Small Business Tax Accountant & Returns Services in Toronto

Most people do not relish the thought of doing their own taxes. Small business owners in particular can have a tough time during tax season, as they struggle to get organized and put together all of the paperwork they need for tax purposes. Depending on the type of business a person owns, the process can be even more confusing with additional forms and different standards and regulations that apply. Putting together a small business tax return does not have to be daunting anymore because many people now turn to accounting firms like SRJ Chartered Accountants for help.

The first thing to keep in mind when getting ready for tax season is that special deadlines apply to certain businesses, and they often do not correspond to the same deadlines for small business returns. A small business accountant in Toronto like SRJCA can help businesses stay on top of these deadlines to ensure they do not incur any fines or penalties.

Secondly, a business owner should consider what kind of tax form they will need to use. If the business is not incorporated, it typically is considered a “sole proprietorship” or a “partnership.” In those instances, the owners actually file their small business tax returns as part of their personal income tax returns. All data is placed in the T1 income tax form, regardless of its source. Incorporated businesses file the T2 form instead.

In order to file a small business tax return, you need provide information on the business’ tax number, social insurance number and other various business records. It often helps to get assistance from a small business accounting professionals in order to stay organized and produce well-documented books. The more organized a business is throughout the year, the easier it is at tax time. Bookkeeping services are also helpful in maintaining organized records all year long.

A skilled small business accounting services Toronto can not only help a company file a complete and accurate tax return, but can also assist the company with reducing its tax burden. Tax rates are subject to regular changes and can increase, which could end up causing a problem for a business with slim profit margins. Tax professionals know exactly what to look for in analyzing a business’ records, and can find important tax credits and deductions in order to decrease the company’s tax bill. As a result of this, any tax savings can be passed on to the company’s customers, employees, and shareholders.

Business owners that turns to firms like SRJ Chartered Accountants will continuously be informed of the latest tax rules and regulations laid out by the Canada Revenue Agency as well as, be updated on important developments. SRJCA knows how to find important savings in order to keep a business profitable, and also knows how to put together a solid tax return that is less likely to draw unwanted attention, such as an audit. Using a tax professional saves a company time and money in the long run by getting it right the first time.