Business Accountant :Lessons From Tax Season
Posted On: 20/06/16 - 0

Edmonton accountant

Business Accountant Tax Tips

The April 30 tax deadline has come and gone. Some people still have until June 15th to file without penalty but these folks should have paid their estimated taxes by April 30 to avoid interest charges on any balance due at filing.  Working alongside a business accountant will help to keep you in compliance with the CRA.

Lack Of Documentation

During tax preparation season and especially as we approach the deadlines for filing for sole proprietors, we see tax situations where it is difficult to advise our clients how to report the transactions involved. The principal reason for this stems from a lack of documentation. The most severe cases involve a total absence of written documentation. You never want to have to rely on oral communication.  This really won’t be of any help to you or your business in dealing with the tax consequences that the CRA has imposed.  It is critical to document, back up your data to support any disputes you may have with Canada Revenue.

Be Proactive

It is always a good idea to start gathering your data in a timely manner so you are not left stressed trying to find receipts, deposit slips, etc. for a multitude of business transactions.  Often, we hear that client’s leave this task to the last minute because they dread the compilation of paperwork that needs to be dealt with come tax time.

Keep Documentation In The Same Location

In the event of an audit, it makes your life much easier if you keep all of your data (several years in some cases) in a stored and secure location.  Backing up offsite guarantees that you have a record in the event of….Needless to say the best course of action is to document transactions before they are completed. Even if this costs some money up front it is well worth it.

Hire An Edmonton Small Business Accountant

For peace of mind, contact our office, enlist the services of a licensed, insured, experienced small business accountant.  Who better to work with than another entrepreneur who specializes in Edmonton small business accounting?

Call us before you sign on the dotted line and we can offer you with feedback and suggestions that will provide you with a clear understanding of small business tax implications and how to stay in the good books with the CRA. Call Cheryl @780-482-7297.

12203-107 Avenue.
Edmonton, Alberta.
T5M 1Y9

Call us:
780.482.7297