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Every business wants to maximize their cash flow and minimize taxes.  It is a challenge that all corporations face when it comes to tax time.  As an experienced corporate tax accountant in Mississauga, we are confident that we can help you lower your tax liability.  Here are some tips for you to think about as you prepare for your tax accountant.

Tip 1 – Keep business and personal expenses separate – That means maintaining separate checking accounts and credit cards for your business.  This will allow you to easily manage and report your business expenses.

Tip 2 – Can I deduct educational expenses? – You can deduct educational expenses that maintain or improve skills required in your present employment, including seminars, classes and convention fees.

Tip 3 – Check, check it again, and one more time! – One of the simplest mistakes is for errors on your tax reporting.  Make sure you look at it for reasonableness, adding mistakes, and other oversights that can happen when preparing the information.  Does it seem reasonable that you have a tax liability of $100K on a profit of $150K?  Make sure it makes sense; a simple error can cost you significantly.

Tip 4 – Do you need a tax accountant?  There are many simple tax advice software programs available to businesses.  Reality is some simple businesses can use these, but as tempting as this tax software can look, though, it isn’t for everyone.  It can sometimes lead you astray because there is no one dedicated to fact checking your work to make sure you’ve filed correctly.  For a complex, larger business it is advantageous for you to leverage an expert.

Businesses are always focused on increasing profits and driving cash flow.  There are many different legitimate opportunities to reduce your liability, but many business owners need the help of a tax accountant.  Numbers Plus Ltd ® a corporate tax accountant servicing Mississauga, Oakville, Milton, Toronto, Brampton, and other areas inside and around the GTA.  Contact us today to discuss your corporate tax needs.

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