Are you constantly stressed during tax time? How about struggling to meet tax deadlines and unsure if you are filing correct returns? If so, you aren’t alone. Many Canadians believe they can file their own returns using online software programs; however, this opens the door to errors and increased stress.
Avoiding costly mistakes, enjoying additional tax savings, and reducing your stress are three benefits of hiring a tax accountant in Toronto, making a professional something to consider for your next filing season.
File Returns Timely
The first benefit of working with a tax accountant in Toronto is the timely filing of returns. The CRA implements a filing deadline of April 30th, which approaches rapidly after the new year. Most of your tax documents should arrive in time; however, many businesses often file in employee’s summaries late, which can cause a delay with the CRA receiving the T4 summary. Whether you are looking to file by the April 30th deadline or request an extension, you want a tax accountant to ensure everything is in order and avoid fines and penalties.
Enjoy Tax Savings
There’s no doubt that the tax code is complex. Without the necessary education and experience on the rules and regulations implemented by the CRA, you may be overpaying on your taxes. There are a wide variety of credits and deductions available to reduce your tax bill each year. You want to be sure you are paying the least amount in taxes, making it important to hire a tax accountant in Toronto that can help you understand and utilize these options.
Avoid Costly Mistakes
Filing your taxes on your own can be great if everything is reported correctly. Due to recent technological advancements, the CRA has systems that automatically flag returns for mathematical errors and the reporting of all tax forms on file, meaning you are more likely to receive a letter. Incorrect reporting not only can land an inquiry on your previously filed tax returns, but also fines and penalties, which is why working with a tax accountant is so beneficial.
Reduce Your Stress
Tax time is stressful. From gathering all your tax forms to deciding which forms to prepare, many people dread tax season. Passing the burden of filing your tax documents off to a tax accountant in Toronto is one solution to reduce your stress levels. Instead of spending countless hours sitting at your desk stressing, spend that time with family and friends, and let the experts handle your returns.
Have a Go-To Person for All Tax Questions
Tax law is constantly changing, which may lead to questions you have on the eligibility of credits and deductions. Working with a tax accountant gives you access to a resource to ask any and all tax questions to. Skip the hours searching the internet for answers and instead build a relationship with a tax accountant who can provide you with accurate and quick responses.
Summary
There are many benefits of working with a tax accountant in Toronto, from accurate filings to maximized tax savings. You want to be sure your tax accountant has the time, qualifications, and experience you need to help you prepare your returns. The team at NRK Accounting meets all these criteria and more, making them your trusted expert going into the next tax season. Reach out today to set up a consultation or to learn more about the service we offer.