It's THAT time of year again! No....not Christmas again; Tax time! I know...no one wants to think about that. But, it is important; and not thinking about it can cost you big money. The end of March will be here before you know it. Don't put your head in the sand; meet tax season head on and take care of business. It doesn't have to be painful; in fact, with the right person to help, you might even end up with more money in your pocket!
The key is having the right person to do the job. Sure…some people will do it themselves with a computer program. But are you sure you have done it properly? Have you gained everything you possibly can from doing it yourself?
Canadian tax rules and regulations can be tricky. It is easy to miss something. Generally, you would hire someone to fix your plumbing, repair your car, and re-do your basement because the average person does not have all the in-depth knowledge of these trades to do it themselves.
Why should your money be any different? Think about it. Here are a few reasons to hire a bookkeeper for tax season:
Everything has to be done exactly right. You do not want to let anything slip. How familiar are you with business taxes? It isn’t the same as doing your own personal tax return. It is much more complicated with many more details. Have you given all the T4s out to your employees? Do you know how to file GST/HST returns? How about import and export items? How do the taxes work on that? What is a business expense? We haven’t even started talking about the records. How good are your records? Neatly filed or a big mess? Make sure you get everything done on time or you may face stiff penalties. As you can see, filing taxes for a business is a huge challenge. Plus, there is a lot on the line. Do it wrong and you could be facing penalties or even an audit. A professional bookkeeper can do this for you the right way because they know what must be done and how to achieve it.
Even if you manage to file your own business tax returns correctly, it doesn’t mean that you have done it the most effective way. It is more than just filling out forms. There has to be a little creativity; especially when it comes to filing business expenses. You may be missing some business expenses that you could be claiming. As well, a bookkeeper will prevent you from claiming something that ISN’T a business expense, which would save you from a lot of grief.
Spending weeks behind a computer screen or at a table with shoeboxes filled with old receipts are NOT the way you want to use your most productive hours. Bookkeeping takes time and we all know that time is money. Your precious time and energy should be used on improving your business and making more money; let someone else handle the tax stuff.
Tax time is never going to be Christmas, but it doesn’t have to be terrible. Get a bookkeeper working for you and you will see the benefits that can happen.
Looking to have someone who really cares about you, your company and the Tax money? Book a consultation with us, at SimplyBookKeeping1 we are here to help you!