14 Mar Doing Tax Season Right
By Lea Diele, CTIE, VTA
Senior Director, Educational Services
Travel Leaders Network
Tax season is right around the corner, which is an important time for all of us, but especially for independent contractors, whether you pay your taxes on a monthly or quarterly basis, or you continuously save all your business documents in a shoe box and turn them over to your professional tax consultant to dive into your business expenses for the year.
If you want to know more about what a business expense for an IC travel business may be, you may find some of these resources to be helpful:
In the United States
For those of you located within the United States:
- Attorney Mark Pestronk provides insight for taxes in his Travel Weekly article: “Deducting travel expenses? Beware the IRS.”
- The IRS website is also a great reference on business travel expenses for advisors.
For those of you in Canada, the government of Canada’s website includes many helpful links, including:
- Free tax help from the CRA
- If you have a modest income and a simple tax situationyou may be able to get your taxes done at a free tax clinic.
- If you are self-employed or own a small businessand need help understanding your tax obligations, you can get free tax help from the CRA’s liaison officer service.
- If you have questions about your taxes, credits or benefits, you can contact the CRA.
It is always recommended to have a tax professional or accountant help you manage your taxes. Maybe they will even become a client of yours when they know the business you are in! You never know when a new prospect might turn into a great client!
Here is wishing you a prosperous 2023!