Lesser-Known Deductions You Might Be Unaware About – Expert Accountants In Thornhill Speak

Business owners are times tired of paying taxes they feel are too steep for their income. It can be disheartening to invest all the time and effort yet end up with such little profit. But, did you know that you must have missed out on some deduction?

Probably yes, most Canadian entrepreneurs are known to skip some small deductions. Deductions, which all added up and amount to a significant saving. So, today in the blog, we’re here to spread awareness. Help business owners with tax filings and also discuss little known deductions suggested by our expert accountants in Thornhill.

For home-based businesses

If you’re operating your business out of your home, it is possible to write off a portion of the rent, utilities, and other home expenses. But is only possible, if you use your home it is the principal place for your business. It should have an exclusive place for meetings with clients and customers.

Research & Development

This can seem an uphill task, but as per expert accountants in Thornhill, if you have an RnD program, you may be eligible for deductions. Showing it in the filings can be a little tricky, but try to include all or any RnD programs that your business may include.

Food & Entertainment

Yes, the CRA limits deductions to 50% of the amounts paid by businesses on food and entertainment, but you may be eligible for a lot more. Most businesses overlook a lesser-known fact. CPA allows full deduction of expenses of 6 company events a year, provided the entire staff is invited.

Promotional Materials

For small business powers, the ability to write off business promotional material as deductions can be extremely helpful. As a matter of fact, you can do this under Canadian tax laws regardless of the type and medium of promotion.

Travel Expenses

Yes, you can even include business travel expenses and enjoy a deduction. Keeping an account of the expenses can be a bit tough but with proper planning and documentation, you can easily include them while filing.

Apart from the above-mentioned points, you can also write off donations you made as deductions. It is important to be well-informed about the lesser-known rules as they can yield great benefits in the long run. I hope these tips help you accountants in Thornhill to prepare a more fool-proof filing and yield higher deductions.

Top Reasons to Hire Accountants in Thornhill for Start-Ups

Accountants in Thornhill

Do small business owners need an accountant? This is a question that all start-up owners ask themselves and contemplate the answer. Well, the answer to the question is, of course, they need a professional t6o deal with the finances. Now, it is true that small businesses do not need to juggle with a big number. However, they definitely need to keep their finances and accounts in a straight line. If the finances go haywire in the budding years it actually affects the foundation of the business.

When you hire an experienced accountant in Thornhill, they make sure that your financial base stays sturdy for you to build a strong and thriving business. For all those who are new to the business arena and don’t know whether to hire an accountant or not, here are a few reasons why you should.

WHY YOU NEED TO HIRE ACCOUNTANT FOR YOUR BUSINESS

The equation is simple; you being the owner will run the business and the accountant will take care and keep a record of the finances. Given below are a few reasons why you should hire accounts professional:

FINANCIAL DECISION MAKING

The growth of your business depends a lot on the financial strategic decisions that you make. Often being an amateur you might take a decision that proves to be faulty. It affects the business as a whole. A trained accountant will make sure that you all the decisions that you make are for the betterment of the business. The right financial decision can give your business the ultimate boost taking it to a whole new level.

PREVENTS YOU FROM COMMITTING FINANCIAL MISTAKES

The decisions that you take in the initial years of your business strengthens the foundation of the business as a whole. A single error can weaken your financial standing, recovering from which may again take months and even years. That can be a great setback for any start-up. An accountant will prevent you from committing such mistakes by guiding you in the right direction.

HELPS YOU RAISE CAPITAL FOR YOUR BUSINESS

Raiding the capital is a big concern for new businesses. Good and reliable accountants can channel you in the right direction through sound financial counsel to increase cash flow. They will analyze all the factors and give you the correct advice for your business.

These are the top reasons why you should hire trained and experienced accountants in Thornhill for your start-up business as the initial years are very important financially.

How Accountants in Thornhill Help You in Tax Return Planning

Accountants in Thornhill
Accountants in Thornhill

Laws regarding taxes can be quite complex and can undergo changes from time to time. It is the work of accountants to make sure that individual and companies comply with these tax laws. They do this by filing the state and federal income tax returns of companies and individuals. There are many cases in which tax accountants provide tax planning advice to people and companies in order to save them money in tax. As you can see, there are many ways in which a tax accountant can help. In this web blog, we are going to see in brief a couple of these. These are the services by Accountants in Thornhill that you can certainly find at our company, and we shall be happy to help you out.

Tax Return Planning

Let us get the basics of tax return preparation out of the way first. People and companies give taxes, but there are certain conditions and headings under which they can get a part of the money given as tax back. This is called Tax Returns. Now, this can be complicated to people who are new to the whole thing, have never done it before or do not have all the information organized properly. This is where Accountants in Thornhill come in.

Professionals such as Mohan S Rekhi meet with clients first to find out what their needs and requirements are. In this meeting and after it, they gather the documents that are required for the activity. These documents include investment income statements, paystubs and various other financial documents. The services of such professionals are highly sought because they are always familiar with the latest tax laws. They see the various financial headings and determine how much tax is to be paid and how much can be got back.

Tax Planning

Tax ramifications are present in all companies as there are so many complex financial decisions to take. Companies doing business internationally have to take much more complex financial decisions. Because of this, the services of tax accountants are required as they specialize in tax planning.

If you are looking for services like tax return preparation and business and tax planning, you are in the right place. Contact us today!

Why Accountants in Thornhill Are Better Than Tax Software?

Accountants in Thornhill
Accountants in Thornhill

The latest technology drive has brought forth a plethora of apps and software that are meant to make our life simple and hassle-free. The market is flooded with multiple tax software that comes with the promise of helping an individual in filling his/her own tax returns very easily and in an error-free way. But the question is how efficient are they? If they really are that efficient then why do people still take consultation from professional accountants in Thornhill? Here we will discuss the upside of hiring an accountant rather than using software to solve any financial or tax issues. Continue reading “Why Accountants in Thornhill Are Better Than Tax Software?”

Accountants in Thornhill to Straighten Your Finances

Accountants in Thornhill
Accountants in Thornhill

The need for an accountant depends on what kind of situation you are in. Do you run a business? Do you have trouble handling your personal finances? Tax filling always turns into a nightmare for you? Different people have different issues, different needs. But when in need of financial solutions, accountants in Thornhill are your only way out.  These trained professionals not only help straighten your finances but also give you excellent financial advice when needed. Continue reading “Accountants in Thornhill to Straighten Your Finances”