It is not uncommon for those that are self employed to think that they don’t earn enough income or that their business is not big enough to utilize the services of a Toronto chartered accountant.
Most everyone has to pay taxes, and even what may appear to be the most simple tax return can end up being complex, or some great tax credits can be missed. When it comes to Toronto self employed individuals it means the filing of taxes in an entirely different way.
One big problem that many self employed individuals have is they only give thought to their tax obligations when it comes time to file, which for most is in the spring. There are so many tax breaks that could be utilized for many individuals who work for themselves, but only if there is some planning involved. The way that taxes are approached for self employed can vary and can even be different for a professional.
Unfortunately the Canadian tax laws are not straight forward, and when a person has their taxes done for them then they realize that if they had spoken to a Toronto Chartered Accountant at the beginning of the year they may have been able to run their business differently, that would have resulted in some additional tax savings.
Contrary to what many people think, an accountant does not just provide valuable services at tax time. These are experts that can help to guide your business financially. As a self employed individual your business may be at the cross roads where you are thinking that maybe you should incorporate. This may be an overwhelming thought to you because you don’t have a clue of what it means to you tax wise or financially. If you work with a trusted accountant they will give you sound advice on whether this would be a good move for you. These experts can only do this if they are fully aware of your financial situation both business and personal.
This is something that you don’t need to leave until tax filing to discuss with these financial experts. You really should take advantages of the in between tax services which may also include your bookkeeping needs.
As a chartered Toronto accountant I have the pleasure of looking after the accounting needs of many Toronto and surrounding area self-employed individuals. I would be happy to have a consultation with you so we can decide if what I have to offer will be of value to you.
Feel free to contact me at (416) 398-1700 or fill in the form on the right hand side.
Feel free to contact me at (416) 398-1700 or fill in the form on the right hand side.
