To Do… Or Not To Do (My Own Taxes)?

Small business owners have a budget. Particularly when you’re starting out, you want to find the most economical way to get things done. It’s understandable, then, that business owners may complete tasks themselves to reduce expenses—but should you be doing your own taxes?

To start out, there’s nothing inherently wrong with doing your own taxes. It’s a perfectly fine choice to make. That said, taxes are complicated at the best of times, and having your own business adds even more complexity—increasing your chances of missing something critical.

Catch more deductions.

A professional who prepares your taxes is highly skilled at identifying tax-saving opportunities. This may mean catching things you didn’t know you could claim, helping you figure out your business mileage on your car, whether to pay a car allowance or pay mileage charges, or finding and calculating your expenses. Having someone who lives and breathes taxes means getting the best return you can, and having the trust that you didn’t miss a worthwhile claim.

Reduce errors.

Perhaps even more important than identifying more opportunities is identifying grave mistakes that could leave you owing money to the government. Did you claim something incorrectly? Underestimate your income? Take advantage of a deduction that didn’t apply to you? Having a professional do the paperwork means a trained set of eyes to ensure proper preparation from the get go.

Save time.

In addition to getting the most out your return, handing your taxes off to someone else to prepare saves you a ton of time. With Platinum Bookkeeping and Tax Inc.’s new e-Tax Prep service, you can answer a simple questionnaire and upload your files via our secure platform to get your taxes prepared, remotely. Plus, our no nonsense flat fee pricing means you know exactly what your cost will be before you even begin. Why stress about what income goes where when you can outsource it to an expert and then get back to your business.

Get advice.

Not only will a tax professional prepare your taxes properly, they can also advise on different situations and what effect they will have to your current or future tax situation.  Should you open or contribute more to your RSP? Will buying a house change your profile? Is it beneficial to incorporate your business? Having an expert on your side means you can carefully weigh all your options before making financial decisions.

Of course, these benefits are all maximized if you have intentional record keeping and bookkeeping throughout the year. Starting the tax season off with an organized book of record means a lot less digging for the info you need! If you don’t already have a solid bookkeeping strategy, consider establishing one now so you can be even more streamlined for next year.