Getting Your Records Ready for Your Tax Professional
When it comes to preparing income taxes, business owners often face a choice: tackle it themselves or hire a professional. For many, enlisting the help of a bookkeeper or accountant is the most practical option. Tax laws can be complex, and mistakes can be costly, so why not rely on an expert to handle the details and reduce your tax-time stress?
To ensure your tax preparer can do their best work, it's important to provide them with well-organized records. Here's a comprehensive checklist to help you gather everything you need
Business Records:
- Business Use of an Automobile: Include operating expenses and a vehicle log with business kilometers driven. Consider using apps to track this information.
Previous Tax Records:
Other Records:
Depending on whether you're filing a T2 (corporate) or T1 (personal) income tax return, your accountant will need various information slips and tax-related documents. Common items include:
Tips to Save Money on Your Tax Preparation Fees
Tax professionals typically charge by the hour, so making their job easier can save you money. Here are some tips:
Remember, hiring a tax professional is an investment in peace of mind. Their fees are a legitimate business expense, and you'll benefit from knowing your taxes are compliant and submitted on time. Download our FREE Tax Prep Checklist to streamline your tax preparation and save time and money.
We're here to help! Book your online appointment with KC & Company today for personalized service and attention to your tax needs.
