Success Tips


How to Find Good Tax Accountants for Small Businesses

Oct. 05, 2020

Tax Accountants for Small Businesses

Payment of taxes is mandatory for all businesses in Canada.

To keep up with the payment of your taxes, you have to learn how to plan ahead of time.

Running a business is enough work and can be time consuming.

Therefore, overseeing the running of your business and planning your tax simultaneously is a lot of work.

Hiring a tax accountant for your small business is the solution to planning your taxes without stress.

Not only can they plan your taxes and ensure you meet up with the deadline, but they can also give you access to certain tax deductions.

Who is a Tax Accountant?

A Tax Accountant is professionally saddled with the responsibility of assisting clients and businesses with their financial and income tax statements.

Tax accounting is a subset of accounting which deals in preparation of tax returns, payments and analyzing tax issues.

A professional tax accountant provides advisory services to their clients or the businesses they work for.

A good tax accountant must have an in-depth knowledge of the regulations, laws and acts that govern the taxation system of that environment.

A Tax Accountant is not very different from a regular accountant as the job of an accountant also covers offering tax services.

This is why tax accounting is an aspect of accounting.

Roles of a Tax Accountant

A tax accountant has so many responsibilities which are all aimed at ensuring that the tax issues of the client or business they work for are sorted out.

The role of a tax accountant is sequential.

This is because one activity leads to the other and the circle continues to ensure client satisfaction.

Preparing tax returns involves reporting your clients’ income, expenses, and other important financial information.

1. Preparation of Tax Returns

In Canada, if you fail to file your taxes as at when due, there is a penalty for it.

The late penalty is 5% of your balance owing, plus 1% of your balance owing for each month your return is late to a maximum of 12 months.

2. Tax Planning

Tax planning also includes the preparation of tax returns.

An accountant is responsible for overseeing and identifying tax savings so as to make tax payments with ease when the time arrives.

3. Tax Payment

Payments of taxes are always easier when plans have previously been made to sort out the business tax.

It is the duty of the accountant to put the necessary measures in place for ease of payment.

3. Maximize Tax Returns

Your accountant knows the steps to take to successfully maximize your tax returns.

Some of the steps include; claiming available deductions, meeting deadlines, properly reporting your income amongst other factors.

A good tax accountant should be able to Identify the areas which their client can reduce tax, make claims and increase profit.

Does Every Small Business Require The Services Of A Tax Accountant?

Taxation is a very integral part of every business, especially in Canada. Small, medium and large businesses have to turn in their taxes as at when due.

A small business owner might not be able to properly file business taxes in a way that would be beneficial.

This is why it is important to find a good small business account near you to get the job done.

Once you are rest assured that your tax issues would be sorted out by your accountant as at when due, you would be in the best state of mind to productively run your business.

Steps to Take in Finding Good Tax Accountants for Small Businesses

The first thing you need to understand is that you do not have to spend more by hiring a different accountant to oversee your taxation.

Once you can hire a professional accountant or an accounting agency, your taxes are covered along with the other aspect of financial management.

In finding the right accountant for your small business, you need to consider;

1. Experience

It is important that you hire a certified public accountant (CPA) with the required certifications needed to practice in your location as well as relevant knowledge to get the work done.

Knowledge can be best gotten through experience.

You need to ensure that your accountant has what it takes to give you the best tax service you can get.

2. Location

Is the accountant or accounting agency easily accessible? Would you be able to reach your accountant easily when you want to?

This is a fundamental question that you should ask yourself before hiring an accountant.

You need to find an individual or agency that you can easily access when you need to.

3. Services Offered

As a small or startup business, you do not want to spend too much getting a tax accountant and a bookkeeper who will oversee the financial aspect of your business.

Your goal should be hiring an accountant who can plan, file and pay your taxes alongside overseeing your business’s finance.

4. Your Business Goals or What you Intend to Achieve

Every small business should have a list of expectations before hiring a tax accountant.

The individual or agency might have their own set goals for your small business.

Nevertheless, the goals you set are the best means to evaluate the performance of the accountant or accounting agency.

5. Cost of The Service

You have to be sure what it would cost you to hire a tax accountant.

After inquiring about the cost of service, you should find out if your business can afford it.

If not, try to negotiate with your accountant and see if you can reach a common ground.

Small Business Tax Accountants Near Me

There are several tax accountants around your location that have the capacity to meet your tax needs.

For small businesses in Canada, KAFT CPA has a solid foundation in taking charge of your taxation activities.

You don’t have to struggle to file your taxes and get it paid. KAFT CPA takes charge of planning and putting the right measures in place to ensure that you do not have to worry about your business tax and you can get the best tax deductions available for your business.

Benefits of Hiring a CPA for your Small Business Tax Planning

Asides from helping you avoid certain misinformation or filing Issues, there are tremendous benefits involved when an accountant files your tax for you.

  1. Your accountant can help you maximize your tax deductions
  2. Filing taxes can be time consuming and a lot of work but it saves you time and energy when you get a professional to file it for you.
  3. It gives you peace of mind when you know that your business tax issue is well sorted out.

What Would My Small Business Benefit by Hiring KAFT CPA

Hiring KAFT CPA for your tax accounting would mean that you have not just hired an accountant but a bookkeeper and account manager/ consultant.

Running a business requires a lot of concentration but you would need twice as much concentration in running a small business.

The only way to get your mind at ease and be as focused as you can is to get your tax need sorted out. With Kaft CPA, your peace of mind is guaranteed.

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