We get it. You’re always looking for ways you can save money when you’re self-employed. Not only is maximizing your revenue important, but frugality takes on a new meaning because you’re entirely dependent on your own efforts to bring in your paycheck each month. It’s no different with getting your taxes done. At Leonard Tam Professional Corporation, we understand that you probably want to save money when doing your taxes by doing them yourself. However, we have a few reasons why it’s best to hire a tax accountant in Toronto rather than using software.
It’s a tax accountant’s job to understand the tax code and its changes from year to year. You can get expert-level advice from a tax accountant who understands the process and what needs to be done to maximize your return. You can be confident your taxes have been filed the first time correctly, and you won’t have to go back and make changes two or three years down the road.
Being self-employed has its benefits. You’re your own boss, and you can work around your schedule. Although, you do need to take responsibility for your taxes. Your tax accountant can help you plan for your next year’s taxes, so you’re making sure that you’re tucking away the right amount of money each time you get paid. The last thing you want is to be in the hole $5,000 next year when you could have prepared properly.
When you’re self-employed, you have plenty of things to worry about—the day-to-day operations of your business and everything else that comes with regular life in addition to that. You don’t have time to do your own taxes. Hiring a tax accountant can take an enormous load off your shoulders by going through everything you need to prepare your taxes.
Maximize your return
Preparing your taxes is complicated. There are times when you need to make sure you’re claiming expenses and properly writing them off. Claiming deductions will help to minimize the amount that you pay in taxes this year. In contrast, you need to properly declare your income because you want to do everything you can to avoid an audit or overpaying your taxes. A tax accountant understands how the tax laws apply to your income and can help you get the maximum amount of money back from filing your return.
Avoid an audit
Small businesses are more likely to be audited than individuals. An accountant can help you avoid raising red flags that will alert the CRA and increase your chances of getting audited. Avoiding an audit is not only important because you could end up paying a considerable amount in taxes, but you don’t have time to be dealing with a CRA agent. Your tax accountant has your back when preparing your taxes and will help you file a clean tax return that doesn’t raise any concerns with the CRA.
Schedule an appointment
Get in touch with us at Leonard Tam Professional Corporation to schedule an appointment to get your taxes done. Leonard Tam is an expert tax accountant in Toronto who can help you save time and make sure you get the most out of your tax return. You can be confident that you’re working with an experienced accountant who understands what needs to be done to file taxes for those who are self-employed. Reach out by calling 416-783-2222 or sending a message using our online contact form.