Taxes are not something that any individual or business can avoid. Knowing this, the best plan of action is to properly prepare for taxes and find ways to effectively and legally minimize the amount owed.
Waiting until tax time doesn’t allow for effective tax planning. The best method of tax preparation is to work with an accountant on a consistent and ongoing basis. The advice and consulting received during the year will put strategies in place that will give the business or individual the maximum tax benefits.
Tax Consulting in Toronto
Regardless of whether you’ve just started your business or if your business has been up and running for some time, your company needs to plan for its success. A major part of that planning involves managing taxes. This takes experience, skill, and the knowledge of dealing with the unique requirements specific to your industry.
Joseph Shoichet Consulting (JSC) understands the layers involved in preparing and filing taxes, and has the broad knowledge base necessary to adhere to the specific needs of each client. The amount an individual or company is taxed depends on several variables. Strategies to minimize taxes can be distilled down into the three Ds: Deduct, Defer, and Divide.
Deducting is probably the most well-known of the three and involves reducing taxable income by deducting allowable expenditures.
Deferring refers to any strategy that delays the requirement to pay a tax until some later time. Contributing to an RRSP is an excellent example of deferral.
Dividing strategies seek to lower the overall tax burden by splitting taxable income with additional individuals or entities with lower marginal tax rates.
By working with its clients in a collaborative and proactive manner, JSC applies its expertise to provide solutions tailored to the clients’ needs, ensuring superior results.
Tax Debt Relief
It could be that you or your business already incurred debt from the incorrect filing of taxes, placing a large financial burden on your shoulders. Ignoring phone calls from the Canada Revenue Agency (CRA) is not going to make your tax problems go away. Facing up to the debt and developing a strategy to deal with it should be your primary concern.
JSC offers guidance during what is surely a stressful time. We work with you or your business to develop a strategy that is acceptable by the CRA, while making the process as comfortable as possible.
Business Tax Preparation
Business tax consulting is one of the top services we offer. It’s a service that all businesses and individuals need in order to move forward successfully in their finances. For small businesses, individuals, or families, getting quality and consistent tax consulting should be a top priority. Visit our web site to see all the accounting and tax consulting services that JSC has to offer or contact us for more information.