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.