Many small business owners tend to take the DIY approach when it comes to their organization’s needs. After all, that scrappy mentality is probably why your company has thrived in the first place.
However, tax preparation is one thing you may want to leave to the experts instead. Why? Well, here are three reasons why your Toronto small business can benefit from professional tax preparation services.
1. Take one (huge) task off your to-do list
For some businesses, even the task of filling out and filing your tax forms can be a long, complicated, and arduous endeavour. If you don’t know what you’re doing, it can easily become one that takes hours — if not several days — to complete.
However, while this task may be a burden for you, it’s something a tax preparer has dedicated their career to. By handing off this work to them, you can focus on tasks that you’re better suited for and dedicate your time to growing your business instead.
All you need to do is track your finances throughout the year and provide your tax preparer with the necessary documents come tax time.
2. Avoid serious (and costly) errors
Due to the complicated nature of tax forms, it can be surprisingly easy for even the most detail-oriented business owner to make mistakes.
One small slip-up can be costly for your business — errors that incur fines can also accrue interest, costing you even more money. And even if your mistake doesn’t cost you, you may find that your tax return money is delayed instead.
Although tax preparers are human and just as liable to mistakes as anyone else is, the fact that this is their job means that they’ll have much more expertise in this field than the average business owner. Just make sure to double-check all of your tax forms before filing to ensure that all of your information is correct.
3. Get professional tax feedback
No one knows tax rules — including the deductions and credits you may qualify for — better than a tax preparer. So if you filled out your tax forms on your own, you could be missing out on huge savings you’d receive otherwise.
Additionally, when you work with a tax preparer, you also have the opportunity to ask them about any other tax-related questions you may have, potentially saving you even more money in the long run.
Sign up for your free consultation with Leonard Tam Professional Corporation
Since 1990, Leonard Tam has offered small business tax preparation, business consulting, and additional tax services to small business owners in Toronto and beyond.
When you work with us, you can expect a tax team that works around the needs of you and your business. We focus on getting to know how your business works before we even begin any other work. That’s why our clients continue working with us year after year — they understand the value we bring to their organization and appreciate the outcomes we provide them.
Interested in learning more? Schedule your free consultation with Leonard Tam by booking your appointment on our website. On the other hand, if you have any questions or concerns about our services, send us a message or give us a call at 416-783-2222.