Many people including huge businesses and corporations truly dread taxes when it comes to their money. These compulsory expenditures make the financial systems of all businesses quite complicated. At H&T Accounting Services, understanding tax laws are the fundamental basis of our expertise. Because we understand how these laws work, we know how to help you save big bucks. We hold strong knowledge in all areas of taxation and we work hard with our customers to save every dollar we can. 

Tax Planning 

One of the most essential areas of understanding taxes in any sort of financial situation is tax planning. This involves productive research into literature so that taxation errors are minimized and the savings is maximized. Special attention is given to large saving plans so we know we are getting you the best service possible. With continuous efforts to analyze plans that our customers can qualify for, we work above and beyond all your expectations. 

Tax Preparation 

We love to prepare and prepare well so that we have your back when you need us the most. We prepare year-round so that our customer, the taxpayer, is at low risk of getting into any auditing circumstances.  Year long, H&T Accounting Services provide exceptional bookkeeping as well that helps us stay on top of our game. With complete bookkeeping, tax preparation is simplified. We work hard to minimize errors so auditing becomes easier for everyone. We take the tax preparation phase seriously, so you are at ease. 

Tax Appeals and Audits 

Defending our customers during an audit or an appeal is also a critical phase of our work. We know our path right up to the Tax Court of Canada, if need be, so that you get the most out of any case. Appeals and audits can be stressful and confusing, but because we know how to take care of you and your finances, we are persistent in lowering any possible penalties and interest charges. 

Saving BIG Bucks!

Savings, savings and savings! Who does not want to hear that when it comes to the complexity everyone deals with over their hard-earned money? Many wonder what they are really able to save when it comes to their taxes. It is a fact that taxes can get quite complicated. This is why knowledge of the tax systems is crucial to the tax savings process. Our experts here at H&T Accounting Services have extensive knowledge of the many savings plans that our customers can qualify for. Everything from business income taxes to employment income taxes is on the table for us and we know how to help our customers!

At H&T Accounting Services, we plan, prepare, defend and yes, most of all, help you save! We have experts in all areas of accounting and bookkeeping services that work year-long to keep your finances in check. Do not wait any longer, let us help you get in control of your money! Call us TODAY….call us NOW!

Are you in one of those business owners who love putting records all in one place just for audit purpose? Maybe some people do, but as a small business owner, you know that your finances are a top priority and therefore you need a bookkeeping expert to maintain records of financial transactions by establishing accounts, posting transactions, ensure legal requirements compliance and payroll.

It hardly matter what you believe about bookkeeping services as it is one of those big responsibilities no business can ever avoid or neglect in today’s world or coming future.

Yes, your business’s books are records of track and path how well you and your business is doing, and therefore a bookkeeper professional is required for maintaining bookkeeping processes to keep everything in stable state.

Are you looking for bookkeepers in Mississauga to keep your company’s financial accounts management in healthy shape? If you’re wondering where you’ll find them, H&T Accounting Experts will help you throughout the process, but before that stare at some 4 tips to make bookkeeping easier for the small business owner:

Separate business and personal finances.

Believe it or not, this is one of the biggest reasons why many people tend to go for hiring bookkeeper in Mississauga, Milton, Oakville and Brampton. It is about protecting your private data and your wealth from the threat of financial liabilities that can sometimes create a serious risk to you and your company, keeping work and personal finances separate.

Conduct Financial Checkups.

Putting off either or neglecting your bookkeeping for your business might end up with bouncing of checks and overdue for long run if delayed. Go and check over your books weekly to make sure everything is in good shape as neglecting your bookkeeping, create more problems. More delay more VAT and tax deadlines continue to threaten your business.

Avoid Tax Pay Deadlines.

No one wants to get caught and rubbed their ass by tax auditors. To avoid yourself getting caught and want to get away from this spot, plan and keep your money aside for a while and be safe for any foreseen tax bills. Paying on time allow you to be reputed so that you don’t have to face a huge amount of fines. With the bookkeeping process, never miss a deadline as it keeps track of payment before it is ready for due.

Review it Monthly or Quarterly.

When each month ends, take a deep look at your bookkeeping and accounting reports just to assure are they not losing the track. It’s really easy to lose track of what you have done, and you can find yourself in nowhere situation. Taking some sort of help and advice from a pro accountant might help you gaze at your business with safe eyes so that you can better be prepared for future expenses for your business.

Grab some help from us.

Ignoring the rosters give us pain and burn and is one of the costliest mistakes we ever make when our business is running in the initial stage. H&T Accounting Services in the Greater Toronto Area (GTA) can help you with all aspects of small business bookkeeping and accounting and even recommend how you can expand your business in the long run. Engage the assistance of a great bookkeeper and if you have don’t, go ahead and find one.

F&O is a popular trading concept but usually the concept of Future and options is blurred in the minds of people and reporting the same for tax returns is a hassle concept even in the minds of many accounting expertise. The enlisted points will help you know all in detail about how to report Future and Options trading in tax returns. Go through the same and expand you knowledge depth.

• What is Future and Options (F&O) trading?

Future refers to a contract of buying or selling an entity or item in future at a price that is agreed upon today.

An option refers to the contract where one of the contracting parties has an option to execute or not to execute trade in future.

• Reporting F&O trading as business

When one opts for tax returns, F&O is reported as business. When you report the same as business you can always claim expenses that you have incurred. You must follow the under mentioned steps to report the same as business:

• Calculate your total income
• See if you lie on the profit side or on the loss side.
• Calculate all the expensed which means your rent, commissions and all your personal and business costs.
• Deduct the same from your income.
• The remaining income is regarded as the profit or the loss from F&O trading activity.

• Know what is ITR-4

Once you have earned business income, you must file Income Tax Return-4 which would demand your profit and loss sheet, balance sheet. If you have an issue over here you can always take the help of an expertise for the same.

• Do not run from reporting losses

Losses always carry tax benefits and reporting the same should be done mandatorily. Usually two types of business losses occur, namely speculative and non speculative losses. F&O loss falls under the category of non speculative loss. The loss can be adjusted from other sources of income except for the salary. In case your F&O loss remains unadjusted, it can carry forwarded for 8 years.

• Application of Tax Audit in F&O trading
  • In case of profit: The tax audit is applicable in case the turnover is greater than Rs. 1 crore or 8% more of the turnover, then only the income is taken into consideration and IOTR has to be filed. In this case maintaining book of accounts is not mandatory
  • In case of loss: The tax audit is applicable if loss is less than 8% or turnover exceeds Rs. 1 crore, than tax auditing can be done and in order to carry forward the process, maintain books of accounts as per norms is must.
• Maintaining books of accounts in F&O trading

Since F&O trading is considered as normal business income, the rules which are applicable to normal business are applicable here. The important rules for profit and loss are same as mentioned in the case of tax auditing. Keeping accounting records is otherwise mandatory for every business. You need to calculate the turnover and the positive and the negative sum you are carrying. Every business has a return filing ate and you must get your returns filed by the same and submit the tax audit report you have prepared.

Tax return calculation gives many sleepless nights to numerous people and not one but many, thankfully these days are short lived now. Tax return filers online can now take a sigh of relief as tax returns online has come up with certain changes that certainly release the tension. When we talk about calculation of tax returns Oakville, all the aspects can be taken care of easily by tax return online.

For all those who are earning, there is a legal obligation for them that they have to pay taxes and to save yourself from any kind of hassle it is better to do so with complete sincerity and on time. People who want to calculate the tax on their own can do so by using tax return online. Many people do not believe in the working pattern followed by bookkeeping, accounting and tax returns in Brampton firms. The fact is during tax paying season, every company is approaching these firms to file their tax return which means they are already overburdened. Therefore, many people do not want to risk things.

Moreover, by filing tax return on their own, these individual get profound knowledge of the working of their business and how to manipulate things according to their own advantage. When you file tax returns in on your own, you can take the help of certain software that are made specifically for this purpose. This software has everything ready in them for you. Just run the software & put in your personal information & tax returns in Brampton will be calculated within minutes. In case some of you are worried as to whether it is safe to file tax returns through online means or not, they need not to worry about anything as all is completely safe.

Our life has become really easy thanks to the advancement made in technology. Now we can do everything sitting at the comfort of our home. Gone are the days when you had to stand in queue for long hours and go through long paper work.

As a responsible citizen we all should pay our taxes on time. People who are earning and do not pay taxes are not really showing their patriotism towards their country. When we pay taxes to the government we should be mindful of various important things. As the financial year starts to end we should start preparing for tax returns.

Filing for Tax Returns Brampton can be time consuming and many a times it is confusing too. You may take hours to calculate the amount of tax that you have to pay. In the end it is possible that you may not be right in your calculations. A way out of this problem is to outsource your tax filing work.

The concept of outsourcing is nothing new, although the way it is done has certainly changed with the advancement in technology. Services are being outsourced since time unknown. In case you are of the view that outsourcing Tax Return Oakville is something new, than you are highly mistaken. Many individuals and organization use this concept to feel lighter. To reduce the burden of filling Tax Returns  companies and individuals outsource this task to organizations that are already in this field.

The first benefit of using this concept is that you will save considerable time and the second benefit is your Tax Returns in Oakville will be filed in the right manner. People who own and run an organization need to be aware of many more things than plain tax filing. Understanding of various rules and regulation is important to save tax. Organizations that are handling the outsourcing work are better equipped for such a task.

Firms that provide outsourcing service have qualified and highly experienced certified public accountants. They have been doing this work over and over again and are in a better position to execute this task with finesse. They keep themselves updated with the new rules and regulations and have a better understanding. By using the service of these outsourcing firms you will be able to file exact tax return.

There are two things that are certain in life. One thing is death and as long as we are living we have to pay taxes. However, cautious we may be, but error occur every now and then in filing tax return. Let us take a look as to what can go wrong when we file Tax Returns in Mississauga.

Tax Returns Filling Mistakes

Preparing Tax returns on your own: Unless you are Certified Accountant, it is recommended not to prepare tax returns on your own. There are numerous permutations and combinations in filing tax returns, in case, you miss on any single point, you will have to bear the consequences later on.

Charitable Donations: Donating in charities is a noble thing to do. However, if you are doing it for the purpose of saving tax, you should exercise caution while filing Tax Returns as these are often challenged by tax people. One current example is gifted trust arrangement through which donation amount is shown big through various manoeuvres. Anyone making use of such schemes will automatically come under the scanner.

Moving Expenses: Expenses are incurred in moving forty kilometres close to your work place. Amounts are deductible against the self-employment or employment income generated at the new location. This income should, however, not exceed that of taxpayer’s. This cannot be deducted from any other type of income. H&T Accountant in Brampton are aware of these things.

You should be able to prove in case you are self-employed: Every year, numerous Canadians fall in this trap. You cannot claim that you are self-employed only on the basis of gross cheque that you receive from your employer. In case you are self-employed contact Certified Accountants to find out if you qualify. The consequences can be severe in case you don’t. All your business expenses will be disallowed and you will have to pay interest, penalty and extra tax.

Childcare Expenses: New immigrants should remember that they have to pay their parents for babysitting their kids. Grandparents have little or no income, particularly if they are new to the country.

CRA is looking to reduce government deficits and increase tax collections. This is the reason why tax audits are on the rise. When CRA goes through the Tax Returns in Mississauga and other places to make sure expenditure, income and credits are accurately reported it is termed as tax audits.

A tax audit can happen even when there is no red flag on a tax return and the best way to avoid it is by being completely true about your deductions.

1. Maintain adequate and complete book of records according to laws pertaining to tax returns in Brampton and other places.

Tax payers in Canada need to maintain complete records and books according to Canadian tax laws for a period of at least six years. All proof of payments and receipts should be disclosed in the tax return. In case anyone is not able to provide related documents to CRA than they may face comprehensive tax audit.

2. File Taxes within Time limit

It is every taxpayer’s responsibility to pay the taxes in time. It will not only prevent them from paying additional money in the form of penalties and interest, but it will reduce the chances of audit. Show to the authority that you are a responsible citizen and you will never have trouble.

3. Keep yourself updated for rules related to tax returns in Oakville and other places

One and off changes are made in tax return policy. It is an individual’s responsibility to maintain the ratio of revenues to expenditure consistent for every year. In case there is fluctuation than it may take the attention of CRA.

4. Do not make any error

It is quite likely that a tax return may be called upon by CRA in case any error is found in the process of Tax returns in Milton. Before you file return, you should make sure everything is accurate and complete. In case a mistake comes to your notice after filing tax returns in Mississauga, it is better to take corrective actions before it comes to the notice of CRA.

When it comes to efficacious business handling, a wide gamut comprising aspects—apt financing, imminent tax appeals, exquisite bookkeeping, ensuring audit defense, ensuring proper tax saving plans, profit enhancements, enigmatic cash flow solutions need to be addressed by myriad professionals of H&T, who possess skillets matching the credentials.

A credibility of any company lies on the financial empowerment initiatives the management has borne and on the ways adopted to quell systemic financial disparagement to its ilk. However, we at H&T take recourse to knowledgeable Accountants so as to ensure that all the subtle elements of financial worries are judiciously looked into. Now there may be instances that the business start-up plans or legit wind up plans need to be framed in a legal vein.

Managing the Finances is of prime concern for H&T

In such a case, H&T takes the aid of the exquisite Accountants, who is dedicated professionals. Maintaining proper and detailed version of financial statements and instances of tax returns are catered to and situations demanding noble tax saving plans need to be paid heed to. In such cases officials pertaining to operability related to Tax Returns in Brampton are hired and given priority by our managerial team at H&T.

Audit Defense, services pertaining to tax returns, financial statements and book-keeping services of H&T accountants are indeed top notch.

The accountants are not only hired to bear the most important onus of managing calculations, balanced sheets and inculcate harmonized ways to manage sales taxes, insurance pertaining to safety measures at workplaces, maintain documents pertaining to income taxes and maintaining the payroll structures. H&T Accountants in Oakville is aplomb in their functioning. They are adept in management of these wide aspects which shall help increase the profitability margins of H&T.

Need for record keeping

When it comes to maintaining records in a per-ordained vein, H&T officials are seen to resort to the savant and knowledgeable Accountants. They are associated with keeping proper records and also associated with propitious book keeping. The support information is duly filed in and the gamut of documents as a whole aptly suffices the credibility of the company, H&T. On such a premise, the accountants are duly relied upon, largely because they are dedicated and are assiduously associated with the listing processes.

Bolstering our credibility with the aid of dedicated accountants

Our credibility lies in our business managerial processes; the accountants’ wing is hugely associated with apt record keeping. They conduct the processes pertaining to maintaining the propensities of profits for H&T which may notch up by the services pertaining to Tax Returns. The accountants are mature enough to carry out services in such a vein which automates and bolsters the process of profit management of H&T in subtle ways.