Entrepreneurship & Small Business

Where to file taxes ~5k revenue as sole prop?

  • Last Updated:
  • Feb 22nd, 2016 8:03 pm
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Newbie
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May 8, 2013
76 posts
3 upvotes
Vancouver

Where to file taxes ~5k revenue as sole prop?

I am a student and I have a side business as a sole proprietor. I billed $5,000 last year. I'm looking to get my taxes done and I normally get them done with my dads accountant at Deloitte.

I'm afraid I'm going to get stung with $1,000 in fees if I go with someone so expensive. I phoned them and they said they can't be sure but it shouldn't be $1,000.

I have all my totals itemized in a spreadsheet and good records.

Should I just go to H&R block or some place similar? Obviously the quality at Deloitte will be better but I have such low business income.

Do you guys have any recommendations? Thanks!
4 replies
Deal Expert
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Aug 2, 2010
15196 posts
5016 upvotes
Here 'n There
Save your $. All you need to do is to fill out is Form T2125 T215 The Statement of Business Activities . Download Studio Tax 2015 for free which allows you to do your 2015 tax return @ http://www.studiotax.com/en/?page=2 and make sure you fill out that form, which is easy peasy especially since you have everything well documented, along with the rest of the return, and your good to go!
Sr. Member
Feb 15, 2010
702 posts
700 upvotes
Surrey
As a CA at a firm, if you have it all organized and haven't done anything ridiculous (like trying to claim some unusual/excessive expenses) do what eonibm said and just do it yourself. All your income and expenses will be reported on T2125 it's all relatively straight forward.
Newbie
User avatar
May 8, 2013
76 posts
3 upvotes
Vancouver
Thanks guys, can I do it that way if I am having my personal taxes done through the tax firm? Or would I do it all on my own or all through them?
Deal Expert
User avatar
Aug 2, 2010
15196 posts
5016 upvotes
Here 'n There
******** wrote: Thanks guys, can I do it that way if I am having my personal taxes done through the tax firm? Or would I do it all on my own or all through them?
No, has to be on one return. Do it yourself. Not that hard and once you know you'll save $$ every year!

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