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7 Reasons to Hire a Tax Specialist

avoid tax painAs a small business owner you’re faced with many decisions and expenses to keep your business alive and growing.

You may be used to wearing many hats to save money, but sometimes it doesn’t hurt to call in the experts.

Even though you own a set of pliers, you’re still likely to go see a dentist if you have a toothache.

The same goes when it comes to your taxes and bookkeeping. Going to a trained tax professional can save you the pain of doing it yourself.

Here are 7 reasons to help you decide if it’s time to hire an accountant or tax professional to help you with your small business taxes and bookkeeping.

  1. Tax Laws Change Frequently

    It takes a lot of your time to keep up with budget announcements and changes to the Income Tax Act.
    An accountant will keep up to date on all tax rules and regulations so you receive all the credits and grants available and also stay compliant.

  1. Receive an Overview of Your Financial Situation

    Living day-to-day you may miss an opportunity to improve your business and save money or increase profits.
    An accountant is removed from the business and can help you look at the big picture, provide long-term tax planning and perhaps help you come up with new ideas for your business.

  1. Focus on Your Business

    As a small business owner you can’t afford to spend time on tasks that don’t help you grow your business.
    A tax accountant and bookkeeper can help you manage the day-to-day tasks of record keeping so you can focus on the tasks that make you money.

  1. Professional Relationships and Representation

    You need to build relationships to build a small business. One of those relationships includes your bank and they’ll want professional financial statements when it comes to asking for financing.
    As well, CRA is watching many small businesses and targeting them for audits. A tax accountant can represent you so you don’t waste time on an audit.

  1. Learn From Others

    A tax accountant has helped many other business owners from many different industries, including your industry.
    Your tax accountant can suggest what has and hasn’t worked for others so you can benefit from the successes and avoid the mistakes.

  1. Prepare for Life Changes

    Marriage, divorce, children, retirement or death all have tax consequences.
    Meeting with your tax accountant before these life events can prepare you so there are no surprises and your taxes and your investments are optimized for the change.

  1. Enjoy Life’s Changes

    A small business can be a 24-7 job. You probably have trouble finding time for both your business and your family.
    A tax accountant and bookkeeper can help you find balance and handle time-consuming tasks that free up your time to build your business during the day and still have time to spend with family at night.

An accountant or tax specialist can work with you to review all your data and help you plan for success.

By not working with an accountant or tax specialist you’re missing out on opportunities and missing out on life.

Not to mention the pain you can avoid by having someone who knows what they’re doing handle the complexities of the Canadian tax landscape.