Personal Tax Time Tips & Tricks
Often I get clients not sure what they should be providing to the accountant each year and why they should hire a CPA rather then prepare the returns themselves.
Annual Tips/Tricks:
Start a quick word or excel document of all the items you require to compile for the accountant each year.
Make sure you have everything in your list together before sending as the more times you send pieces of information, the higher the cost to prepare the return.
If you are not sure if you can deduct the expense or item, INCLUDE IT and ask! Provide ALL the information to the accountant and they can review and let you know if they need it.
Review the tax return in depth before signing, it is ultimately your responsibility not the preparers that it includes everything.
Why a CPA?
CPA stands for Chartered Professional Accountant, it is a designation which requires a significant amount of education as well as satisfying the practical experience requirements.
The cost may be higher to prepare the tax return however, remember that just because you hire someone to prepare the return, it is still your responsibility that it is correctly done.
Have experience with corporations and therefore, can assist you in preparing summary of rental operations or summary of business activities.
Often, if you have one T4 slip or very simple taxes, I would recommend you prepare yourself as this likely does not have the complexities to require a CPA.
Want to know more?
Contact me today to schedule a complementary 15-minute telephone meeting to find out more.
