to adventure and explore. If anything, they’d rather have their cake and eat it too.

In an age where they saw the traditional Canadian workplace start to show its age, those willing to think ahead worked past the dwindling opportunities and diminished returns on their educational investments to come up with a new approach on making ends meet in this brave new world. The self-employed worker, accountable only to themselves and the clients who trusted them with their money, forever changing the relationship we have with money and the jobs we work to get it. [image]

Now, self-employment is a bit idealized. Yes, you can be your boss, but you’ll often be your administrative assistant, legal counsel and community manager at the same time. And you might see your peers on luxurious business trips and out eating lavish meals with clients, but who knows how long it took for them to build up the cred they needed to do that? The truth is, self-employment is very challenging, and you’ll need every tool and advantage you can find if you want to do well at it. Enter TurboTax Self-Employed, a suite tax preparation options designed to make the process as simple and stress-free as possible!

Turbo-Tax Self-Employed — Overview

I first crossed paths with TurboTax Self-Employed at an event they held in late January to show us everything it could do! Featuring the likes of Laura Davidson (founder of the Whistle app) and Erica Smith and Lorena Magallanes (co-founders of The Condo Chicks), it covered not only why it’s so important to set your business up for success early, but why TurboTax Self-Employed is the perfect tool to do it! Laden with functions and features designed to simplify what often proves to be a complicated tax filing process, TurboTax Self-Employed helps business owners disentangle their business expenses from personal ones, keep track of multiple sources of income, and get their taxes done right. If there’s anything in your books that leaves you scratching your head, it’ll help you figure it out! So instead of fudging your way through T1 Generals and Form T2125s, why not invest in software that probably knows a lot more about it than you do? And starting is easier than you think!

TurboTax Self-Employed — What Does it Do?

It all starts with a series of questions that’ll help you tell TurboTax what your business is all about. After that, TurboTax Self-Employed shows its real power when you input your income and expenses! And it’s flexible. Fuel and mileage? It can capture that. Fees for your sub-contracted staff? That too! Anything from printer paper to professional licensing fees has a place in TurboTax Self-Employed, using detailed calculation methods to figure out your return backed by their maximum refund guarantee! Owning a business is hard enough already—why complicate things further by doing your taxes with tools that aren’t up to the task? A chain is only as strong as its weakest link—don’t let your choice of taxation software be yours.

For small business owners, software like TurboTax Self-Employed is but the tip of the iceberg. If you need extra assistance, TurboTax Live Assist and Review Self-Employed links you to a TurboTax tax expert who can help you prepare your return, then review it with you. And for even greater confidence, with Smartlook, you can have a one-way video chat with a TurboTax support representative. Or if you don’t like completing taxes at all, then you might look into TurboTax Live Full Service Self-Employed where one of their experts with an average 17 years experience will compile, optimise and file your return for you. The self-employed community isn’t getting any smaller, and it’s good to know there are brands like TurboTax to ease that transition. They’re even partnering with Credit Canada to make sure that Canada’s self-employed workers start their business journeys off on the right foot!

So if owning a business seems too daunting, and you don’t think you’re up to the task, think again! Behind every great business owner at the very least are great tools and systems—let TurboTax Self-Employed be the great tool for you! Good luck this tax season, and until the next, I remain,

–case p.

Disclaimer: I wrote this piece in partnership with Intuit’s TurboTax Canada to show just what they have to offer for tax season! Hopefully, you found it informative, because hey—no one needs to make it through tax season alone! Good luck!