- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Does Turbo Tax Pro 2016 allow calculations for special situations ?
In Wave Accounting, we cannot do only bonus payouts to the owner. E.g If I have never taken a salary and neither an owners draw and only want to take a bonus at the end of the year and file it on my T4, Wave Accounting will not let you do that. You have to mandatorily enter a salary and then one can enter a bonus. Basis this, I am planning to shift to Quickbooks Pro with Payroll. I wanted to check prior shifting that Quickbooks allows me to do the following :
a) Manage Owners Draw and offset with a bonus by the end of the year and pay all the deductions.
b) Allow me to only process bonus instead of Salary.
Many thanks for your assistance.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self-employed
A word to the tax ramifications:
Ideally speaking, you should be issuing yourself a T5 to clear your shareholder draws which would be reported on your personal income tax. This is the most common approach and the least likely to raise eyebrows at CRA. Another method is to report management fees to the shareholder, which is also common, but slightly less popular at CRA. This would go on your personal income tax as self-employment income. CRA is much more likely to look at a bonus paid at year end.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self-employed
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self-employed
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self-employed
I opened a payroll account only in this quarter. I just wanted to ask, are you an accountant and how can I contact you as you seem pretty knowledgable.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content