Inspired Accounting

When you buy or sell something that is considered a capital asset, it's a capital loss or gain.

Makes sense.

There are a few types of asset losses/gains that are important for business taxes.

- Partnership Interests
- Corporation Interests
- Corporate Liquidations

The rules for each of these losses or gains can be a bit tricky. Check out https://buff.ly/3C762WK for more about asset loss/gain and get help from your accountant!

Trick question!

Business should be prepping for taxes year round!

This means keeping detailed records of expenses, write offs, donations, profits etc. in an organized manner. That way when those quarterly and annual deadlines roll around you aren't scrambling to find what you need.

There are many options to automate these processes, and trust us, you should automate where you can!

Go one step further and enlist the help of an accountant to make sure everything is in order. That's one less worry on your shoulders!