Being a small business owner can be exciting and frustrating at the same time. Setting up your dream business, thinking of innovative ways to make it click, and brainstorming with employees to develop effective marketing strategies are all creative and exciting tasks. Such tasks keep you enthusiastic and optimistic about your business and its growth prospects. But with a flourishing business come more numbers, complicated money matters, and tedious taxation requirements – not much fun.
As an owner-managed business, you are already juggling umpteen responsibilities and roles, from that of a CEO to the company salesperson and everything in between. Taking time out to navigate the complex tax laws and ensure the business correctly files its taxes is a huge stress point for most business owners. But it needn’t be so. All you need is a professional tax service that can lift this burden off your shoulders so that you can focus all your skills, innovation, and imagination on taking your business to the next level.
What exactly does a professional tax service bring to the table? Let’s take a look.
Five Reasons for Hiring a Professional Tax Service
A professional service comes at a price. But the kind of expertise it brings in is worth the cost. Here are five reasons your small business needs the touch of a tax expert:
Minimalizing Errors
As a small business owner, you have to deal with your personal taxes as well as your business taxes. While many people manage their personal taxes themselves, business taxation is a different ball game altogether. There are several accounts, transactions, and financial statements that have to be dealt with to calculate the income and expenses of your small business – that too with precision and accuracy. A tax professional is adept at managing these various documents and can do it more accurately in less time, saving you from having to pay hefty fines for errors in tax filing.
Decoding Deductions
As a small business, you are entitled to many deductions and benefits, such as tax credits for donations to charities, deductions on medical expenses (for amounts exceeding 3% of your net income), professional fees, and more. Furthermore, correctly calculating goods and service tax (GST/HST) and your investment income is tricky and requires in-depth knowledge of taxation rules and eligibility criteria. A professional tax advisor is adept at everything related to taxation. Not only can he or she save your time by handling your business taxes, but he or she can also increase tax efficiency and save money by ensuring you make optimum use of any eligible deductions.
Handling the A&A of Finance
From analyzing your owner-managed business’s various financial statements and records to assisting with audits, a professional tax consultant can be a significant support. A thorough analysis of your business financials can help plug in any bookkeeping or accounting system loopholes. The consultant can also advise you on organizing your business better to make optimal use of all the resources at your disposal. The CRA audit can be incredibly taxing and create panic. With a professional tax service by your side, you can get the right guidance regarding any matter that might crop up in case of an audit.
Keeping up With Changes in Rules
Canadian tax rules and regulations keep changing. These regulations, especially those related to businesses, are pretty complex for the common man to understand and follow. However, not adhering to them can cost your small business dearly, as you might have to pay fines for inaccurate tax filing or even lose out on any new advantages or deductions the CRA might offer. This is where a professional tax consultant makes a big difference. Being their field of specialty, they are up to date on the latest changes in tax regulations and can guide you accordingly.
Giving Peace of Mind
This is perhaps the most important but underrated advantage of hiring a professional tax service by your side. With so many other responsibilities, taking care of such complicated tax filing is a tedious burden for any small business owner. Many people do not realize that this strain on you is reflected in the work and operations of your business, too. Letting an expert handle such matters brings you peace of mind and more time to work on growth opportunities for your business.
Taxation goes beyond just filing your taxes. With the correct deductions, tax-efficient investments, and other benefits, you can save more money and channel it toward your small business’s expansion plans and growth prospects. So, think of a professional tax service not as an expense but rather an investment that can push your business to greater heights without giving you sleepless nights.
Contact Black and Gill LLP in Etobicoke for Professional Tax Service Advice
A skilled tax advisor can help you plan your estate transfer and transactions most tax-efficiently. At Black and Gill LLP, our tax experts can provide services to support your tax and estate planning function, whether you need partial or complete support. To learn more about how Black and Gill LLP can provide you with tax planning expertise, contact us online or call us at 416-477-7681 to learn more about how we can help you and your business.