Welcome to The Evo Revo Podcast, where hosts Jason Everett and Doug Campbell provide their unique insights into the ever-changing landscape of the salon industry. In this episode, Jason and guest Bob Gauvreau, tax CPA, discuss how to save more money on your taxes as business owners. Additionally, taking advantage of government assistance for your business.
Key Takeaways:
5:00 - How business/salon owners are taxed
8:00 - How to setup your taxes (dividend plan)
13:00 - Capture those that we are spending money on for tax deductions
15:45 - Emergency Wage Assistance (Canada) + Emergency Business Account (Canada)
18:45 - PPP Loan
21:25 - Putting our kids on payroll (deduction)
Quotes:
19:15 - “If you are eligible for the PPP Loan, go out and get it and max it out.” (Bob)
25:30 - “There are compliant CPAs and there are creative CPAs.” (Jason)
Links Mentioned:
Bob Gauvreau CPA Firm - https://gauvreaucpa.ca/