The Government of Canada released recent statistics that show nearly 28,100,000 returns were filed from February to June of 2022. Out of all these returns, more than just a few are likely to be selected for an audit. Are you fully prepared if you are selected?
Hiring a professional for your tax returns provides a wide array of benefits beyond ensuring accuracy and submitting timely returns. In fact, you can enjoy tax savings and reduce stress surrounding filing season by working with a professional to file both your individual and corporate tax returns.
Ensure Accuracy
The top benefit of hiring a professional for your tax return is accuracy. Corporate and individual tax returns require extensive knowledge to fully comply with the rules and regulations laid out by the CRA. Attempting to prepare your own individual, corporate, or sales tax return can result in mistakes that subject you to fines and penalties. Instead of guessing which forms you need to fill out or what numbers to include, hire a professional.
Submit Timely Returns
Another benefit of working with a professional to prepare your tax returns is timely remittances. All tax returns have deadlines that approach quickly after year-end. Gathering all the necessary documents can be time-intensive, leaving you minimal time to actually prepare the returns without the help of an expert. By having an accountant on standby, you can ensure that your documents will be filed on time. Additionally, GST, HST and sales tax returns may need to be filed throughout the year. Working with an expert can help you uncover the deadlines for these filings.
Enjoy Tax Savings
Do you know all the rules and regulations imposed by the CRA? How about each credit and deduction you are entitled to take? If not, expert help is essential. Qualified accountants, like NRK Accounting, understand when different credits and deductions apply to your situation, giving them the knowledge to accurately prepare your returns to maximize tax savings. Neglecting to take a credit on your business or individual return results in overstated tax liabilities. Do you want to overpay in taxes? Odds are you don’t.
Reduce Stress
Working with a tax professional reduces stress not only during the tax filing season, but throughout the year as well. Letters from the CRA can come at any time, making it important to have a tax expert on your side. Moreover, passing the burden of tax filing off to the experts frees up time in your busy schedule and crosses another thing off your to-do list. Less stress means more time to focus on important areas in your life, such as spending more time with family or growing your business.
Summary
The decision to hire a professional to prepare your tax returns should be simple. Who wouldn’t want accurate and timely tax returns all while maximizing tax savings? Finding the right candidate to prepare your returns can be tricky. Luckily, the team at NRK Accounting is here to help. We have the knowledge and experience to file your individual, corporate, GST, HST, and sales tax returns. Reach out to a team member today for more information.