So I recently got offered another construction job but want to keep my own business doing renovations open, I was just wondering how does it work for tax purposes and such.
Like owning my own business im responsible for my own income and taxes at the end of the year, but being that I work for another company and they get me on payroll do I have to claim that through my business? Or do I just keep track of what my own small business makes, say I make 10 grand this year in my small business and 20 grand in my construction job do I only have to pay back taxes on the 10 grand, since my employer already deducts tax, pretty sure I have it right just want to be sure.
Thanks in advance.
You should do it same way as you do it now for your business income tax, adding up the new income from your employer t4 and then the tax software will calculate either you should pay extra tax or it might be having a refund based on how much work will your business do and make profit accumulated with your new income.
I am not an accountant but I hired a very good one to advise me on my finances; you should do the same.
If you are running a business, you MUST have an accountant. It's the cost of doing business. Pay him to do your books on a monthly basis so you can stay on top of your bills. Expect to pay a little more for GST submissions and year end reports. Factor this in as "Overhead" when bidding your next project.
Good luck with your business.
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