What You Can Do
If your looking to do your tax planning in Burnaby early this year, there are some simple things you can do to position yourself well for a stress-free tax season. At Naicker & Associates in Burnaby, as Chartered Professional Accountants (CPA) we recommend you consider these steps to save valuable time and money at the end of the year.
Gather Your Receipts
Go through all the places you normally keep paper receipts. Search your email inbox for electronic records of spending and print them out. Put them all in a file so you don’t lose them. Your Burnaby small business accounting firm will appreciate it. This may be a good time to set up a mobile receipt app, or portable file folder to keep next year’s receipts organized.
Get Your Invoices Together
Check in with your customers on outstanding invoices, sort through what’s been paid and what’s outstanding and when you expect them to be cleared. This will help you have a good idea of what your income was for the year. A balanced account payable and receivables ensures a more seamless tax filing.
Look for opportunities for tax savings through charitable contributions, this will also enhance the community you do business in. Do some research to confirm if it’s more advantageous to donate as an individual or through your business accounts.
Hire A Professional
Do you have a Burnaby CPA lined up for your tax planning purposes? Plan early to make sure to secure someone with the experience you need to complete your business taxes. You don’t want to have to settle for a small business accounting firm, based on their last-minute availability.
With all your documents in order, donations made, and professional team secured, your tax planning in Burnaby is going to be a stress-free task. You can save money and aggravation by gathering your receipts, taking stock of your income, giving back and bringing in the right people to do the job. A qualified tax professional can make your money make “cents” (and dollars, too.)