Do It Yourself or Hire a Professional?
When it comes to income tax preparation, there are two types of folks: do-it-yourselfers and those who hire professionals.
For many businesses, having a professional such as a bookkeeper or accountant prepare their income tax returns is the most sensible option. Not all of us have time to become tax experts and mistakes can be costly. So why not hire an expert to get the job done right and cut down on tax-time anxiety?
To do the best job, your income tax preparer will need to have all the right tax records at hand – preferably organized. Here is a solid checklist to help you gather your records together for your tax professional:
For business use of an automobile, be sure to include operating expenses and a vehicle driving log with business kilometers driven. There are some great apps out there that can help you track.
Previous Tax Records:
This will depend on whether you’re asking them to prepare a T2 (corporate) or T1 (personal) income tax return. If it’s the latter, your tax accountant will need all the relevant information slips and tax-related documents. Here are some of the most common:
Tips to Save Money on Your Tax Preparation Fees
Bookkeepers, accountants and tax preparers get paid by the hour. If you make their task a challenging one, it will cost you more.
Remember, having a tax professional prepare your income tax return(s) isn’t costing you as much as you think. When you receive the bill, you can set it aside as a legitimate business expense! That and the peace of mind you’ve gained knowing you are compliant and on time with the government.
Of course, I'm here and happy to help. Contact me to book an online appointment. At KC & Company, you will get the personalized service and attention you & your taxes deserve!