Five reasons to hire a professional for income tax preparation
Individuals and companies thinking about their income tax preparation wonder if they should hire a professional. While there are many websites that help individuals prepare their own taxes, many find that it’s worth the small investment to hire a professional.
At the Miranda Professional Corporation in Mississauga, our team helps individuals and business prepare their taxes. If you are trying to decide if you should hire a professional, consider these items:
- It saves time: If you have done your own taxes in the past, you know it can take a significant amount of time, especially if your taxes are complicated by owning a business, making large gifts, buying or selling real estate, or many other factors. While you’ll still need to gather and organize your documents, this can be done throughout the year.
- You could miss something: A professional has more experience and knowledge than you do. Tax laws change frequently. Therefore, working with a professional ensures that your taxes take advantage of the most recent deductions available.
- Representation if audited: Many accountants will help you work with the Canada Revenue Agency if you’re audited. While this won’t assuage any errors, it can speed the process.
- The cost can be deducted: Tax preparation is a business expense and can be deducted against the business income.
- It can help you make financial decisions: Perhaps one of the biggest advantages is that a professional team can help you make decisions that will minimize taxes and maximize credits. With a professional team, tax planning is not a single event, it’s a process that includes review of previous tax returns, an assessment of reporting requirements, and strategic planning.
For more information about tax planning and preparation, call Miranda Professional Corporation today.Back to Tax Preparation and Planning Page