Tag: Tax Accounting Services

Professional Tax Consultant: Top 10 Tax Savings Tips in 2023

Post author By devAdmin
Post date March 20, 2023

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.

Tags Calgary accounting firm, File a tax in calgary, Professional Tax accountants Calgary, Tax Accountant Calgary, Tax Accounting Services

Tax Planning for Small Business

Post author By devAdmin
Post date March 6, 2023

Tax planning is an essential aspect of running a small business, and it involves taking steps to minimize the amount of tax you owe while ensuring compliance with tax laws and regulations.

Here are some Tax Planning strategies for Small Businesses:

Keep accurate records: Keeping accurate records of your income and expenses throughout the year is essential for effective tax planning.

Choose the right business structure: The type of business structure you choose can have a significant impact on your tax liability.

Take advantage of deductions and credits: There are numerous deductions and credits available to small businesses. It could be like home office deduction, the research and development credit, and the small business health care tax credit. Make sure you are aware of all the deductions and credits. Don’t forget to take its advantage.

Plan for estimated taxes: Small businesses are generally required to pay estimated taxes quarterly, so it’s important to plan for these payments prior.

Consider deferring income: If possible, consider deferring income until the following tax year to reduce your current year’s tax liability.

Hire a tax professional: Tax laws and regulations can be complex, and it can be challenging to stay up-to-date on all the changes.

Consider hiring a tax professional to help you with tax planning and ensure that you are in compliance with all tax laws and regulations. By implementing these tax planning strategies, small business owners can minimize their tax liability and ensure compliance with tax laws and regulations. It’s important to plan ahead and seek expert advice when necessary to ensure that your business is in good financial standing.

Tags Calgary accounting firm, Calgary Tax Accountants, personal accountant calgary, Tax Accountant Calgary, Tax Accounting Services, tax planning calgary, Tax planning services

Personal Tax Account

Taking Care of Your Personal Taxes Does Not Need to Give You Headaches

Post author By devAdmin
Post date March 4, 2023

You are correct that taking care of your personal taxes does not need to give you headaches. Here are some tips that can help simplify the tax preparation process and reduce stress:

Keep organized records: Maintaining organized records throughout the year can help make tax preparation much easier. Keep track of all receipts, invoices, and other important documents related to your income and expenses.

Use tax software: Tax preparation software can simplify the tax preparation process by guiding you through the necessary steps and calculations. Many software programs also offer tips and advice to help ensure that you maximize your tax deductions and credits.

Know your deductions: Make sure you are aware of all the deductions and credits you are entitled to. This can help you reduce your tax liability and increase your tax refund.

Stay up-to-date on tax laws: Tax laws and regulations are constantly changing, so it’s important to stay informed about any updates or changes that may impact your tax situation.

Consider hiring a tax professional: If you have a complex tax situation, or if you simply don’t have the time or expertise to handle your own taxes, consider hiring a tax professional. A tax professional can provide expert advice and help ensure that your taxes are filed correctly and on time. By following these tips, you can simplify the tax preparation process and avoid unnecessary stress and headaches. Remember, it’s important to take your taxes seriously, but it doesn’t have to be a daunting task.

Tags Calgary Accountants, Calgary accounting firm, Calgary Tax Accountants, personal accountant calgary, Tax Accounting Services

professional tax accountant

Can Your Professional Accountant Handle More Than Just Accounting Requirements?

Post author By devAdmin
Post date February 20, 2023

Yes, many professional accountant have expertise in a range of related fields beyond accounting. These additional services can include:

Tax planning and preparation

Financial planning

Bookkeeping

Payroll management

Auditing, and business consulting.

A professional accountant in Calgary who has expertise in tax planning can help you develop a custom tax strategy to minimize your tax liability. It can also ensure compliance with tax laws. Similarly, an accountant with experience in financial planning can help you set financial goals and develop a plan to achieve them, such as retirement planning or investment strategies.

What Services You can get with Professional Accountant?

Some accountants also offer services related to starting a business, such as incorporating your business, creating a business plan, and providing advice on financing and budgeting. They may also provide guidance on business operations, such as inventory management or cost control.

It’s important to note that not all accountants offer the same services, and their expertise can vary. If you’re looking for additional services beyond basic accounting, you should ask potential accountants about their experience in these areas and ensure that their services match your needs.

In summary, while accountants are primarily trained in accounting, many also offer additional services to meet a variety of financial needs. Whether you’re an individual or a business, finding an accountant who can provide a range of financial services can be a valuable asset for your financial management.

Conclusion

If you are into business or looking for a professional accountant to manage your personal taxes, Matrix Accounting’s team can help you with it using their custom tax solutions in Calgary.

You can consult with our tax professionals anytime at 403 – 668 – 4070.

Tags Calgary Accountants, Calgary Tax Accountants, personal accountant calgary, professional tax accountant, Tax Accountant Calgary, Tax Accounting Services

Bookkeeping for Small Businesses File a Tax

Pay your Business Taxes Smartly with Calgary Accountants in Canada

Post author By devAdmin
Post date September 14, 2022

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/

Tags Bookkeeping Services, Calgary accounting firm, Calgary Tax Accountants, File a tax in calgary, personal accountant calgary, Professional bookeepers, Professional Tax accountants Calgary, Tax Accountant Calgary, Tax Accounting Services

Bookkeeping for Small Businesses Personal Tax Account Personal Tax Preparation

Know About Taxable Benefits for Employees with Calgary Accountants

Post author By devAdmin
Post date September 1, 2022

There are numerous sorts of benefits that a corporation can offer to their employees. Depending on the character of the advantage, it’ll both be taxable or non-taxable to the worker.

What Are Taxable Benefits?

The word “taxable” manner that the fee of the advantage should be covered within side the worker’s earnings and difficulty to earnings tax. The fee of the advantage is commonly mentioned at the personnel T4 slip, that’s submitted to the Canada Revenue Agency (CRA), and covered for your private tax return. The quantity of earnings tax owing might be calculated primarily based totally for your marginal private tax rates.

But how you get to know that which benefits are taxable or not? Confused? Don’t worry, let us make it easy for you.. 🙂

Which Employee Benefits Are Taxable?

In standard, if a worker receives “a monetary benefit that may be measured in dollars” and if the worker is the number one beneficiary of the advantage, it will likely be taken into consideration taxable.

Are Gifts And Rewards Taxable?

One vicinity that usually comes up with reference to worker taxable blessings is Gifts and Rewards given with the aid of using employers to their personnel.

Cash Rewards

Cash and near-coins presents or awards are continually a taxable advantage for the worker. A near-coins object is one which features as coins, along with a present certificate, present card, or an object that may be without difficulty transformed to coins along with a gold nugget, security, or stock.

Gifts and Awards

A present should be for a unique event along with a spiritual holiday, birthday, wedding, or the beginning of a child. An award must be for an employment-associated accomplishment spotting the worker’s typical contribution to the workplace (now no longer popularity of task performance). The corporation is needed to apply the honest marketplace fee of every present to calculate the overall fee of presents and awards given to a worker with inside the year. You may also provide a worker a vast wide variety of non-coins presents and awards with a mixed overall fee of $500 or much less annually. If the honest marketplace fee of the non-coins presents and awards is extra than $500, the quantity over $500 should be covered with inside the worker’s earnings as a taxable advantage. It is critical to be aware that gadgets of small or trivial fee do now no longer must be covered while calculating the overall fee of presents and awards given with inside the year. This may also consist of coffee/tea, mugs, plaques/trophies, shirts with corporation’s logo.

Long-Service Awards

In addition to the coverage said above, the CRA lets in as soon as each 5 years for an corporation to provide a non-coins long-provider or anniversary award valued at $500 or much less, tax-free. The award should be for at the very least 5 years of provider and it should be at the least 5 years because you gave the worker the remaining long-provider or anniversary award. Any quantity over $500 could be taken into consideration a taxable advantage. It is critical to be aware that the $500 exemption for long-provider awards does now no longer have an effect on the $500 exemption for different presents and awards with inside the year.

Want To Know More About Employee Benefits?

With our Calgary’s professional accountants at Matrix Accounting, you can learn in a better way about taxable and non-taxable benefits. For more information, you can get in touch with our accountants at 403-668-4070 or can book a free consultation anytime.

Tags Calgary Accountants, Calgary accounting firm, Calgary Tax Accountants, personal accountant calgary, Professional bookeepers, Professional Tax accountants Calgary, Tax Accountant Calgary, Tax Accounting Services

File a Tax

HOW TO FILE TAX IN Calgary?

Post author By devAdmin
Post date July 31, 2022

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.

Tags Calgary Accountants, Calgary accounting firm, Calgary Tax Accountants, File a tax in calgary, How to file a tax, personal accountant calgary, Professional Tax accountants Calgary, Tax Accountant Calgary, Tax Accounting Services

Bookkeeping for Small Businesses Personal Tax Account

BOOKKEEPER VS TAX ACCOUNTANT: WHAT IS BENEFICIAL TO HIRE FOR YOUR SMALL BUSINESS?

Post author By devAdmin
Post date June 28, 2022

An accountant, a bookkeeper and a CPA, all terms are different to call but all of these are proposed to use for tax accounting services. But the question that comes into everyone’s one is that, which one I should hire to manage my small business taxes – An accountant, A Bookkeeper or a CPA?

A Professional Bookkeeper gives ideal and precise data

Professional bookeepers are basically answerable for giving exact and exceptional data connecting with the everyday deals and costs of the business. Accounting begins with the association of receipts, bank compromises and keeping the records receivable (A/R) exceptional. Extra errands of bookkeeprs could incorporate taking care of your bills, running finance, gathering on A/R and making charge settlements. They sums up these business exercises in an overall record, which is an itemized record of all deals, sorted by accounts. The one-page outline of the overall record is known as the preliminary equilibrium.

As a rule, bookkeeping includes summing up deals that have happened, and giving the establishment to the benefit and misfortune proclamation.

You might think: awesome — that is precisely exact thing I really want!

Somebody to help you with your tax needs and sort out the everyday exchanges inside your small business company. You are totally correct; you truly do require somebody to assist you with dealing with these exchanges. Be that as it may, where accounting closes, bookkeeping starts. That is where bookkeepers and CPAs come in.

A Professional Tax Accountant ensures to follow every Tax law in a perfect way!

With the help of tax professionals, you can easily manage your taxes and they will be responsible to manage everything related to your finance terms:

Will keep the records of your transactions on regular basis
Augment your benefits and derivations
Set up your pay explanation, asset report and corporate assessment form
Ascertain devaluation on capital resources

A CPA isn’t like a Regular Accountant

The Canadian “CPA” represents Chartered Professional Accountant, which is another assignment starting around 2015. Before this, there were three sorts of assigned bookkeepers: Chartered Accountants (CA), Certified Management Accountants (CMA) and Certified General Accountants (CGA). These three separate overseeing bodies merged into the CPA, which is simpler for clients to comprehend and more in accordance with the American CPA (which represents Certified Public Accountant).

An expert with a CPA assignment isn’t your typical accountant. The CPA assignment is global; experts who hold this assignment are authorized and are commonly managed. All CPAs should remain in consistence with the ongoing bookkeeping principles and guidelines set out by Chartered Professional Accountants of Canada (CPA Canada).

A CPA will guarantee that your business consents to the most noteworthy bookkeeping norms and guidelines on the planet. CPAs are legitimate for their bookkeeping skill and information inside charge arranging, business counseling, risk the executives, monetary examination, income the board, planning, monetary anticipating, and recognizing market development and open doors. CPAs can understand the situation in it’s entirely; they are issue solvers and frequently have savvy fixes to business issues.

Bookkeeper versus A Professional Accountant: which one you should hire?

As may be obvious, Bookkeepers and professional accountants are altogether different with regards to authorizing and guidelines, obligations, areas of forte and estimating. Nonetheless, the two callings have a particular and extraordinary task to carry out in regards to the monetary tasks of your business.

Accountants assist entrepreneurs with dealing with their everyday tasks through bank compromises, overseeing payables and receivables, finance, and month to month and quarterly announcing.

A bookkeeper will give bookkeeping mastery and monetary examination for you to settle on learned choices with your business bearing. They will ensure your financials are in accordance with proper accounting rules and assessment guidelines, while likewise giving the essential, undeniable level bits of knowledge to assist with building your business.

At Matrix Accounting Calgary, We have an enthusiasm for assisting entrepreneurs with arriving at their true capacity and we would gladly talk with them about business improvement and expense arranging methodologies to assist them independent venture with flourishing.

If you’re looking for professional tax accountants or bookkeepers, allow us to assist you with your accounting needs so you can zero in your significant investment on what’s significant: your business. Reach us today.

Need to find out more? Find our Corporate Tax and Personal Tax points that might be useful to you and your independent company at our website: www.matrixaccounting.ca

Tags Calgary Tax Accountants, Professional bookeepers, Professional Tax accountants Calgary, Tax Accounting Services

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