Category Archives: Tax Tips

Five Income Tax Preparation Tips!

Each year tax season seems to come out of nowhere and we all scramble like mad to get our paperwork in order for our income tax preparation to be done by the Income Tax Accountant. What if it didn’t have to be that way, what if you were organized all along the way? With just a few simple tips you can be well prepared for tax time. You can make your accountant happy and file your income tax preparation with ease. You don’t have to think of everything, in fact you should be consulting the experts at Tax 911 Now. The tax qualified pros at Tax 911 Now serve the Toronto, York region Durham Region and more, helping worried tax payers meet the tax deadline. Let the experts at Tax 911 Now determine which deductions and tax credits are available to you, ensuring you get the best tax result. Claiming all of your deductions and using all of your available tax credits means you will get the biggest tax refund available to you. 

 

  1. Consult a tax professional: if you live in the greater Toronto area consult the pros at Tax 911 Now, let them help you get ready for your income tax preparation.
  2. Create a personalized checklist: Create a checklist of paperwork you need to take to your tax preparer, attach the checklist to a folder and check off the items as you put them in the folder.
  3. Keep tax papers in one place: Set aside a shelf or a drawer where you will keep all of your papers for income tax preparation purpose, that way come tax time you don’t have to look through your entire home or office.
  4. Categorize documents and receipts as you go: buy an expandable file folder and label the tabs, spend a few minutes each week filing your receipts away. This will save you hours or work at income tax preparation time!
  5. Make a list of questions for your Income Tax Accountant: When you think of a question or concern that you have make a note of it, that way when you are ready to come for your income tax preparation. 

 

Don’t let tax season get you down, be prepared for your tax return and get some professional help, Tax 911 Now offers solutions and immediate action to your tax concerns. Tax 911 Now specializes in tax resolution, no matter your situation, we can help. If you live in the greater Toronto area, York Region or Durham Region come for a visit with the tax professionals at Tax 911 Now. Our staff is professional and dedicated to help you with your income tax preparation. Call today, 1-877-918-2991 or come to our office located at 129 Telson Road, Suite # 100, Markham, Ontario, L3R 1E4

5 Tips on Dealing With CRA Tax Audit

When it comes to dealing with CRA tax audits, you need professional tax audit help. Are you already taxed mentally and emotionally due to the CRA audit notice? Don’t let them taxing you financially. With the help of Tax 911 now, you can walk through the whole tax audit process with minimum stress and best tax outcome.

Here are five tips for dealing with the CRA:

  1. Politeness Goes A Long Way:
    If you are dealing with a CRA auditor, it can be difficult to stay calm. Especially the auditors from big city such as Toronto. However, write down the name of the representative, their department, phone number and the date of their call. If you get a CRA audit Toronto, one of the worst things that you can do is to ignore them. The CRA is willing to work with people provided that they meet them halfway. 
  2. Procrastination Is Enemy Number One:
    If you are unable to get a hold of the CRA over the phone, then leave a message. The thing that the CRA values is that the person tried to get a hold of them. A CRA audit is not going to go away. If you ignore them, things will escalate, so it is far better to be honest with the CRA and not procrastinate talking to them. The last thing that you would want is for them to take tax evasion actions. The CRA will never fault you for being honest.
  3. Never Volunteer Information:
    When you are going through a CRA audit, it is important never to simply volunteer information to them over the phone. The CRA cannot legally force you to answer any questions over the phone. In these situations, it is best to hire a representative like Tax 911 Now. With Tax 911 Now, you have a company that is dedicated to helping you succeed in your CRA audit in all cities across Canada, including Toronto, Markham, Richmond Hill, Vancouver, etc.
  4. Ask Them To Put It Into Writing And Mail It:
    You can request the auditor to put the requirement in writing. This buys you extra time to get a representative, and it shows them that you are not deliberately avoiding them. 
  5. The CRA Audit Takes Time:
    If you are dealing with a CRA audit Toronto, then the thing you need to keep in mind is that it will take time. The CRA takes their time, and they do not keep you informed either. A CRA audit Toronto can take anywhere from six to nine months. One thing to keep in mind is that just because the CRA says something, that does not mean that they are right.

One such company that would be Tax 911 Now. This company deals with tax audit daily, so they have experience. You can visit them by clicking here or you can also call them at 1-877-918-2991, in order to schedule a free consultation on tax audit help. 

5 Tips on Dealing with the CRA

When deciding what to claim and deduct on a small business tax return can be difficult. Some businesses claim too much or too little, which can lead to sticky situations with the CRA in Toronto and may require CRA Tax Amnesty. Here are 5 tips on dealing with the CRA in Toronto so you can be smart with your small or home business and avoid the necessity of CRA Tax Amnesty. For more information on this topic, and CRA Tax Help, visit TAX 911 now for professional help with taxes servicing Toronto, York Region and more. 

  1. You may have a business without even knowing it. A business is simply defined as “any activity for profit.” Even if something is a hobby, if money changes hands, it is a business as far as the CRA is concerned. If has been mistaken in the past with your business, CRA Tax Amnesty is a way to disclose unreported information. 
  2. The size of the business does not have as big of an effect on how much exemption a small business is allowed. There is a “Small Supplier Exemption,” but it does not apply to all types of businesses. If the business is selling tangible goods, you must collect and remit PST, or RST. For more information on PST, contact Tax 911 now. 
  3. A home business does not automatically qualify you for all deductions in Toronto. A few, like the ‘business use-of-home tax deduction,’ will allow you to use house maintenance and ownership costs as deductions, but the same rules generally apply for all kinds of businesses in Ontario. The same applies with entertainment expenses. A business may only claim 50 percent of entertainment costs. Anything not reported or over-reported can be amended with CRA Tax Amnesty. 
  4. Writing off the equipment must be done over several years using a ‘capital cost allowance’. The amount that can be claimed each year depends on which class the piece of equipment is in. The most general class, class eight, which means you can claim 20 percent of the cost of the equipment each year. Furniture and machinery are examples of class eight items. 
  5. If encountered by an Audit from the CRA in Toronto, it is best to have all documents and records well-kept and ready. An audit is an inspection of a companies records. It will usually take 2-3 weeks, and may include a visit to the business site. If information has been filed incorrectly according to these 5 tips, a CRA Tax Amnesty application may be required. 

Reliable and specific information beyond these five tips on dealing with CRA Tax help in Toronto is available to you at Tax 911 now. The staff is dedicated to helping you with any tax needs. You can reach Tax 911 now at 1-877-918-2991, or come in for a visit at our office.

How To Stop and Release an Income Garnishment

Canada Revenue Agency (CRA) may collect the unpaid assessed amounts by way of garnishment. This method may be used to obtain the tax owing by tax payers for the amounts owing to CRA.

Garnishment is usually served on a third party such as a company, financial institution or individual who the CRA believes is liable to make a payment to a tax payer.

The following factors may be considered by CRA prior to commencing garnishment action:

(a) whether an amount is in dispute under the objection or appeal process;

(b) the negative impact of the requirement upon the registrant’s operations;

(c) whether undue hardship will be created for the registrant; and

(d) the payment terms associated with the requirement, where appropriate.

If you owe back taxes to CRA, CRA can garnishee your wage without a court order.

If you are being threatened with a income garnishment by CRA, you need to act immediately. Waiting longer will make your situation worse.

If without any professional help, you may have only one of the three ways to stop an income garnishment:

First, you can contact CRA and attempt to make a deal with them so they will stop the garnishment;  CRA will not make a deal with you until you have complied with the Income Tax Act filing requirement. In addition, CRA requires you to make the payment in full including the interests and penalties if applicable to remove the garnishment.

Second, you can file a consumer proposal, which immediately stops the garnishment for a short period.  CRA will make a decision on the proposal. In general it is difficult to get CRA to accept the proposal.

Finally, you could file bankruptcy in Ontario which also stops the wage garnishment. Bankruptcy is usually the last resort because it can destroy your financial credibility you built up over the years.

Under Tax Professionals’ help, you can have many more options that control the damage to your life so that you can again lead a normal life.

We are effective tax negotiators who remove income garnishment for you fast! We can remove income garnishment in days as mentioned in clients’ testimonials.

What You Need to Do Immediately to Fix Your Income Garnishment Problem?

If you feel you will be garnished by CRA pretty soon or you have received letters or calls threatening with a garnishment, then you cannot afford to wait any longer! Do something to resolve your tax problems.

It makes far more sense to address the threat right way, rather than dealing with the financial burden of wage garnishment, bank levy when you need the money most.

The first step is to stop procrastinating and running. Take action today!

Hire someone who is qualified and has the experience to help you solve tax problems. Many people try to negotiate their tax problems themselves, resulting in worsened results.

Stop the garnishment TODAY by calling Tax 911 team at 877-918-2991 or go to Contact page.

How Do You Choose Your Tax Service Providers?

The most important factors to choose your tax service provider are: a. the service provider is competent and experienced. b. the service provider genuinely cares about helping you; c. the costs are reasonable.

Having been dealing with tax agencies of all levels in all the years, Tax 911 Now’s team of professionals has helped many clients with tax problems like you to get tax settlement that are satisfactory to the clients who in turn shared their positive experiences and appreciation in their testimonials.

Be able to take care and help others and get appreciated in return makes us feel proud of what we do. Putting clients’ best interests before anything else is the core belief for Tax 911 Now.

Our Free No Obligation Consultation & Price Guarantee

To help you to move forward with your problem, we offer RISK FREE initial consultation just to help you to understand the depth and complexity of your tax problems. We will also provide you the recommended steps to take to fix your tax problems. It is no obligation and thus it is completely up to you to decide what to do from there.

If you do decide to engage us to fix your tax problems, we provide price guarantee within the entire tax negotiation industry.