Income Tax Preparation
Selecting the right person to prepare your taxes is extremely important. It could mean the difference between having a wonderful year full of profits to experiencing a horrible 4 years paying back taxes and being audited. If this is your first time at the rodeo, it can be challenging to discern which company is qualified for the job. Kelowna Bookkeepers possess properly issued Preparer Tax Identification Numbers. We sign our names to income tax forms, thereby vouching for our work. Tax specialists possess the training, professional licenses and education to prepare your taxes in accordance with Canadian law.
Compile Forms for Returns
There is only 1 date that tends to make business owners nervous throughout North America. The mere mention of April 15 produces anxiety for tax professionals and the clients they represent. We can always file for an extension but to do so would signify that something is wrong. Several forms are required for proper CRA filings. T4 slips, employment insurance benefit forms, interest, dividends and mutual fund forms are a part of the process. We will compile tuition, universal child care benefits, old age security and CPP benefit information for your annual tax filings. T4A, social assistance payments and worker’s compensation benefits must be included in your personal business file.
One of the key tasks we undertake at Kelowna Bookkeeping is compiling and tabulating receipts. What gets measured, gets done. Money goes out and it comes in. Most businesses don’t keep up of expenses until there is a cash flow problem. When the investors and board want to know where the money was spent, we have the answers. Our team will compile the receipts for RRSP contributions, charitable donations, support for child, spouse or common law partner and tool expenses. Medical expenses, home office receipts and transit pass receipts are considered as well. Your dedicated bookkeeper will organize any political contributions, child care expenses, adoption and moving expenses you may have accrued.
Understanding tax law is one of the primary benefits of hiring a bookkeeper to prepare your taxes for filing. Tax laws change annually and they can be very difficult for laypersons to understand. There is always a loop hole. Knowing whether or not a particular clause pertains to you requires hours of study. These are hours that the average business owner does not have. The government is in support of consumers and businesses blindly using tax filing software because it benefits the machine but leaves you open to errors and audits. Enlist us to assist in your tax filing because we are up to date with Canadian tax law.
Businesses and Individuals
The majority of our clients are small businesses but that doesn’t mean that our services are not available to individuals. We possess the capacity and knowledge to service entrepreneurs, government and corporate employees. Having been in business for over 20 years, we are versed in working with retirees as well. Each contingent has a unique set of circumstances. Through experience, constant study and attention to detail, our team has the skill set to collaborate with a diverse group of clients. To learn more about income tax preparation services, contact us via phone or email today.