4 Reasons You Should Hire a Professional to File Your Tax ReturnBrian Jang ON March 14, 2016
It’s that time of year again… tax season is officially upon us. And like many Canadians, you might be struggling with whether or not to hire an accountant to file your tax return. Maybe you like the convenience of letting a professional deal with the hassle, but also feel you can take on the challenge yourself.
Sure, you might be a DIY kind of person, but just because you can file your own taxes doesn’t mean you should. Here are four reasons why you probably shouldn’t go it alone.
Taxes are complex
The Canadian tax legislation is complicated and constantly changing. As a business owner, you have enough on your plate without having to worry about analyzing the Canadian tax code—that’s what accountants and bookkeepers are for. One wrong move can cost you thousands of dollars in interest and penalties.
What’s more, searching online for some tax advice can be an even bigger waste of your time. In many cases, tax information is amateur, inadequate, incomplete, and outdated. So, chances are you’ll end up spending a significantly larger amount of time (and stress) on your taxes then if you leave it a professional.
Maximize deductions and tax credits
Let’s face it, tax season can be an overwhelming, hectic time of year. It is enough to send even the most composed business owner into frenzy, trying to figure out what qualifies as a deduction and what doesn’t. So, why not leave the deduction details to a professional accountant? A tax expert will ensure you get the best tax return possible, helping you steer clear of overpaying taxes by identifying the tax credits you deserve.
Complicated tax Returns
Did you sell some property this year? Are you self-employed? Getting married or divorced? Many of us have complicated tax returns. If this sounds like you, then it is best to hire a professional to handle your taxes. Remember, attempting to file a complex return on your own, can lead to errors and missed deductions/tax credits.
Peace of mind
Peace of mind is one of the best advantages of having a professional do your taxes. In addition to maximizing deductions, you can rest assured knowing that a qualified tax accountant is on top of the current tax laws, properly processing your income tax returns. Plus, in the unlikely event of an audit, your accountant will be in your corner, providing their support every step of the way.
Why take a do-it-yourself approach to taxes? Hiring a professional accountant to help you file your tax return will help ensure the success of your business.
Contact BCJ Group, Chartered Professional Accountants for a free consultation today!
- Why You Should Rethink Your Accounting Strategy
- What Can Happen If You Submit Your Taxes After the Deadline?
- What Are the Tax Deductions for the Self-Employed?
- When Are Your Business Taxes Are Due?
- What You Need to Know About Paying Taxes by Installments