Sure, you should be able to handle your own personal taxes come April – everyone’s favourite time of year – even if that means gathering your documents and dropping them off at your local H&R Block for someone else to do.
If only it was that easy for business owners.
Tax time for business owners can be stressful, hectic, and confusing due largely to the high number of factors that can affect a businesses tax return and the processes needed to properly file it.
Whether you are new to the world of business taxes, or you’ve been in the game awhile but your taxes have gotten complicated, a lawyer may be able to help you.
A Little About Your Businesses Taxes
The first, and most important, detail you will have to take into consideration when beginning to work on your businesses taxes is the legal structure of your business.
This means that the way in which you file your taxes, the forms you submit, etc. will vary depending on whether your company is set up as a sole proprietorship, a partnership or limited liability company (LLP), or a corporation.
If you run your business as a sole proprietorship, partnership, or LLP, the income tax is imposed on you and the other owners, rather than on the business itself. In this case, your businesses taxes will also impact your personal tax return.
If your business is set up as a corporation, it will require its own income tax return and will incur its own tax liabilities.
Once you’ve determined what type of tax return your business requires, you can begin to break down the different deductions, credits, and refunds you are eligible for and how to calculate them.
How Can A Lawyer Help My Business and Me?
You may be an expert on the product or service you offer through your business, but unless you’ve gone to school for business law or accounting, you are probably not as knowledgeable on business taxes as you might think – so why not leave that to the professionals.
They Can Help You Submit Your Annual Taxes
Tax attorneys know the ins and outs of the tax codes that your business must adhere by, the processes involved with filling your returns, and can really help you pay the least amount of taxes (or get the highest return) possible through utilizing the deductions and credits you are eligible for.
Having a tax attorney help you from the beginning is the best way to ensure your taxes are done properly and in the most effective manner possible.
They Can Help You Remedy Issues
If you haven’t been using a tax attorney and have run into some sort of problem with your taxes, it is most definitely time to hire one.
They can aid you and your business through audits – they are used to dealing with the CRA so why not let them do it – they can help you communicate more effectively with other parties involved, and can even help you through criminal charges such as tax evasion.
Hire A Tax Attorney Now!
As you can see, hiring a tax attorney for your business can only have a positive impact – whether you need help getting out of a sticky situation or you simply want to keep your taxes organized to avoid such issues, a tax attorney is what you need.
References
- https://www.heritagelaw.com/services/small-business-corporate-law/
- https://www.huffingtonpost.ca/david-rotfleisch/take-it-from-a-tax-lawyer-the-canada-revenue-agency-is-broken_a_23368568/
- https://www.entrepreneur.com/article/242077
- https://www.fool.com/taxes/taxes-and-your-new-business.aspx