If there’s one thing that most people dread, it has to be filing their taxes. When it’s that time of the year again, consider hiring a CPA to help you especially if you’re not sure what to do. A reputable accounting firm can really simplify the process of tax filing for you. Here are 5 good reasons to get a CPA to help in tax filing.
Save Time And Money
With time, there are changes being made by the CRA that complicate the tax legislation even further. You may notice that you qualify for certain deductions which you wouldn’t be aware of if not for your CPA. You probably don’t have time to try and study the Canadian tax legislation especially if it’s not something you’re interested in. Therefore, having a professional to handle the tax filing for you can avoid incorrect filings that could cost you thousands in form of penalties and interests.
Reduce Your Tax Bill
One of the best ways to ensure you lower your tax bill is to maximize on deductions and the available tax credits. Only a professional CPA with extensive skill can help you figure out what deductions and credits apply to your situation. What may be considered a legitimate tax deduction may change the next year and a CPA has the latest information to help you make the correct filing. With the help of an expert, you’re sure to receive every deduction and tax credit you are entitled to.
Avoid Dealing With The CRA
If you happen to make mistakes when filing your taxes and end up paying less than what you should have, the CRA can come knocking any time. The agency is less concerned when you end up paying more taxes than what you owe. However, you need to hire a CPA to ensure you maximize your wealth and pay exactly what you’re supposed to. If you misfiled taxes, it can still be discovered three years down the line which puts you in trouble in the end. Avoid this by having a professional help in the filing process.
You Have A Versatile Portfolio
Are you a business owner? Have you recently acquired rental property? Do you have a diverse portfolio of investments? Filing your taxes can be such a huge burden if you have so many assets to put into consideration. Only a qualified CPA can simplify this process for you. When you have a lot of things going on in your life, your returns will be even more complicated to file. Enjoy the peace of mind by looking for a CPA to assist in tax filing matters.
You Probably Won’t Enjoy It
There are many things that you can do during your free time and enjoy. Filing your taxes is just not one of them. You are most likely going to make errors that will cost you, especially when claiming deductions. Avoid this by getting a CPA to help you save money and ensure you’re always compliant.