Lots of small business owners operate as Sole Proprietorships, and we typically get a lot of questions
from clients on how this works – so we will look at some of the differences in taxation between a sole
proprietor and an employee, as well as how to report Business Income on your personal Income tax
return. We will take a quick look at a sample tax return, with the goal of a little better understanding of how it all works – maybe there is something there that you didn’t even know might apply to you!
We will also look at what you can do to minimize your tax bill- NO ONE wants to pay too much, so lets
look at what you can do to keep your tax bill as low as possible. And then we will have time for some questions and a few tips to make it all a little less complicated.
About the Panelist
Nancy Stabback is a local small business bookkeeping, accounting, and tax professional, who helps small business owners navigate the challenging financial and tax compliance requirements they face. Before starting with Padgett Business Services, a Franchise operating in both Canada and the United States, Nancy owned and operated several small businesses, providing a unique perspective on the needs of her current clients.
Originally from Beaverton, Ontario, Nancy purchased her first business with family members, and operated a small restaurant. 4 years later, after the sale of that first business, Nancy went on to run a larger foodservice/retail location for another 12 years. At this point, she began working at a local accounting office, and then decided to go on her own with the Padgett Franchise. Padgett Business Services specializes in Small Business Bookkeeping, Accounting and Tax work for small business owner operators. Nancy began working with Padgett in 1998, purchasing the Franchise location in Orillia, Ontario. In 2014, Nancy partnered with Andy Gubbels, and acquired the Barrie location as well.
During this time, Nancy has served on the Business Enterprise Resource Network Board in Barrie (6 yrs), and on the Padgett Business Services Advisory Council (10 yrs). Nancy also taught Accounting on a very part time basis at Georgian College. Nancy’s Franchise has been in the Padgett Business Services Leadership Club for 12 years in a row. The Focus of Padgett is to work with small business owner operators to help them not only get this
messy task out of the way, but to help understand what it all means!