Most people tend to file taxes early because it assures that they don’t have to do last minute calculations and make hasty errors. Making the slightest mistakes in your calculation can send IRS auditing your files deeper, and you don’t want that to happen. A professional’s help while calculating your taxes is thus highly recommended. Even though filing early can be beneficial in a lot of ways, according to tax experts, following are the most common mistakes that even the early birds can make.

Filing the Wrong Tax Forms or Forgetting Them Altogether

Keeping in mind that the forms are tricky and sometimes not all that straightforward can help you rush less. Especially those multiple income sources can have a tough time filing a form so if you haven’t submitted a form and the IRS receives its matching copy; it may result not only in delayed form processing but also in penalties. In worst case scenarios, an audit may follow. Many deductions and credits require submitting a separate form so take care of all the outgoing as well as incoming ones.

Not Rechecking the Information Provided

A lot of calculations need to be reassessed. Also proofreading result in preventing a lot of careless mistakes such as not remembering to sign the form and many other foolish ones.so reviewing the form one last before submitting is always ideal.

Incorrectly Filing an Amended Form

At times it is not ideal to file an amended form immediately after you realize your mistake. Let’s suppose if there is a math error, the IRS will likely correct and notify you of any missing forms and in such a case, filing an amended return should be done to request amendments in filing status. Also, form 1040X should be used for amendments instead of a new 1040 while making sure that they are paper copies.

Neglecting the 1095 Requirements of Health Form

Health insurance bought in exchange for the tax year of 2017 does not imply until 2019 no matter what has been mentioned in the Tax Cuts and Job Acts. The 1095 health form will still be in effect at least until 2020 so don’t let it confuse you.

Lack of Contribution to IRA

Taxpayers often skip contributing to the previous year’s retirement account until Tax Day. Also, make sure that the contributions made more than the assigned limit can incur taxes so remember to inform the financial institution the exact position where your account is located and whether the extra amount you have paid belongs to the last year’s account so they may not be accounted for the present year’s contribution.

Forgetting Required Minimum Withdrawals

The older taxpayers often commit this mistake. Some retirement plans require a minimum withdrawal after the account holder reaches the age limit of 70 and a half. But in cases, you forget to withdraw those distributions until a specified amount of time and date, an impending penalty awaits them which might include the not-withdrawn amount taxed at 50%.

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

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

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.