Personal tax returns can be difficult enough for Canadian tax payers, but when you have to complete your return as a self-employed individual then the real confusion sets in. The best step to take is to use the services of a Toronto Accountant who does this for a living, and will know what your best tax breaks will be.
There are several reasons that tax payers have so much difficulty with their yearly tax return. First of all who wants to spend hours indoors when the weather is becoming so nice, trying to sort out complex tax forms? Then if its taxes on self-employed income that you have to deal with, it’s like being in a whole new world. At first it looks like you have all the information you need just to fly through filling out your return only to discover that it’s not that easy. Every tax issue is unique and trying to figure out the examples you are supplied with just don’t seem to work. That is where your Toronto accountant comes in. He knows all the technical aspects of filing these types of returns. He is fully aware of the ever changing tax laws so even if you had last year’s returns mastered don’t count on it being that easy this year.
Something you need to keep in mind is that CRA is quick to tell you when you have not done your tax returns right when it’s in their favor. If you have missed some tax breaks on your self-employed return don’t expect them to notify you of such. Your Toronto tax accountant is going to be sure that nothing is missed in your favor, plus no mistakes are made that will result in an improperly filed return.
You are expected to know the tax laws when it comes to filing your self-employed income. This is where the stress is created with this type of responsibility. There are specific rules that must be followed and trying to decipher these is time consuming. Of course you are trying to keep your business costs down and may be reluctant to invest in the small sum of money it’s going to cost you to have your tax returns done professionally. There are times when it makes good business sense to spend money to enhance your business, and your tax return investment is one of them. You will soon learn what your advantages are to being self-employed from a tax point of view. In fact, you may discover that it would be more beneficial to you to incorporate your self-employed business with respect to tax savings.
Your Toronto accountant will be there to advise you as to the best way to approach your tax matters. He will have all the expertise that is required to complete your taxes properly. What would take you days or weeks to accomplish with your tax filing will most likely only take him a day or two, depending on the complexity and circumstances surrounding your particular business. You may be thinking it’s too late to use professional services this year for your self-employed return, but did you know that you have until June 17, 2013 to get them in.
Now is the time to call your Toronto accountant and let him take on the burden of your self-employed tax return. It will be one of the wisest business decisions you have made this year.
I would be happy to discuss your tax needs with you and offer you the tax return solutions that you require. Just fill out the form here on the right to get your tax solution into action, starting with a no obligation consultation.
