Expert Tax Accounting & Tax
Our Ottawa tax accountants will make your tax preparation process quick and painless. Find out how Beck can help you.
The tax planning process for individuals, self-employed and commissioned persons is a little different than tax planning for corporations.
Though our plan always begins by clearly defining your goals and objectives. We then review your current operating structure and currently employed investment / debt management strategies set against your tax scenario.
After gaining an understanding of your current personal and corporate tax position as well as your level of comfort with a topic that most people prefer not to discuss; we align where your current tax liabilities are and where you would like them to be in an attainable, CRA compliant manner.
Navigating the Taxation Process
Work with Beck to align your current tax liabilities with your goals.
With every tax plan our goal is to balance the taxpayer’s desire to pay less tax and our responsibility to satisfy all levels of government with tax filing, documents and payments. This is done while endeavouring to present a clear path through what can be a stressful component of financial reporting. We strive to make the tax planning process as straightforward as possible and reduce the complicated elements to achieve a clearly segmented understandable tax plan.
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We do the following – in a language that you actually understand, setting tax planning goals to help get you there that will require effort but are achievable.
Before actioning any new tax plans we do a strategic review of existing tax plans that will reveal whether minor adjustments are needed or if larger decisions should be made.
Client involvement in the tax planning process ensures the facts and goals we are working with remain up to date and relevant. This also increases clients working knowledge of the tax planning process, building their abilities over time.
The tax planning process also develops our understanding of your unique circumstances building our working knowledge of your unique situation and circumstances.
With experience compiling and filing personal tax returns for self-employed, commissioned sales staff and employed persons; including rental income properties and large financial investments.
The goal remains the same, to set individuals on a track to successfully minimizing tax burdens. While not losing sight of growth goals and other financial considerations.
The tax accountants at Beck Ltd are known for working together with various financial planners to ensure financial plans are in line with tax plans.
The tax accountants at Beck Ltd. structure their approach to address the diverse and increasingly complex tax compliance demands based on a breadth of planning elements and efficient tax structures.
Setting corporations and their management on a track to successfully minimize their current expected tax burden while planning for the range of plausible future tax scenarios that could occur.
This is achieved through a proactive approach with corporate owners and managers, with a goal of managing tax obligations.
Frequently Asked Questions
Here are some of the most frequently asked questions we get about taxation from our clients:
As a self-employed individual, you can deduct various business-related expenses to reduce your taxable income. Office supplies, company travel expenditures, advertising charges, expert fees, and insurance premiums are a few examples of common deductible expenses.
Additionally, if you have a designated home office, you might be eligible to deduct a percentage of your home expenses. However, it’s crucial to confirm that these costs are acceptable and closely associated with your self-employed business operations.
You can figure out which expenses are deductible in your circumstance by keeping good records and seeking advice from a tax expert. Contact our experts at Kelly Beck to get started.
Keeping proper records is crucial for self-employed individuals to accurately report income and claim deductions. All business-related transactions, including sales receipts, invoices, bank statements, and expense receipts, should be kept in orderly records. The date, quantity, and reason for each transaction should be made explicitly obvious in these records.
Additionally, it’s crucial to maintain track of contracts, business-related mileage, and any other pertinent legal paperwork. You can support your tax returns, show that your deductions are valid, and be ready for an audit by keeping thorough records.
The taxation of an individual’s income, such as earnings, salaries, investment gains, and rental income, is referred to as personal tax. It applies to people who are working and have income from a job or another source outside self-employment.
On the other hand, self-employed tax is exclusive to those who work for themselves and derive their income from their entrepreneurial endeavors.
Various fines and repercussions may be imposed for tax law violations. Fines, interest charges on unpaid taxes, and even legal action in serious cases of tax evasion are some examples of these punishments. The specific penalties depend on the nature and severity of the non-compliance.
To maintain compliance with tax legislation and prevent potential penalties, it’s essential to fulfill tax duties on time, accurately record income, and get advice from a tax expert. Contact Kelly Beck Tax and Accounting today to get started!