All posts by profitfi
5 WAYS TO GET THE MOST OUT OF YOUR TAX RETURN
A common goal for Canadians every tax season is to avoid paying taxes. Making an error on your taxes can mean you pay more tax than absolutely necessary. At Profit Financial Services Inc income Tax preparation in Hamilton, Brantford and Cambridge offer 5 unique ways to make the most of your tax return:
Bank reconciliation is important for any type of financial situation. This can be from a personal stand point or from a business stand point. It is important to always keep everything accurate and equal so there are no problems down the road. If your bank is not reconciled it can lead to financial downfall and crises later on. Many people think that bank reconciliation is just making sure your bank account is accurate. This is not the only thing that is involved. The process of bank reconciliation is an extended process that includes many different aspects.
Debt in its various forms has, for many of us, become an inherent part of our everyday lives. Homes, cars, or education may be the cause of your debt. As a small business accounting firm in Hamilton, Profit Financial Services, has great experience with debt consolidation. We emphasize that borrowing money is not the problem; it becomes an issue when you borrow beyond your means.
Being in the black can mean a lot of different things. Most business owners, it stands for being profitable. When a business owner sets out on a new venture, establishing a profitable business is one, if not the only, primary driver. Unfortunately, too many entrepreneurs get lost in the day-to-day chores of running the business, and forget their main purpose.
When we, as your accounting professional and Profit and Growth Expert, apply The Universal Business Model we see our primary role as helping you maximize the profitability of your business. With financial skills in hand, combined with access to a variety of analytical tools, each month we will focus our attention on your business’s financial position and progress.
Here’s just a short list of those things you will be able to do with our help as we use The Wisdom Pyramid to ensure that we improve your business’s financial position:
- You will know how your business stacks up against the competition with the information we provide you in a professional business assessment.
- You will understand the areas where your business is strong and where it can improve, and we will regularly provide you with suggestions on how to do it. Consider this a Day with your CFO.
- You will be able to identify trends that expose the helps and hindrances to your business.
- You will take advantage of tax benefits through regular reviews of your tax position.
By gathering the necessary information through the bookkeeping and accounting process, we will be able to analyze the data and help you make the changes required to improve the profitability of your business. Whether you require an audit or a review of your finances, we can help move your business forward.
There’s one distinguishing difference between tax planning and tax preparation: December 31st. In order to be beneficial, tax planning must occur before the end of the year while tax preparation can only take place after year’s end. Although we can’t promise to eliminate taxes, our tax planning and preparation services will help you minimize them.
Tax planning is an important step in reducing taxes. Together, throughout the year, we will discuss various tax strategies that could potentially save you thousands of dollars. This will enable you to make all the necessary adjustments before the end of the year so that you have some control over how much you pay in taxes.
Then, after year’s end and with your help, we will see that your taxes are professionally prepared in a timely fashion in order to avoid ate fees. In order to provide you with such services, we have certified Professional Tax Preparers on staff that will assess your tax liability.