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professional tax accountant

Key Benefits of Hiring a Professional Tax Service

Professional Tax Service

Hiring a professional tax service can offer several key benefits, making it a wise decision for individuals and businesses alike.

Here are the main advantages of utilizing professional tax services:

Expertise and Knowledge: Tax professionals are trained and experienced in tax laws, regulations, and filing requirements. They have up-to-date knowledge of tax codes and stay informed about any changes that could impact your tax situation. Their expertise ensures accurate and compliant tax filings.

Maximizing Deductions and Credits: Tax professionals are well-versed in tax deductions, credits, and exemptions available to taxpayers. They can help you identify all eligible deductions and credits, potentially reducing your tax liability and increasing your tax refunds.

Time Savings: Preparing and filing taxes can be time-consuming, especially for individuals with complex financial situations or businesses with multiple tax considerations. Hiring a tax service frees up your time, allowing you to focus on other important personal or business matters.

Minimizing Errors: Tax professionals have a keen eye for detail and are less likely to make errors on your tax returns compared to self-preparation. By minimizing mistakes, they reduce the risk of penalties, interest, and potential audits.

Audit Support: If you face an IRS audit or any other tax-related inquiry, having a tax professional can provide valuable assistance. They can represent you during the audit process, handle communication with tax authorities, and ensure that you have the necessary documentation to support your tax positions.

Customized Tax Planning: Tax professionals can develop personalized tax strategies tailored to your unique financial situation and long-term goals. They can advise on tax planning opportunities to optimize your tax position and overall financial well-being.

Handling Complex Tax Situations: If you have complex financial transactions, investments, multiple income streams, or cross-border tax considerations, tax professionals can navigate these complexities and ensure accurate reporting.

State and Local Tax Compliance: Tax laws can vary significantly between states and localities. Tax professionals understand the specific tax requirements in different jurisdictions, ensuring compliance and avoiding potential penalties.

Peace of Mind: Knowing that your taxes are being handled by a qualified professional provides peace of mind. You can be confident that your tax returns are prepared correctly and submitted on time, reducing stress and anxiety related to tax matters.

Long-Term Financial Planning: Tax professionals can work with you to align your tax strategies with your long-term financial goals. They can assist with retirement planning, estate planning, and other financial decisions that have tax implications.

In summary, hiring a professional tax service offers expertise, time savings, error prevention, audit support, and customized tax planning. It allows individuals and businesses to navigate the complexities of tax laws effectively, ensuring accurate and compliant tax filings while maximizing tax benefits and financial opportunities.

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professional tax accountant

Reasons Why Self-Employed Should Hire Professional Tax Services

Professional Tax Services - Matrix Accounting

Self-employed individuals often have unique tax considerations and responsibilities compared to regular employees.

Hiring professional tax services can be highly beneficial for self-employed individuals due to the following reasons:

Complex Tax Filings: Self-employment taxes can be more complicated than traditional income taxes. Self-employed individuals must pay both the employer and employee portions of Social Security and Medicare taxes (often referred to as self-employment taxes). Professional tax services can navigate these complexities and ensure accurate calculations and filings.

Deduction Maximization: Self-employed individuals may be eligible for various tax deductions related to their business expenses. However, identifying and claiming these deductions correctly can be challenging. Tax professionals know the specific deductions available to self-employed individuals and can help maximize tax savings.

Compliance with Tax Laws: Tax laws are constantly changing, and it can be challenging for self-employed individuals to stay updated with the latest regulations. A tax service provider stays current with tax laws, ensuring that your tax returns are prepared in compliance with the latest rules.

Time Savings: Self-employed individuals often have a lot on their plate, managing their businesses, clients, and finances. Handling tax-related tasks can be time-consuming and distracting from core business activities. Outsourcing tax responsibilities to professionals allows self-employed individuals to focus on growing their businesses.

Avoiding Costly Mistakes: Filing taxes incorrectly can lead to penalties, fines, and even audits by tax authorities. Tax professionals are well-versed in tax laws and regulations, reducing the risk of errors and ensuring accurate filings.

Quarterly Tax Payments: Self-employed individuals are typically required to make quarterly estimated tax payments. A tax service provider can help calculate the appropriate amount to pay each quarter, preventing underpayment penalties.

Financial Planning: Tax professionals can offer valuable financial advice beyond tax preparation. They can assist with retirement planning, investment strategies, and other financial aspects to optimize your financial situation as a self-employed individual.

Audit Representation: If you face an IRS audit or any other tax-related inquiry, having a tax service provider can be beneficial. They can represent you during the audit process and handle communication with tax authorities on your behalf.

Peace of Mind: Knowing that your taxes are being handled by professionals can provide peace of mind. You can be confident that your tax obligations are met, and your financial matters are in capable hands.

Long-Term Tax Planning: Tax professionals can work with self-employed individuals to develop long-term tax strategies aligned with their business and financial goals. This proactive approach can lead to tax savings and optimized financial outcomes over time.

In summary, hiring professional tax services can save time, minimize tax liabilities, ensure compliance, and provide peace of mind for self-employed individuals. The expertise and guidance of tax professionals can be invaluable in navigating the complexities of self-employment taxes and optimizing financial outcomes.

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professional tax accountant

Great Opportunities of Hiring a Tax Service Provider

Best Tax Service Provider - Matrix Accounting

Hiring a tax service provider can offer numerous advantages for individuals, businesses, and organizations.

Here are some great opportunities that come with engaging a tax service provider:

Expertise and Knowledge: Tax service providers are trained professionals with in-depth knowledge of tax laws, regulations, and current updates. They keep themselves updated with the latest changes in tax codes, ensuring that your taxes are filed accurately and in compliance with the law.

Time Savings: Handling taxes can be a time-consuming process, especially for businesses with complex financial structures. Outsourcing tax-related tasks to a service provider allows you to focus on your core business activities, ultimately increasing productivity and efficiency.

Minimizing Errors: Tax professionals have experience in preparing and filing taxes, reducing the likelihood of errors on your tax returns. This can help avoid costly penalties, audits, and potential legal issues related to incorrect filings.

Strategic Tax Planning: Tax service providers not only help with compliance but can also offer valuable advice on tax planning. They can identify opportunities for deductions, credits, and other tax-saving strategies to optimize your tax liability legally.

Customized Solutions: Whether you are an individual, a small business, or a large corporation, tax service providers can tailor their services to meet your specific needs. This personalized approach ensures that you receive the right level of support for your unique tax situation.

Handling Complex Tax Situations: If you have complex financial transactions, international operations, or investments, navigating the tax implications can be challenging. Tax service providers have experience dealing with intricate tax scenarios and can guide you through them effectively.

Audit Support: In the event of an IRS audit or any other tax-related inquiry, having a tax service provider can be immensely helpful. They can represent you and assist with gathering the necessary documentation to support your tax positions.

Peace of Mind: Knowing that your taxes are being handled by professionals can provide peace of mind. You can rest assured that your tax filings are accurate, complete, and submitted on time, avoiding unnecessary stress and anxiety.

Cost-Effective: While there is a cost associated with hiring a tax service provider, the benefits they provide often outweigh the expenses. The potential tax savings, reduced risks of errors, and time saved can justify the investment.

Long-Term Financial Planning: Tax service providers can work with you to develop long-term tax strategies that align with your financial goals. They can advise on matters such as retirement planning, estate planning, and succession planning, considering the tax implications of these decisions.

In conclusion, engaging a tax service provider offers several significant advantages, including expertise, time savings, error reduction, strategic planning, and peace of mind. Whether you’re an individual or a business, partnering with a tax professional can be a smart decision that contributes to your financial success.

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Accounting Firm Bookkeeping for Small Businesses

Calgary Accounting & Bookkeeping Services You Need to Know

Calgary Accounting & Bookkeeping Services - Matrix Accounting

When it comes to Calgary accounting and bookkeeping services, there are several key services that businesses should be aware of. These services help ensure accurate financial records, compliance with tax regulations, and informed decision-making.

Here are some essential accounting and bookkeeping services you need to know:

  1. Financial Statement Preparation: Accountants can assist in the preparation of financial statements such as income statements, balance sheets, and cash flow statements. These statements provide a snapshot of a company’s financial performance and position.
  2. General Ledger Maintenance: Maintaining a general ledger involves recording and classifying all financial transactions of a business. It helps track income, expenses, assets, liabilities, and equity. Accountants can ensure that the general ledger is accurate and up-to-date.
  3. Accounts Payable and Receivable: Managing accounts payable involves recording and processing outgoing payments to suppliers, while accounts receivable involves tracking and collecting incoming payments from customers. Accounting professionals can oversee these processes and maintain accurate records.
  4. Payroll Services: Payroll processing involves calculating employee wages, taxes, deductions, and benefits. Outsourcing payroll services to accountants or bookkeepers can help ensure accurate and timely payments while complying with tax regulations.
  5. Tax Preparation and Planning: Accountants can assist in preparing and filing tax returns, ensuring compliance with tax laws and regulations. They can also provide tax planning advice to help minimize tax liabilities and maximize deductions.
  6. Financial Analysis: Accountants can analyze financial data and provide insights into a company’s financial health. They may assess profitability, liquidity, efficiency, and other key financial ratios to help businesses make informed decisions.
  7. Budgeting and Forecasting: Accountants can help businesses develop budgets and forecasts by analyzing historical financial data and considering factors such as market trends, business goals, and industry benchmarks. This helps businesses plan and monitor their financial performance.
  8. Auditing Services: External auditors can review a company’s financial statements and internal controls to ensure accuracy and compliance. Audits provide an independent assessment of a company’s financial position and can be required by stakeholders or regulatory bodies.
  9. Advisory Services: Accountants can offer strategic advice on various financial matters, including expansion plans, mergers and acquisitions, risk management, and financial systems implementation. They can help businesses make sound financial decisions and optimize their operations.
  10. Software and Technology Integration: Accountants can assist with selecting, implementing, and integrating accounting software and technology solutions. This helps streamline processes, automate tasks, and improve efficiency in financial management.

It’s important to note that the specific Calgary accounting and bookkeeping services needed may vary depending on the size, industry, and complexity of a business. Consulting with an accounting professional or firm can help determine the most suitable services for your organization’s needs.

Matrix Accounting is one of the reputable accounting firm in Calgary to deliver perfect accounting & bookkeeping services as per client’s requirements.

Book a free consultation with experts today!

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professional tax accountant

Professional Taxation and Accounting Services Calgary in 2023

Taxation and Accounting Services Calgary - Matrix Accounting

Taxation and accounting services are professional services provided by certified public accountants (CPAs) or accounting firms to help individuals and businesses manage their financial affairs. These services can include:

Tax planning and preparation: CPAs help individuals and businesses prepare and file their tax returns, while also identifying opportunities to minimize their tax liabilities.

Accounting and Bookkeeping: CPAs can assist with maintaining accurate financial records, including tracking income and expenses, reconciling bank statements, and preparing financial statements.

Financial Statement Audits: CPAs can provide an independent assessment of a company’s financial statements to ensure they are accurate and in compliance with accounting standards.

Business Consulting: CPAs can provide strategic guidance to businesses on financial matters, such as mergers and acquisitions, risk management, and business valuation.

Payroll Services: CPAs can manage payroll processing for businesses, including calculating employee wages and taxes, preparing and filing payroll tax returns, and maintaining records.

Overall, taxation and accounting services are essential for ensuring compliance with tax laws, maintaining accurate financial records, and making informed financial decisions.

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Accounting Firm

Professional Tax Consultant: Top 10 Tax Savings Tips in 2023

Professional Tax Consultant - Matrix Accounting

As a professional tax consultant, I can offer you the top 10 tax savings tips that can help you reduce your tax liability:

Maximize your retirement contributions: Contributions to qualified retirement plans such as 401(k)s and IRAs are tax-deductible, and can help you reduce your taxable income.

Take advantage of education tax credits: If you currently enrolled in college or pursuing higher education, you may be eligible for education tax credits, which can help you reduce your tax liability.

Deduct business expenses: If you are self-employed or own a small business, you can deduct qualifying business expenses easily.

Maximize charitable donations: Charitable donations to qualifying organizations are tax-deductible, so consider making donations before the end of the year to reduce your tax liability.

Use your health savings account: Contributions to a health savings account (HSA) are tax-deductible and can help you reduce your taxable income.

Consider tax-loss harvesting: If you have investments that have lost value, you may be able to use those losses to offset gains and reduce your tax liability.

Maximize home mortgage interest deductions: Homeowners can deduct mortgage interest paid on their primary residence and potentially reduce their tax liability.

Claim energy-efficient home improvements: Certain home improvements such as installing energy-efficient windows or solar panels can qualify for tax credits, reducing your tax liability.

Consider income shifting: If you have family members in a lower tax bracket, you may be able to shift income to them and reduce your overall tax liability.

Use a professional tax consultant: A tax consultant can help you identify all possible deductions and credits that apply to your specific situation, ensuring that you take advantage of every opportunity to reduce your tax liability.

By following these tips, you can help reduce your tax liability and maximize your tax savings.

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Bookkeeping for Small Businesses

Bookkeeping Tips for Business Owners

Bookkeeping Services - Matrix Accounting

Do you have a small business and are you planning to do your own bookkeeping?

Accounting is an important step in the tax process, as it organizes all transactions for the year so that tax returns can be filed. It can be used to generate financial reports such as balance sheets or financial statements, which can give a business owner an idea of ​​how their business is doing. For those who are not accountants or bookkeepers, this task can be difficult but with the help of professional accountants you can easily fix it.

Here are some tips to make your business accounting simple and accurate:

Asset Statement Account

It’s easy, efficient and accurate to use a company bank account or credit card for billing. In this way, you can use the business bank statement to provide you with all open transactions, bank statements, etc. If you use accounting software like QuickBooks, you can link your bank account to the software so that it automatically downloads transactions to your QuickBooks.

If you keep your records in Excel, your bank may have the option of downloading your bank statements in .csv format. This way, you get all the transactions in Excel and you don’t have to enter them manually

You can reconcile your account and bank balance to make sure there are no errors. It is important to keep receipts/invoices for 6 years after an audit, but trying to use receipts for accounting can be time-consuming, especially if they are all from the company’s bank account instead of withdrawing all bank account transactions.

There are many transactions that can be withdrawn/deposited directly from the bank account that usually do not provide a receipt (eg: authorized debit transactions, bank charges, transfer charges, etc.), so it is best to use a bank statement to keep track.

If you use a personal card for business transactions, track / include only those transactions (not other personal transactions). These business expenses are effectively financed by shareholder loans (because you are the shareholder using your personal money to pay for the business transaction) and you can refinance them. as such.

Hire Professional Tax Accountants for your business

With the help of professional tax accountants, you can manage your accountants easily. You can get reporting more often than the end of the year, to be able to view / analyze all transactions, automatic invoices and track accounts receivable, work payment, etc.

Know your limits

The most important part of accounting is making sure you follow the rules set forth by the CRA regarding what can be claimed for taxes and to what extent.

In the event of an audit, the CRA may request to see transactions entered into certain accounts and/or receipts, so it is important that all transactions involved comply with CRA standards.

If you don’t know how to set up a business, be sure to keep it and check with your accountant at the end of the year for expenses like home office, car, etc. This is usually self-pay and requires a change, make sure you know the rules and follow the CRA. Click on these links to see our blog posts “Home Office – Is This the Right Deduction for You?” and “What is an eligible deduction for your car expenses?” for more information

It is important to note that the CRA has different guidelines for different types of business (i.e. sole proprietorship, company, partnership), so it is important to know for your business exactly what makes sense. it is up to him to explain.

At Matrix Accounting, we offer bookkeeping and tax filing services, so if you’re new to bookkeeping or prefer to have your accounts handled by a CPA firm, give us a quick call!

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Bookkeeping for Small Businesses File a Tax

Pay your Business Taxes Smartly with Calgary Accountants in Canada

Calgary Accountants - Matrix Accounting

Are you paying your business taxes by own or paying through a professional Accountant in Calgary?

It’s not too early to prepare for the arrival of tax season, but there’s no need to have a lot of paperwork or the thought of panic that comes with it. Filing your business tax return online is easy with the Canada Revenue Agency’s (CRA) online application and you can make it more convenient by hiring professional tax accountants in Calgary. With their help your information will be organized neatly and efficiently, getting unnecessary documents out of the way.

Here is all the information you need to start your online business with Matrix Accounting.

Our Calgary accountants offer several online services:

• For Business Taxes – file returns, make electronic payments, register businesses, receive information, file online, calculate payroll deductions, download or order books and print, register to access and manage online and more.

• For Tax Preparers – file a return or pay a bill for a client or client, submit a business license request, receive information, subscribe to an electronic mailing list, download or order documents and prints, register name to access and manage emails, and Other.

• For Charities and Donors – seek registered charitable donations tax credit; change charity address, and more. Matrix Accounting’s professionals are constantly improving its digital services to make transactions as easy as possible.

Matrix Accounting’s tax professionals are highly recommended for small and medium-sized businesses with higher annual revenue. With our professionals you will get timely reminders and notifications for due dates related to installments, tax returns and exports.

At our place, you will get the experts to advise you perfect tax tips to deal with your business taxes. You, your employer or your representative can apply, pay and get detailed information about your tax account – all online, at your fingertips. Save time – go online!

To learn more about our corporate tax services, you can book a free consultation with our experts at 403-668-4070 or you can browse our website: https://matrixaccounting.ca/

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File a Tax

HOW TO FILE TAX IN Calgary?

File a Tax in Calgary

Tax season seems stressful but in actual its not, especially if you have professional tax accountant in your hand. With Matrix Accounting as your small business accountant, we provide support with everything from investment income and capital gains to write-offs, expenses, deductions and income splitting.

In this blog, we provide information on who should file, when to file your Calgary taxes and the different options for filing. And if you have further questions, don’t hesitate to contact us. 

Corporate tax filing
Filing personal taxes  
Payroll Services
Real Estate Tax Services
New Business Setup

Corporate Tax Filing Service

Every small or large company in Calgary needs to file a tax every year, known as federal corporate income tax return. And every individual company with residence in Calgary also needs to also file corporate income tax return. If your company don’t owe taxes, you only need to file the federal tax return. 

All other provinces have the choice of federal government to collect taxes for them except Alberta and Quebec that have procedure to collect tax themselves.

How and When to File your Corporate Taxes?

Every corporation has 6 months to pay its return in financial end of the year. It can be filed by net file or by paper anytime as per your convenience. For a smooth procedure, you can get the help of Calgary’s Professional Accountants.

How to File Business Taxes using Net?

Business owners or Tax accountants can use certified software to submit an Calgary corporate tax return by net file that includes every detail. 

To file taxes by net file, your company should have a valid Calgary corporate account number (CAN).

You can easily generate and submit your tax return using TRA-certified tax return preparation software.

Way to File a business tax by Paper 

You can easily fill out your forms and can send on the below email or fax them.

Email: tra.revenue@gov.ab.ca 

Fax: 780-427-0348  

How to File Personal Taxes?

You can file your personal taxes online or by paper, or you can hire a professional Calgary accountant to do it for you in an easiest way.

If you’re wondering to choose a professional tax accountant in Calgary, then we have team of professional accountants at Matrix Accounting to help you with your tax problems and can guide you for your future tax terms and can help you to succeed with your business.