Important Questions to Ask When Selecting a 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

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