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Getting Your 2016 Tax Resolutions In Order

2016 Tax Resolutions

As another year comes close to its end the last month is an extremely busy one.  On a personal level everyone is gearing up for the festive season. There is decorating to be done, gift buying and wrapping is on the agenda, and then there is tons of entertaining and events to not only to hold but attend as well.

On the business level there is the year end that most businesses have to tend to, and somewhere within the multitude of thoughts that are running through your mind, there is some preliminary planning for changes to the company to make it more financial viable.

It is also the time of year where people start thinking of making New Year’s resolutions that will affect them both on a personal and financial level. When it comes to the finances this must include some thought given to the tax situation because this is a necessary expense that almost all adults have to deal with. It is also an area of finance that so many people figure is out of their control so what is the point in planning or making resolutions about it when they can’t do anything about it? However, this is not the case as you can take control of your tax situation.

2016 tax resolutions.

Resolution #1:

If your taxes are not up to date and in good order then the first resolution should be to attend to this matter head on, instead of avoiding it.   This means finding out what you need to do to get right with the CRA.   Even if you owe taxes and cannot pay them you need to contact them and make them aware of your situation and see what they suggest.   This problem is never going to go away until you take steps to rectify it and the costs are just going to keep surmounting by way of penalties and interest.

Resolution #2:

Get organized and stay that way.   A lot of people leave it till the last month of the year to get all their financial records in order that they are going to need for the tax season. T his is a big mistake because keeping your financial records in good order will ensure that your taxes are going to get done right.   When they get done right there are fewer errors.   Many tax errors end up costing you money.

Resolution #3:

Find a good accountant who you can use as a resource.   This professional, provided you choose the right one serves several different purposes. First they have the expertise needed to file your taxes properly.  Secondly, if you have an issue with the tax department they can make sure that your financial records are done properly so they can support you in addressing your issues.   Thirdly, this expert can guide you as to how your business is doing based on the financial figures of the business.   Most people don’t understand how they can plan for their business based on their financial statements, because they don’t really understand these records fully.

These are three key tax resolutions that you can make that will start to put you in control of your taxes instead of your taxes controlling you.

 

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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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