4 steps for business owners to start the tax preparation process on the right foot
Miranda Professional Corporation views tax preparation as an opportunity to truly partner with your business, just as we have partnered with other successful organisations across Mississauga, Ontario for more than 25 years. We encourage business owners to take the following four steps to start this process on the best possible footing.
1 – Gather and organise information.
Confirm that the tax documents below are up-to-date, complete, and accurate before meeting with us, as this information will be vital to successful tax planning and recommendations for long-term, cost-saving strategies. It saves you time, money, and headaches in the long run because we don’t have to follow up as often about missing, incomplete, or potentially inaccurate documentation.
- Bookkeeping entries.
- Bank statements.
- P&L and balance sheets.
- T4s, T3s, and other information slips.
- Receipts for expenses (to claim as deductions).
2 – Lean into outsourced bookkeeping.
We aim to lift tedious and time-consuming responsibilities off busy owners’ shoulders. So, if you are struggling with staying on top of the above tax documents, be sure to ask about our professional bookkeeping services. Our services can be tailored to your needs. Whether reporting is done monthly, quarterly, or annually, rest assured, it is always provided in a complete, timely, and accurate fashion. If you are interested in getting set up with our bookkeeping, be sure to allot a little more time in the process for this step.
3 – Provide info early.
As new or updated documents come in, be sure to get them to us as soon as you can. This gives our professionals time to work through issues that may arise during the review process. It also allows us to maximise tax-saving opportunities. When we have the receipts and other supporting documentation, you may qualify for additional credits and deductions that can make a real difference in your tax burden. For this reason, we often say that taxes are not a season or event. They are a process that ideally takes place, little by little, year-round. As changes come up with your business, it is important to let us know about them. That way, we can immediately begin to explore and devise strategies to put your business in the most tax advantageous position.
4 – Think of us as an advisor.
Prompt and regular communication with us not only prevents missed deductions, credits, and deadlines, but it also ensures compliance with respective governmental and industry regulations. You may have additional reporting requirements, for instance, as your business branches into new services or industries, too. Compliance failures can result in costly penalties. To avoid missteps, contact us if there are changes in your business’s structure, or operational or business shifts (like the one mentioned above).
It is never too early to get your taxes in order. Contact Miranda Professional Corporation at +1 855-839-4969 to speak with a member of our team in Mississauga, ON today.
