Small business owners often fear receiving mail with return labels, fearing it may contain a bill or bad news. Taxes can be a scary subject for many, as they are often ununderstood. With the extended tax deadline approaching, many wait until the last minute before filing. Fastway Taxes and Payroll provides tax preparation services in Brampton to save businesses from penalties and legal barriers. Moreover, our services range from insurance services in Canada to tax filing and bookkeeping in Ontario. Here are some tips to ensure a smooth tax filing experience, especially for those who are new and unsure of the process.
Problem Evaluation
Understanding tax problems can help business owners address them. There are four types of tax problems: non-payment, audits, discrepancies in the account, and failure to file or make quarterly payments. The CRA is understanding and can help with payment plans and minor changes. Discordances in the account, such as incorrect payments or tax identity theft, can be resolved with simple correspondence. Failure to file or make quarterly payments can result in penalties.
Consideration
The state tax department will notify you of a tax problem and expect you to respond within 30 days. Ignoring it can lead to financial repercussions, such as fines or high-interest rates. If overwhelmed, seek professional help to navigate the issue and avoid further trouble. It's important to note that the CRA communicates only through official mail, so ignore fake notices.
Get an Accountant
Avoiding the expense of hiring an accountant can be beneficial when dealing with tax problems. A freelance or part-time accountant can help with tax preparation and law issues. They should have extensive knowledge of tax documents and government tax entities. They can fix the problem quickly. You can outsource the problem to Fastway Taxes and Payroll. We are just a call away.
Communication
The CRA understands that resolving tax issues can be time-consuming and doesn't expect immediate resolution. However, waiting too long can lead to more problems. Effective communication is critical to leniency and understanding from the government. An accountant or tax preparer can help by efficiently communicating with the authorities to resolve the problem on your behalf. This approach can help avoid further complications and ensure a smoother tax resolution process.
Staying Organized
If you face a tax issue, thoroughly review your tax information, including recent returns, receipts, and business accounts, to ensure accuracy. Learn about tax laws related to the issue and educate yourself on the problem. Keep a record of IRS communication, including notices and responses, and scan them into digital copies for preservation. This will be helpful when discussing the issue with an accountant, tax preparer, or attorney and protect you from inaccurate claims regarding communication.
Maintain a Pristine Record
To avoid future tax issues, correct past behavior and organize your taxes to limit the chances of future problems. The CRA is lenient for first-time offenders, but repeating the same issue may lead to immediate payment demands and potential charges. To stay out of tax trouble, hire us and invest in tax account monitoring services. Avoiding repeated issues and implementing payment plans can help avoid penalties and ensure a smoother tax situation.
Outsource to Fastway Taxes & Payroll
Fastway Taxes & Payroll offers outsourced tax repair services for busy business owners, addressing their tax obligations promptly and efficiently. With trained professionals, we communicate with the CRA on your behalf, ensuring swift resolution of issues. We provide personal and corporate taxes, bookkeeping, payroll services, and business services. Trusted for over ten years, we offer specialized services for small-medium-sized businesses, taxi drivers, and students. Our services cater to all financial needs, making life easier for clients. Request a free demo to learn more about Fastway Taxes & Payroll’s services.
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