Whether you are the owner of a corporation, an independent contractor or willfully employed in a profession of your choice, none of you can escape tax season. Mostly, people only have to worry about their personal taxes, but corporate owners have the added burden of ensuring their corporate tax returns are also completed accurately and on time. Trying to file your own taxes is possible nowadays with powerful software which asks all the right questions and is programmed to optimize your credits and tax breaks.
Tax Regulations
However, do-it-yourself tax preparation is only possible if your tax situation is relatively simple (you are an employee without many investments or other possible credits). This situation applies to a limited number of people. For the rest of us, a detailed knowledge of tax rules, at least the ones that apply to our situation, is absolutely necessary if we want to save ourselves from paying too much tax. Yet, have you ever tried to pick up a tax book and read tax regulations? Even accountants shudder at the idea! There are precious few people who enjoy torturing themselves as such.
Corporate tax rules are even more convoluted than personal tax rules and the worst part is every successive government changes the rules based on their election platform, so a credit which you took advantage of in the current year may disappear by the time it’s time to file next year’s personal or corporate tax return.
Experienced Accountants
The Mississauga and Brampton area is fortunate to be one of North America’s most diverse and wealthy neighborhoods. Accountants in this geographic area encounter all kinds of personal and corporate situations which call for unique tax solutions.
Clients’ circumstances offer a huge range including:
• Employed bachelors with investment properties
• A couple where each partner is in a highly skilled profession and there is a lot of discretionary income and few tax credits to take advantage of
• Families with young children
• Families with university bound dependents
• Start-up family businesses
• Businesses owners looking to sell their lifelong work
• Retirees thinking about the most advantageous methods to withdraw their retirement savings
• Families requiring estate planning due to a deceased member.
Even with this detailed list, there are countless other situations in Mississauga and Brampton encountered by chartered accountants.
Benefit to Individuals and Businesses
The benefit for people looking for professional help with personal and corporate tax preparation in Mississauga and Brampton is that you can draw upon the experience of some of the most skilled chartered accountants in the country.
A chartered accounting firm can greatly help reduce your personal taxes and increase the money available to you now for discretionary expenses or to be invested for an emergency or your retirement. Chartered accountants can even guide you to the best retirement vehicles for you based on your individual tax situation.
Businesses have a huge incentive to reduce their tax burden as every dollar you save can be used to reinvest within your business and increase future income. Money legally pried away from the federal and provincial governments can come in handy to increase your marketing budget or invest in modern equipment that will increase the efficiency of your operations, improving quality and reducing costs.
Save yourself the hassle of preparing taxes and risk losing thousands of dollars paid in taxes you can reduce legally by hiring professional chartered accountants for tax preparation in Mississauga and Brampton.
