Featured Course: Tax Preparation for Proprietorships

Unincorporated small businesses have tax preparation and planning requirements that are unique. These small business owners will be looking to you for sound advice during tax time.

PROGRAM: Tax Services Specialist

Unincorporated small business returns are increasingly in demand as an aging demographic moves from full-time employment to self-employment as a way to leverage time and money.

CONTENT DESCRIPTION AND KEY CONCEPTS:

This course is designed to teach professional advisors tax preparation for proprietorships, using CRA's prescribed forms: Statement of Business or Professional Activities, Capital Cost Allowance statements, worksheets for reporting home office, automobiles, other assets, inventory control, and cost of goods sold. Students may use their own tax preparation software to complete the course. For those without tax preparation software, student versions of Intuit's ProFile T1 and Dr Tax's DT Max T1 software are provided with the course.

CERTIFIED SKILLSETS

Students will learn specifically how to complete the income statement for the self-employed, partnerships, farmers, fishermen, and professionals, using the most recent tax laws, and budget proposals so that taxpayers arrange affairs within the framework of the law to pay the least taxes possible. Case studies featuring a variety of unincorporated business enterprises enable a thorough understanding of the tax preparation and planning options available to the unincorporated small business owner including income splitting with family members and the building of both revenues and equity for future tax advantages.

Case Studies

The participant will prepare case studies on tax preparation software, following step by step data entry instructions and have access to EverGreen Explanatory Notes, a comprehensive tax research library to assist in answering questions. Also included are a number of worksheets for use in small business information assembly including:

• Business Asset Tracker,
• Electronic Auto Log,
• Business Plan,
• Daily Business Journal,
• CCA Schedule,
• Home Workspace Calculator,
• Clawback Threshold Calculator,
• Income Splitting Worksheet,
• Marginal Tax Rate Calculator and
• Retirement Savings Planner

Register now!