What do I do with a P11D Expenses & Benefits form?
"The P11D is a record of the total benefits you've received in a tax year that haven't been taxed in another way, a bit like the P60 is a record of the total pay and tax you've paid in a tax year. Note that travel for business purposes shouldn't be taxable, and if that's what's being reported on the P11D you may need to make a claim for tax relief to HMRC to avoid having to pay the tax. I'm not sure whether it's normal for such expenses to be reported there. HMRC will normally collect that tax by adjusting your tax code after the P11D is issued, so that more tax is taken off your future income. So you don't need to do anything, as it'll be handled automatically. As to how you know it's accurate, if you have any doubts you'd need to contact your former employer and ask them to confirm the details. In general you ought to know what benefits you actually received so should at least be able to figure out if the number is plausible. If your ""travel"" was a flight to the USA, then probably it was. If it was a bus ticket, less so :-) If you fill in a tax return, you'll also have to report the amount there which will increase the tax you owe/reduce your refund. You won't be charged twice even if your tax code also changes, as the tax return accounts for the total amount of tax you've already paid. For travel benefits, the exact treatment in relation to tax/P11Ds is summarised here."
You would report the overall income on your T1 general income tax return, and use form T2125 to report income and expenses for your business.  Form T2125 is like a mini income-statement where you report your gross revenue and subtract off expenses.  Being able to claim legitimate expenses as a deduction is an important tax benefit for businesses big and small. In terms of your second question, you generally need to register for a business number at least once you cross the threshold for GST / HST. If you earn $30,000/year (or spread over four consecutive quarters) then charging GST / HST is mandatory; see GST/HST Mandatory registration.  There are other conditions as well, but the threshold is the principal one. You can also register voluntarily for GST / HST even if you're below that threshold; see GST/HST Voluntary registration.  The advantage of registering voluntarily is that you can claim input tax credits (ITC) on any GST that your business pays, and remit only the difference.  That saves your business money, especially if you have a lot of expenses early on. Finally, in terms of Ontario specifically (saw that on your profile), you might want to check out Ontario Sole Proprietorship.  There are specific cases in which you need to register a business: e.g. specific types of businesses, or if you plan on doing business under a name other than your own. Finally, you may want to consider whether incorporating might be better for you.  Here's an interesting article that compares Sole Proprietorship Versus Incorporation.  Here's another article, Choosing a business structure, from the feds. I would say that, for the most part, money should not be invested in the stock market or real estate.  Mostly this money should be kept in savings: I feel like your emergency fund is light.  You do not indicate what your expenses are per month, but unless you can live off of 1K/month, that is pretty low.  I would bump that to about 15K, but that really depends upon your expenses. You may want to go higher when you consider your real estate investments.  What happens if a water heater needs replacement?  (41K left) EDIT:  As stated you could reduce your expenses, in an emergency, to 2K.  At the bare minimum your emergency fund should be 12K.  I'd still be likely to have more as you don't have any money in sinking funds or designated savings and the real estate leaves you a bit exposed.  In your shoes, I'd have 12K as a general emergency fund.  Another 5K in a car fund (I don't mind driving a 5,000 car), 5k in a real estate/home repair fund, and save about 400 per month for yearly insurance and tax costs.  Your first point is incorrect, you do have debt in the form of a car lease.  That car needs to be replaced, and you might want to upgrade the other car.  How much?  Perhaps spend 12K on each and sell the existing car for 2K?  (19K left). Congratulations on attempting to bootstrap a software company.  What kind of cash do you anticipate needing?  How about keeping 10K designated for that?  (9K left) Assuming that medical school will run you about 50K per year for 4 years how do you propose to pay for it?  Assuming that you put away 4K per month for 24 months and have 9K, you will come up about 95K short assuming some interests in your favor.  The time frame is too short to invest it, so you are stuck with crappy bank rates. Doing business in united state is not so much easy many time business owner wants to do their business by choosing Delaware llc Online incorporation so that they can able to get many legel benefits and also  able to get the state predictable business friendly laws. As forming the Delaware llc is very much easy and it also requires minimal information for forming the llc in the Delaware. "It depends on what kind of pension you get and your anticipated retirement income.  If you have one of those nice defined benefit plans that pays 90% of your last 5 years' average salary annually, you might not want to bother with a separate RRSP and put your money into other use instead. While most Canadians should worry about not having enough to retire on, some might end up with too much and costing them in the form current purchases and entitlements to government retirement benefits. Figuring out how much you need for retirement is not trivial either.  A lot of people talks about planning for needing 70% of what you made now as a way to preserve your lifestyle.  Well, my opinion is that those type of generalization might work for the people in the middle of the income band and is too little for those in the low-income and possibly too much for those with high income.  My own approach is estimate your retirement income requirement by listing out your anticipated expenses as if you were doing budget.  I would agree that's not the best approach either (back to my comment about no one size fits all), but it's one that I feel most comfortable with. Once you have that figure, factor in what you think you will get from the government (OAS, CPP and etc) and you will have the amount of money you need for retirement.  I will warn against using ""average life expectancy"" to forecast your retirement needs, 'cos 50% of the people will end up with extra money (not a bad problem) and the other 50% will run out of money (bad but very true problem) if you use that approach. Instead of going on and write an essay on this topic, I will simply say this - everyone's situation is different and, just like solving any other complex problems, you need to start with ""end"" in mind and work things backward, with a ton of different scenario to be able to cope with whatever curveballs life might throw at you.  If you spend enough time in the library/bookstore looking through books on the topic of ""estate planning"" and ""retirement planning"", you will find people arguing back and fro on these topics - this is a sign that this is complex and no one has the one ""good"" answer for.  Do a bit of reading by yourself and, if still unsure or just want to be sure, go spend the money and review your plan with a fee-only advisor.  They will be able to provide another opinion on your situation after thoroughly studying your situation." "(Insert the usual disclaimer that I'm not any sort of tax professional; I'm just a random guy on the Internet who occasionally looks through IRS instructions for fun. Then again, what you're doing here is asking random people on the Internet for help, so here goes.) The gigantic book of ""How to File Your Income Taxes"" from the IRS is called Publication 17. That's generally where I start to figure out where to report what. The section on Royalties has this to say: Royalties from copyrights, patents, and oil, gas, and mineral properties are taxable as ordinary income. In most cases, you report royalties in Part I of Schedule E (Form 1040). However, if you hold an operating oil, gas, or mineral interest or are in business as a self-employed writer, inventor, artist, etc., report your income and expenses on Schedule C or Schedule C-EZ (Form 1040).  It sounds like you are receiving royalties from a copyright, and not as a self-employed writer. That means that you would report the income on Schedule E, Part I. I've not used Schedule E before, but looking at the instructions for it, you enter this as ""Royalty Property"". For royalty property, enter code “6” on line 1b and leave lines 1a and 2 blank for that property. So, in Line 1b, part A, enter code 6. (It looks like you'll only use section A here as you only have one royalty property.) Then in column A, Line 4, enter the royalties you have received. The instructions confirm that this should be the amount that you received listed on the 1099-MISC. Report on line 4 royalties from oil, gas, or mineral properties (not including operating interests); copyrights; and patents. Use a separate column (A, B, or C) for each royalty property. If you received $10 or more in royalties during 2016, the payer should send you a Form 1099-MISC or similar statement by January 31, 2017, showing the amount you received. Report this amount on line 4.  I don't think that there's any relevant Expenses deductions you could take on the subsequent lines (though like I said, I've not used this form before), but if you had some specific expenses involved in producing this income it might be worth looking into further. On Line 21 you'd subtract the 0 expenses (or subtract any expenses you do manage to list) and put the total. It looks like there are more totals to accumulate on lines 23 and 24, which presumably would be equally easy as you only have the one property. Put the total again on line 26, which says to enter it on the main Form 1040 on line 17 and it thus gets included in your income." "This is going to depend on the tax jurisdiction and I have no knowledge of the rules in Illinois.  But I'd like to give you some direction about how to think about this.   The biggest problem that you might hit is that if you collect a single check and then distribute to the tutors, you may be considered their employer.  As an employer, you would be responsible for things like  This is not meant as an exhaustive list.   Even if not an employer, you are still paying them.  You would be responsible for issuing 1099 forms to anyone who goes above $600 for the year (source).   You would need to file for a taxpayer identification number for your organization, as it is acting as a business.  You need to give this number to the school so that they can issue the correct form to you.  You might have to register a ""Doing Business As"" name.  It's conceivable that you could get away with having the school write the check to you as an individual.  But if you do that, it will show up as income on your taxes and you will have to deduct payments to the other tutors.   If the organization already has a separate tax identity, then you could use that.  Note that the organization will be responsible for paying income tax.  It should be able to deduct payments to the tutors as well as marketing expenses, etc.   If the school will go for it, consider structuring things with a payment to your organization for your organization duties.  Then you tell the school how much to pay each tutor.  You would be responsible for giving the school the necessary information, like name, address, Social Security number, and cost (or possibly hours worked)." Yes, you will need to deposit the funds into your HSA, then withdraw them to reimburse yourself for the expenses. The tax deduction comes when you contribute (deposit) to your HSA.  If you do not deposit the money there, you will not be able to claim the deduction.  Your HSA provider reports the amount of your contributions to the IRS, so the amount you say you contribute to your HSA on your tax return has to match what your HSA provider reports. When you deposit the money to your HSA, you need to explicitly tell your provider that the contribution is for tax year 2014.  The reason is that you want to make sure that they report the amount of your 2014 contributions to the IRS correctly. After you've deposited the amount into your HSA, you can withdraw it to reimburse yourself for an eligible medical expense.  In order to be eligible, it needs to be an expense that was incurred while you had the HSA in place.  If you had your HSA account in place before you paid the expense, no problem.  But if you set up the HSA account after you paid for the expense, you might be out of luck. The distribution (withdrawal) will be a part of tax year 2015, and you'll see this amount included as part of the gross distributions on your 1099-SA form next year. When I first set up my HSA, I didn't have any extra money to fund the HSA, so I handled it just like you are talking about.  I would wait until I had a medical bill, then deposit the amount I needed into my HSA and withdraw it back out to pay the bill. Yes, if they meet the ATO's criteria. Books, periodicals and digital information If the item cost less than $300 you can claim an immediate deduction where it satisfies all of the following requirements: http://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Other-deductions/Books,-periodicals-and-digital-information/ Alternatively They may be a self-education expense http://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Self-education-expenses/ A Further Alternative  They could fall into the tool, equipment or other asset category if they are for a professional library (this can include a home office). http://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Tools,-equipment-and-other-assets/ I understand this is an old question although given the dead link in the above answer and the new resources this answer might prove helpful for others coming across this question.