Small Business Tax TipsSeptember 10, 2017
Meals and Entertainment ExpensesSeptember 21, 2017
Here are few tips to prevent a tax audit from happening:
- Timeliness in filings– Always be prompt and timely in all your filings – corporate, hst/gst, income tax, payroll, WSIB etc.
- Be reasonable– Expense and other deduction should fit the income that is claimed against it.
- Don’t file false information– If there are no receipts, don’t make a claim.
- Maintain proper records– Support your claims by having proper record keeping. This can save you time.
- Follow-up promptly– A review or audit will not go away by disregarding CRA questions. Ensure that you provide them with the right documents on time.
- Be Polite to the Auditor– Don’t get angry with the taxman. Just be polite as possible.
- Seek Professional Advise– If you get into trouble, seek professional advice as this will save time, anxiety and may reduce the assessment.
- Keep copies of the documents you provide – Always have backups
- Bookkeeping – Ensure your bookkeeping is taken care by a professional accounting firm
SA Accounting Solutions is a Professional Corporation registered with Chartered Professional Accountants of Toronto, Ontario. We are a full service public accounting practice dedicated to working with the Accounting and Tax issues of small to mid-size enterprises (SMEs). Our services include Assurance, Accounting & Compliances, Asset Protection and Trust Planning, Tax Planning, Bookkeeping & Payroll, SR&ED, Outsourcing Controllership and Internal Controls and Incorporation & Business Plans. Please call us at 416 824 6950, email us at firstname.lastname@example.org or visit our website www.saaccountingsolutions.com to book your one hour free consultation.