With tax laws changing constantly, it’s becoming more and more difficult for the average taxpayer to learn all the new rules. Small businesses and individuals with investments and multiple income streams really need assistance to find the most advantageous ways to f save the most money on taxes.
An experienced Canadian tax accountant can help you limit your tax exposure if you’re not up to date on the most recent tax laws. If you’re the least bit doubtful of how to take advantage of current tax laws, contact the expert team at TaxAsist Accountants before you file for the year. You’ll be glad you did.
How Can Tax Assist Accountants Save Me Money?
Working with TaxAssist Accountants throughout the year puts you in the best position when it comes to end-of-year tax filing. You’ll already have your financial statements prepared and understand what steps you need to take to reduce your tax burden.
Even if you’ve been keeping your own books or relying on a bookkeeper to manage your finances, working with TaxAssist Accountants provides you with tips that work in your favour, such as:
- Making deductible purchases before the end of the year — the bigger the better. This is especially useful if you know that you’ll need new equipment for your business soon.
- Splitting income or retirement investments with your spouse.
- Maxing out your registered retirement savings plan (RRSP). It may even be the best option to take out a loan to do this if you’re able to repay the loan quickly.
- Taking advantage of all deductions for your small business, many of which you may not even be aware of, like auto expenses and computer services. This is a helpful tip even if you have a side business, but you must be careful about preparing self-employment tax forms.
- Switching some of your investments to more tax-friendly options.
Is Tax Software Better than Hiring an Accountant?
If you work for someone and only have one job, few deductions and minimal investments, you may be able to save money with tax software. Be sure to buy one of the latest tax software programs. You can even file directly with the Canada Revenue Agency, which offers information on the latest tax laws and provides the forms you need online.
But if you have secondary income, are self-employed or run a small business, the benefits of having your taxes prepared by a specialist, like our staff at TaxAssist Accountants, far outweigh the costs. You usually end up saving much more than their fees. In addition to showing you ways to reduce your tax burden, the benefits of hiring a professional tax accountant include:
- Personalised service, because accounting and tax preparation is never a one-size-fits-all proposition;
- Access to the most sophisticated tax software;
- Knowledgeable advice based on a keen insight into current tax laws;
- Time saved that you can better use running your business or enjoying time spent with your family.
Improve your chances of drastically reducing your tax burden. Ensure that tax preparation isn’t so daunting. Get to know us at TaxAssist Accountants before tax season. Contact TaxAssist Accounting for year-round services, as well as end-of-year tax preparation and expert filing advice.
Date published Feb 13, 2022This article contains general information only and should not be relied upon for accuracy or completeness. You should seek appropriate tax or accounting advice from a qualified accountant before you take, or refrain from taking, any steps based upon this article. This article should not be construed as tax, accounting or other professional advice and QX Franchise Limited (Master Franchisee for TaxAssist in Canada) disclaims liability for any loss, howsoever caused, arising directly or indirectly from reliance on the information in this article.
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
We specialize in supporting independent businesses. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 3 locations, meet with us online through video call software, or talk to us by telephone.
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.