# Books on corporate taxes?



## Aaron (Apr 3, 2009)

I know this is a *personal *finance forum, but can anyone recommend a book or books on corporate taxation?

Two months ago, I was offered a software contract job and was required to incorporate. I finished the contract yesterday. By reading several online blogs and forums (including this one), I learned just enough to get started. Because the contract sucked up all of my spare time, I really haven't learned what I've gotten myself into yet! While I have tons of questions that I could ask here, I'd like to get a deeper grasp of corporations and specifically taxes for corporations. My corporation is a company of myself, so it feels pretty personal!


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## andrewf (Mar 1, 2010)

Online resources are pretty thin. The only corporate tax books I know of are textbooks from accounting courses (run away).

You're probably better off just talking to an accountant.


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## Aaron (Apr 3, 2009)

Thanks Andrew. That seems to be the common answer to any question about corporate taxes: talk to an accountant. I did call a small business specialist and was quoted $750 minimum to do my taxes and that includes a free half-hour consultation. I'd hate to pay that amount to manage $40k.

There's got to be others like me: regular full-time employed day job with an incorporated side business and a DIY attitude. I don't think my situation is all that complicated or unusual which is why there's got to be some resources or books to help me out.


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## Cal (Jun 17, 2009)

Agree w above.

I am sure that an accountant could give you specific advice your you and your corporate situation.

All the best!


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## Young&Ambitious (Aug 11, 2010)

For my tax classes we used Byrd & Chen and Buckwold's tax texts. I would try getting your hands on those-try Craigslist, theres lots of used ones floating around on there. GL.


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## Charlie (May 20, 2011)

The CRA guide is probably your best bet if you're set on DIY.

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/crprtns/rtrn/menu-eng.html

You can also print off the return there, should you choose. 

I think you'd be better off paying the $750 or so to ensure it's done 'right' and to have someone familiar with these things explain it to you. Possibly there's some planning avail that might reduce or defer some tax for you. And the penalties for messing up payroll and s/h distributions are pretty brutal. I'm not aware of many people doing their own corporate returns -- and I suspect there's good reason for this.


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## Young&Ambitious (Aug 11, 2010)

The poster did not specify that they want to do their own taxes-only that they want to know more.

I would strongly recommend the tax texts/CRA for learning. Leave your taxes to a professional.


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## Homerhomer (Oct 18, 2010)

This would be your bible for preparation of corporate tax returns:
http://www.cch.ca/tax/prepcr2008/index.aspx?tid=34

If you can comprehend that than god bless you, very few poeple can and even tax specialists pull their hair when reading it.

Corporate taxes are like everything else, if you have the skills, tools and the desire to do them then go for it, if not it's really better to rely on an expert and save yourself a hassle and worry. Personally I would suggest to make sure you keep your books in pristine condition (quite often it's not the case) so when you give it to the accountant the $750 charge does not became $2500 and CRA is not on your back.

$750 is actually a pretty good fee if you can also get some advise as well, especially on what to do with the profit.


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## andrewf (Mar 1, 2010)

At least pay the fee this year and see what is involved. Maybe next year you can DIY.


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## MoreMiles (Apr 20, 2011)

Aaron said:


> I know this is a *personal *finance forum, but can anyone recommend a book or books on corporate taxation?
> 
> Two months ago, I was offered a software contract job and was required to incorporate. I finished the contract yesterday. By reading several online blogs and forums (including this one), I learned just enough to get started. Because the contract sucked up all of my spare time, I really haven't learned what I've gotten myself into yet! While I have tons of questions that I could ask here, I'd like to get a deeper grasp of corporations and specifically taxes for corporations. My corporation is a company of myself, so it feels pretty personal!


Without an accountant, this is probably the easiest way to do corporate taxes. http://turbotax.intuit.ca/business-tax-software/business-incorporated.jsp

The software also comes with instruction video so it's very easy to use.

You may also want to read:
http://sbinfocanada.about.com/od/corporatetax/Corporate_Tax_For_Canadian_Business.htm


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## Charlie (May 20, 2011)

Thanks MM. I thought I'd seen a retail corp tax package. I thought it was Quickbooks -- but couldn't find the package for incorporated businesses.

So the question to the OP becomes -- $150 and DIY, or $750 for time savings, expertise and advice. Are those three factors worth $600 to him?


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## Aaron (Apr 3, 2009)

andrewf said:


> At least pay the fee this year and see what is involved. Maybe next year you can DIY.


I really like this idea. I could then justify the $750 like a tuition of sorts. I'll learn as much as I can in the meantime so I can fully understand how the accountant handles my situation. I hope they won't mind me asking _why_ and _how_ types of questions.


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## Aaron (Apr 3, 2009)

MoreMiles said:


> Without an accountant, this is probably the easiest way to do corporate taxes. http://turbotax.intuit.ca/business-tax-software/business-incorporated.jsp


Nice find. Once I get through my first tax year with an accountant, I think I would use this for subsequent tax years.


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## Farly (Aug 18, 2009)

The "Knowledge Bureau" offers a course in corporate tax preparation. I have not taken it and have heard no feed back about it.

http://www.knowledgebureau.com/Courses.asp?tab=CourseList&ID=STP0510


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## Park (Sep 11, 2010)

"167 Tax Tips for Canadian Small Business" has some information about corporate taxes.


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