Taxation is one aspect of financial management that needs extreme accuracy to avoid major discrepancies and penalties from the Canada Revenue Agency (CRA). That’s why, when it’s time to file your personal tax returns, you may start to worry and feel stressed out. This coming tax season, do not worry, instead hire an accounting firm like ATS Accounting and Tax Edmonton to take care of your personal tax return.
How to Choose an Accounting Firm
Choosing an accounting firm to handle your personal tax return can be a daunting task. With so many options available, it can be difficult to know where to start. It’s important to take the time to research potential firms and their services to ensure that you select the best fit for your individual needs. This means carefully assessing their service specialties, credentials, experience, and fees, as well as getting a clear understanding of the services they provide and the types of tax returns they have experience with. Taking the time to do your due diligence will help you make an informed decision when selecting an accounting firm to handle your personal tax obligations.
Service Specialties
Accounting firms generally have various accounting services and personal tax planning will be one of them. Apart from different services, accounting firms also specialize in services for specific domains of business. For example, an accountant who specializes in taxation services for businesses may not be proficient in personal tax or vice versa. So choose a firm that will be able to manage your personal taxes in the right manner.
Credentials
When hiring a tax consulting firm, you need to look for specific credentials. Not every accountant is well-versed to handle taxes. Tax management needs adequate knowledge about tax rules and regulations. In Alberta, an accounting firm needs to have Certified Tax Preparers. Checking these credentials before hiring an accounting firm is necessary.
Experience
In addition, you need to know how much personal tax consulting an accounting firm has done before you opt to hire it to prepare your personal tax return. Hiring professionals with prior experience to take care of your personal taxes is always better than hiring someone who is doing it for the first time. When looking for an accounting firm, make sure the firm has at least five years of experience in handling personal taxes.
The Consulting/Preparation Fee
Lastly, since we are already talking about managing finances, it is best to start with the aspect of money. No accounting firm is going to provide you with personal tax planning services for free, there will be a cost to it. Find out the cost. Is the firm charging by the hour or comprehensively? Generally, the fee differs from firm to firm and is usually based on the level of seniority of the accountant that is assigned to manage your personal taxes. So, find out shop around, and then choose the one that is most suitable for your budget. Keep in mind that the most inexperienced accounting firms will have the lowest rates, but it doesn’t necessarily mean that choosing them is what’s best for you.
Schedule Your Personal Tax Return Consultation
You may think that this coming tax season would be easy and you can manage on your own and complete your tax return. But why takes chances? Hire a good accounting firm to ensure that you do not face any issues this tax season.
At ATS Accounting & Tax Edmonton, we take pride in staying on top of tax deadlines for our clients, so they don’t have to stress about them. We prepare and file both your personal and business tax returns. We ensure that you will take advantage of every deduction possible, discuss your options with you, and perform your tax compliance work accurately and on time.
Ready to get started? For more information about our accounting and tax services, book your free 15-minute consultation by calling us at 780-484-4006 or contacting us online.
