If you are running a business from home then you are enjoying many of the benefits that come with this type of work environment. Although it seems appealing it does come with its challenges. It can be difficult to stay focused. For others, they tend to put in a lot more hours than they would if they were going out to a business. No matter what type of business you are operating there are many different responsibilities that you are faced with.
Delegating Responsibilities
Chances are you want to keep your expenses down which a home work environment will give you the opportunity to do. However, there are some responsibilities that you just may not have time for or even the full knowledge to complete them. One of these can be your taxes.
Taxes And The Accountant
As a business operator, you are required by the CRA to keep proper accounting records. These are what is used to help complete your taxes. Many people find the record-keeping to be confusing. Some just stuff all their receipts and financial papers into one file. Then when year-end comes they have the huge task of sorting all of this out so they can complete the business portion of their taxes.
Record-Keeping
A much simpler way is to just keep a simple spreadsheet of what you are bringing in and what you are putting out. Taking the information from each receipt that you have. A common mistake is to assume that the business accountant is a bookkeeper. Many do provide these services for an additional cost.
Then you have the basic records ready for your accountant. You can do your taxes yourself but when it comes to filing for business there are a lot of rules and regulations. If they are not done properly then you have issues that will need to be dealt with through the CRA.
A business accountant is going to make sure that your taxes are filed properly. They are going to explain to you if there are any issues with your record keeping. They are going to give you suggestions on how to better handle your business finances.
Expenses
Your accountant is far more valuable to you than for just filing your tax returns. There may be expenses that you are entitled to that you are not claiming. Then on the other hand you may be claiming expenses that you are not entitled to.
What You May Be Missing
There may be some additional financial steps that you can take to tighten up the expenses that your accountant may recognize when doing your financial statements.
Money Well Spent
For all the benefits that your accountant has to offer, the cost for these services are well spent. Plus, this is another expense that you can claim against your business. A mistake on your taxes can cost you some substantial money. For those people who don’t understand how to do their business taxes, they may keep putting it off. Then they end up being charged with a late filing fee. Plus, if there is any money owed there are penalties of non-payment that could be applied.
Others will put off doing their taxes because they believe they are going to owe money and don’t have it to pay right away. This too will incur extra costs. It is better to file the taxes then if necessary arrange to make payments with the CRA.
If you don’t want the hassle of doing your business taxes I would be happy to do them for you. You will find my rates reasonable and you can count on your taxes being done right.
