Archive for December 2nd, 2016

2016
02
Dec

US Personal Tax Preparation Tips

Posted in Tax Accountant, Tax Preparation

When it comes to filing a federal income tax return, you have to go through numerous problems/issues. This can be owed to the complicated procedures that are hard to understand, unless you’ve filed a return before. You are guaranteed to run into some details that you’re unsure of, and this can make it difficult to prepare your forms for filing. Are you facing trouble with Tax Preparation? If so, follow these helpful and useful tips:

Gather The Relevant Paperwork/Documents
US personal tax preparation in Mississauga, Brampton and Oakville can prove extremely difficult, especially if your paperwork and document aren’t organized. You must gather and compile all appropriate documents and lay them out in front of you. This can include your income statements, tax forms, as well as receipts for contributions and tax deductions.

Decide Which Filing Method Is Best For You
When it comes to filing a personal tax return, you have three options: hiring a professional, paper filing, or using tax preparation software. Even in today’s age of digital technology, most people will feel more secure with US personal tax preparation in Mississauga, Brampton and Oakville with the good ol’ paper and pen. With paper filing, however, you are responsible and in charge for every detail, start to finish. This may require assistance from a family member or friend who has filed a paper a tax return before.

Tax preparation software is one of the best options available, as they immediately answer all types of questions/queries you might have. Since the software is designed for filing taxes, it can automate the process monthly, making it easier for you to take advantage of tax credits and tax deductions. There are many websites available that can help you print or e-file your return quickly.

If you aren’t familiar with the filing process at all, it is usually best to hire a professional for US personal tax preparation in Mississauga, Brampton and Oakville. This option cuts all the guesswork and ensures all processes are completed securely and efficiently. You can be confident that your return is accurate and you are saving as much money as possible.

Take Your Time for the Tax Filing Process
If you are using a tax preparation software application or filing a paper return, you are responsible from moving one line to another in a calculated and precise manner. You may make several mistakes in your initial tries, but once you get a hang of the process, you can get it done easily. Make sure to keep all documents in check and ensure all details are relevant and appropriate to the tax filing requirements of your state.

Decide On Whether To Mail Or E-File
If you are filing a paper tax return, you need to mail it to the relevant tax authority in your state. On the other hand, if you are filing via a professional accountant or using a tax preparation software application, using e-file is a better, faster, and more convenient option. Since everything is submitted electronically, your application is processed instantly which means a faster tax refund.

Therefore, now that you are familiar with the tips mentioned above, US personal tax preparation in Mississauga, Brampton and Oakville hopefully won’t be a pro

2016
02
Dec

Why Is It Important for Businesses in Ontario to Hire an Accountant

Posted in Tax Accountant

It is important for every business to hire an Accountant in Mississauga, Brampton and Oakville to streamline financial operations/tasks. Although accounting doesn’t contribute to the profits a particular company makes, it goes give a way to gauge performance, review revenue, etc. With good accounting habits, you can keep a strict eye on your business’ finances. For more information, let’s look at why it is important for businesses in Ontario to hire an accountant:

Keeps Costs Down
The primary task of an Accountant in Mississauga, Brampton and Oakville is to keep themselves clued on the financial well-being of a particular business in Ontario. They keep track of where all your money is spend, necessarily or unnecessarily. While business owners are looking for opportunities to expand their brand and search for their next big client, an accountant keeps track of the expenses part of your business. For instance, while your attentions are focused elsewhere, accountants will make sure your payments, tax files, and returns are being made.

Saves Lots of Time
Getting a qualified accountant can prove to save lots of time for business owners. These professionals can effectively take on the role on tax filing. They organize your personal taxes, alongside business taxes. They also complete the returns and ensure the tax refunds for you. You get a significant cut in tax paying. In short, accountants can help in organizing your business operations particularly relating to finances in a way that you need not pay a heed to it.

Help You Perform Better In Areas of Specialty
When you hire an Accountant in Mississauga, Brampton and Oakville, you can feel assured that all finance related tasks are done properly. If you go do it by yourself, there is a possible chance of making errors. An expert accountant does the work for you, allowing you to focus more time on core competencies. This helps your business perform better in areas of specialty.

Maximize Opportunity and Strength
A qualified and professional account offers business owners the best business advice and financial service. These experts will help you in identifying the areas of your strength and provide detailed information regarding finances for new strategies. They also show the threat and weakness to your business and chalk out effective business strategies and proper business planning to allow for better funds allocation.

Offer Tax Counseling
Last, but not the least, when you hire an Accountant in Mississauga, Brampton and Oakville, you can gain expert Tax counseling. These professionals are well aware of the tax laws, new rules, and updated regulations relating to paying taxes, performing accounting tasks, and bookkeeping. They can help you understand tax laws and grow your business with the latest tax related concerns. They can even file your taxes to ensure that you comply with the latest laws to avoid problems in the future.

Therefore, if you want to receive the above mentioned benefits, perhaps it’s time you considered hiring an account for your business

2016
02
Dec

Tax Preparation – Selecting the Right Tax Preparer and Ensuring the Process Goes Smoothly

Posted in Tax Accountant, Tax Consultant, Tax Preparation

Tax time can be a stressful process in Ontario, especially if you aren’t aware of the process. Businesses and consumers alike need to understand that they are ultimately responsible for everything on a tax return, regardless of who prepared it. While most tax professionals are honest, qualified and reliable, it is imperative that you find a trustworthy and dependable service to avoid during and after you hand over the prepared documents for your preparation of income tax returns. After all, nobody wants to deal with income tax return problems just because the preparer made a mistake. So, without further ado, look at these tips to find a good service for Tax Preparation in Mississauga, Brampton and Oakville and ensure the process goes smoothly:

• Check Qualifications of the Preparer – When it comes to tax preparation, you need to ensure you are hiring an experienced and knowledgeable preparer. So, don’t hesitate on asking different preparers for their training, qualifications, education, and experience of the current tax lax in Ontario. For any type of return whether it is simple return or more complicated tax return, your interests are best served if it is done by a professional accountant who has been preparing the returns for 10 years or more. If you go to a book keeper or tax preparer who is not a qualified accountant, you run the risk of not getting the best for your taxes paid.

• Check Preparer’s History – Don’t hesitate on conducting a background check to see if the preparer has a questionable or clear history. Check for how many years the tax preparing is in the business and testimonials from the other clients. For a professional Accountant you should ask for the designation of the accountants.

• Ask about Service Fees – For successful Tax Preparation in Mississauga, Brampton and Oakville avoid preparers who say they can get you larger refunds than others can. Also, avoid people who say that you should deposit the refunds into a preparer’s bank account first. All funds should be sent to you directly.

• Ask About Electronically Filing Your Return – Times have changed and so has the process of filing tax returns. Now, it is also required that your preparer offers CRA e-file. This ensures that your tax return has been filed electronically, reducing time and hassle from your end.

• Make Sure the Preparer is Available – Ensure that whichever tax preparer you choose is available after the return has been filed. This may prove essential and helpful in circumstances where questions arise regarding your tax return.

• Provide Receipts and Records – The best preparers will ask to see all your receipts and records to determine your tax credits, deductions, total income, and other essentials. However, make sure preparer you choose doesn’t e-file your return using your last pay stub, as it is against CRA e-file rules. It should be done with your T4.

• Never Sign a Blank Return – Tax Preparation in Mississauga, Brampton and Oakville can prove to be quite tricky, as you have to be careful about whom you can trust. Regardless of whom you choose, ensure that you NEVER sign a blank return. Immediately fire the person who asks you to sign a blank tax form, as it could be a sign of potential fraud.

• Ensure the copy of the tax return – Preparers must give you a copy of the return to complete the process.
So, if you want to select a reliable service for Tax Preparation and ensure the process goes smoothly, make sure to follow the abovementioned tips.

2016
02
Dec

Important Questions to Ask When Selecting a Tax Accountant

Posted in Tax Accountant

Tax accountants are those professionals who are responsible for filing tax returns for both businesses and individuals in Ontario. The job of Tax Accountants in Mississauga, Brampton and Oakville is to plan and legally help the client pay the minimum in taxes. Since tax laws and codes tend to be complicated, these experts do all the hassle and work for you to get the best refunds. However, because you will be providing a lot of personal and financial information, you need to be careful about who you choose as your Tax Account. So, without further ado, take a look at these important questions to ask:

Do They Have Expertise In Areas Relevant To You?

You need to make sure that the Tax Accountant you choose understands your type of business. For instance, if you have a restaurant, then there are different rules to follow for tips and wages. Similarly, if you are working for a technology company that issues RSUs or stock options, you need to ensure that the accountant you choose has worked with plenty of other clients in the same situation. Construction businesses too have different criteria regarding how income is reported. Therefore, basically you need to have a Tax Account who has worked with a similar type of business to yours and knows the ins and outs.

How Many Years Of Individual Tax Experience Do They Have?

When interviewing several Tax Accountants in Mississauga, Brampton and Oakville, make it a habit to always ask about their experience, qualifications, and education. An appropriate tax accountant should boast a minimum of five years experience in doing business/individual tax returns. It is preferably better to hire one that has experience dealing with a large firm, as they will have better exposure to broader set of taxing issues, which you might face in the future.

What License(S) Do They Have?

Although it isn’t technically required, it would be preferable that your tax preparer has a Professional Accountant status with specialization in Tax Accounting (one of the three forms of accounting). If you are planning to hire a Tax Attorney, make sure they have a LLM in Tax (an advanced tax degree for attorneys). This ensures that all your tax-related tasks are done professionally and by a person who is certified and licensed.

How Do You Bill For Your Services?

Where some Tax Accountants in Mississauga, Brampton and Oakville may charge by the hour, others bill a flat rate for their services. Some businesses even hire a full-time accountant that manages the tax-related work as well. The choice is up to you and you have plenty of options available. Regardless of the billing approach, it is imperative that you get an estimate of the accountant’s likely fees.

How Do You Handle Working With Multiple Entities?

If you have more than one entity under your name, make sure to hire a Tax Accountant who has the capability of dealing with multiple entities simultaneously. Also, ask whether or not the accountant uses specialized software to streamline processes. Every accountant has to coordinate and track money from different entities sometimes. A professional software

2016
02
Dec

Hiring a Specialized Accountant to Handle Corporate Tax Accounting

Posted in Tax Accountant

Taxes are an important part of every business. Without a proper understanding of the tax laws, you may not be able to appropriate the relevant funds to the government. And this may cause tremendous amount of problems for your business operations. Even if you hire a specialized accountant to handle your finances, it will still be your responsibility to ensure every tax is bad. One such tax that should be aware of is Corporation Tax. For more information, let’s look at what Corporation Tax is and how hiring a specialized Corporate Tax Accountant Mississauga, Brampton and Oakville can prove to be beneficial for your business.

The Basics of Corporate Tax
Corporate tax is the responsibility of certain organizations and limited companies that are unincorporated bodies. Private enterprises of all sizes must pay corporate tax, which includes profits from capital gains, income, and investment profits. It doesn’t matter where you sell your services or goods, if you are located in Canada – you are responsible for paying this crucial tax.

Handling Corporate Tax

Understanding corporate laws can be a tough task for managers and business owners. This is why most often than not, businesses choose to hire a Corporate Tax Accountant. These professionals and experts will inform the relevant agencies of your company’s liability for the tax. They ensure that you pay the right amount of tax, at the right time. They also file tax returns and fill out all the documents for you.

Corporate Tax Accountant Mississauga, Brampton and Oakville are aware of the deadlines for each process, along with crucial tips/strategies that can help you in paying lesser taxes. They also follow up with the relevant taxation agencies on your behalf. This makes it possible for business owners to use their focus elsewhere on other core operations of the corporation.
When you hire a Corporate Tax Accountant, you can even gain expert legal counseling. These professionals are well aware of the tax laws, new rules, and updated regulations relating to paying taxes, performing accounting tasks, and bookkeeping. They can help you understand tax laws and grow your business with the latest tax related concerns

Doing Your Part

Hiring a corporate tax accountant doesn’t mean that you avoid playing your part in ensuring that you meet deadlines and pay all your taxes. Always make sure to double-check the information the accountant sends over and never sign any blank tax sheet of any kind. Take your time and guarantee that all information is accurate, including your losses, allowances, reliefs, deductions, chargeable gains, capital allowances, and profits.

It is essential that you don’t hide or forget to tell your corporate tax accountant regarding any changes you make/made. By working together with your accountant, you can ensure your tax liability is properly handled. This also enables you to avoid hefty penalties, fines, and charges, as corporate tax is definitely a serious topic.

So, if you want to handle corporation tax, perhaps it’s time you considering hiring a specialist accountant too.


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