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Almost Half Way Into the Current Tax Year, So What?

Tax year almost half way through

No doubt as a business person and a tax payer you are super happy that the tax season is done, or soon will be if you haven’t filed your business tax as yet. You probably aren’t thinking that you are almost half way through this current tax year. Now that you are the question may be so what?

Hopefully you have had your business tax completed by a small business accountant. If you have used a quality expert in this field you may have been given a greater insight as to how your business is faring. Most often these tax experts can advise you on different steps you can take to help lower your taxes. Or, at least what you can change or do to take advantage of additional tax incentives. This is great and that is why you need to give thought to the fact that you are already half way through the year. So you want to capitalize on this advice as quickly as possible, as it often includes incorporating some changes.

It also gives you a chance to really look over your financial situation as your financial statements give you a very clear picture of this.

If you expenses are really high then maybe now would be a good time to look at ways that you could lower them. All it may take is sourcing out some new suppliers, or replacing some of the products and equipment you use for your business with lower priced ones.

It may be that you need to do some investments that would help to put you in a better tax situation. Or maybe it’s time to liquidate some assets and turn them into some much needed cash for the business. Certain times of the year are better for this than others, and the spring/summer may be the best time so you want to capitalize on this now.

Don’t put off discussing your last tax filing results with your accountant. You may also want to consider utilizing this professional on a consulting basis for your business at strategic times throughout the entire year, instead of just waiting until tax time. You may find by doing so that it allows you to save money by not making some of the wrong financial decisions.

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Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

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The information provided here and throughout the site of TorontoAccountant.CA is intended for general tax information only, and should not be misconstrued as a legal source of information regarding your tax situation, or be used for any other purposes other than for general information.
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