Tax season can be a burden and extremely intimidating. If you have a business, you want to ensure that your tax affairs are in order every year to prevent complications down the road that could result in you being unfamiliar or inexperienced with the process. This is where a chartered accountant comes in. They can assist you in meeting all of the tax requirements a business needs to meet and take the stress out of the process. Below are some important duties a chartered accountant can assume during tax season.
1. Tax preparation
A chartered accountant is effective in assisting with your tax preparation and ensuring everything is in order before filing. The accountant is experienced with tax law and can educate you on deductions allowed because such things as home office expenses, meals, and vehicle expenses often go unclaimed. A chartered accountant can also assist with managing harmonized sales tax (HST) issues and how to arrange future tax instalments. A business is obviously required to complete more forms than an individual and this can be confusing. The accountant will confirm that you have everything you need so nothing is missed when you file your taxes.
2. Tax breaks
A chartered accountant can assist you in minimizing tax liability that your business endures and take advantages of all tax breaks you are eligible for. Because operating a business can be complex and present all different situations, you may be eligible to receive a variety of deductions and credits that you initially would be unaware of and allow you to save a serious amount of money. Chartered accountants are up to date on all rules and regulations allowing you to maximize the amount on any possible returns you receive, reduce the amount of tax you owe, and prevent you from overpaying.
3. Tax resolution
It is very unlikely that you would ever face an issue with your taxes if they are filed by a chartered accountant but it has happened. In the off-chance that there is an issue with your taxes and your business is audited, chartered accountants offer the comfort of having someone to advocate for and assist you through the process. The chartered accountant is trained and experienced in helping you resolve all tax issues you may endure. They will help your business address all forms of alleged tax discrepancies and assist you through any audits.
Not only is a chartered accountant helpful during tax time, consulting with them year-round is beneficial. An accountant can have a look at your past and present tax situations and help your business effectively plan for the future. Instead of scrambling during tax season to guarantee you have everything you need to file, consulting with the chartered accountant on an ongoing basis will ensure you are prepared and you are not missing any required information. A chartered accountant is someone you can turn to and seek advice before your business makes any changes or purchases that could have tax consequences in the future.
5. Advice on best practices
When you own a business, the goal is always to maximize how much money is coming in and reduce the amount going out as much as possible. A chartered accountant can assist with ideas that can increase your non-taxable income. As mentioned they can also find ways for your business to pay the least amount of tax as they are familiar with all regulations that allow you to do so legally. This will in turn ensure you are working within the confines of the law and will prevent you from having to go through the audit process and pay fines later on.