Tag Archives: tax tip

Six Essential Tax Preparation Tips

If your tax situation has gotten little more complicated this year, you’ll want to read this. At Tax 911 Now we have some tips to give you so that you can get your tax preparation completed as soon as possible. The sooner you file your taxes, the less money you’ll have to pay in penalties and interest. We tax professionals at Tax 911 Now will help you to get your taxes prepared quickly and accurately, and you will not have to worry anymore. Here are six steps to take to get ready for tax preparation with a tax professional:

  1. Know your social insurance number and gather the numbers for those who will be on your return.
  2. Gather information including tax information slips, and other information sent by employers, banks, and businesses.
  3. Be sure to have your information about other income including self-employment income and rental income etc.
  4. Have your personal income tax information on hand such as your RRSP contribution limit.
  5. Have your receipts for deductions ready. Your Tax 911 Now tax professional can help you know what expenses are deductible.
  6. When you are ready with your information, Call Tax 911 Now to make an appointment.

 

Late Tax Preparation

Even if you are late filing your taxes, Our Team at Tax 911 Now can help you take care of your problem.

You will still need the information listed above when you come for a visit with us in the Toronto area or other region in Ontario. The sooner you file your return, the better off you will be financially.

 

Tax Preparation to optimize your refund

You may think that you can prepare your own taxes, but if your situation is more complex than average, you will wish that you had called a professional sooner. If you want to optimize your tax and you live in the Toronto area or other nearby region of Ontario, we professionals at Tax 911 Now are available to help solve your problems.

The fees you will pay for professional services will be compensated for by the additional tax savings that you will get from our services. We give very professional, expert services enabling you to receive the optimum tax results. You will definitely want call Tax 911 Now for your tax preparation needs again next year. Many of our clients come back to us year after year for our superior services.

If you are thinking about tax preparation services, call a Tax 911 Now tax professional today at 1-877-918-2991 and come visit us at the office.  Why struggle and worry any more about your tax preparation? You have better things to do, and we can help you.

The address of our office is:

Tax 911 Now
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. 

Best CRA Tax Audit Help for You and Your Toronto Area Business

Many people or businesses will be, if not have been, audited by CRA tax auditors. It is just a fact of life. Let’s face it, even with the best software, the best intentions and the most rigorous efforts to run a tight ship with every ‘i’ dotted and every ‘t’ crossed, an audit can still be frightening in the heart of individuals and business owners. If the Canada Revenue Agency (CRA) is slated to put your personal or business earnings under a microscope, you’ll need seriously committed and well-rounded professional CRA tax audit help to find the best CRA tax audit help.

 

Professional Accountant

You might assume a professional accountant should be enough. After all, a really good accountant understands accounting and numbers. An accountant is in an excellent position to explain your business’s day to day bookkeeping very well. However, an accountant may not have knowledge of the complex tax system. Without such knowledge, even the best accountant may find himself overwhelmed when faced by a determined tax agent. Moreover, an accountant are not trained to be negotiator and thus can not negotiate a best settlement for his client.

 

Good Tax Attorney

On the other side of the coin, a good tax attorney, while thoroughly versed in the legal aspect of tax system, may not have the needed accounting and bookkeeping know-how to explain your business’s day to day operations. Facing your Toronto tax audit requires  thorough understanding and representation of your personal and business operation. You need people in your corner who understand both accounting and tax/legal systems. Clearly, the best CRA tax audit help offered at Tax 911 Now embrace both the accounting and legal aspects inherent to a tax audit of your personal or business earnings.

Fortunately, the best CRA tax audit service is available with local offices in the Toronto, York and Durham areas. Your Toronto business may not have an expensive and impressive pool of attorneys and accountants on staff like other big businesses do. Yet, with CRA tax audit help available through Tax 911 Now, there’s no need.

Dedicated Tax Audit Experts

Tax 911 Now is manned by dedicated, compassionate professionals determined to help you and your business. No matter the problems involve unfiled taxes, unreported income, tax levies or tax garnishments, our service can and will help you. Tax 911 Now’s professionals know accounting, tax as well as CRA’s complex rule and regulations. They understand the tax system and they know how to negotiate for their clients. Tax 911 Now’s CRA tax audit help offer the prevention of an unfair tax assessment.

For your personal or Toronto-based business CRA tax audit help, call Tax 911 Now today at 1-877-918-2991. Find us online at https://www.tax911now.ca/ or come for a visit. You’ll find us at 129 Telson Road, Suite # 100, Markham, Ontario, L3R 1E4.

How to Deal with CRA Tax Audits

Most taxpayers are alarmed when they receive audit requests from the Canada Revenue Agency (CRA). Tax Audit Help Toronto finds that the CRA uses computer-generated lists, special projects, leads, and associated files for selecting most taxpayers for audits, and of these methods the computer-generated list is most common. The CRA automated system randomly collects financial information for taxpayers across similar businesses or occupations to generate lists of returns, some with information inviting audits.

 

Groups are targeted

Special projects probe compliance of particular taxpayer groups. If any non-compliance discovered, the CRA may expand the audit locally, regionally, or nationally. Leads from previous audits or from outside sources and filings of taxpayers associated in business with those already audited round out the most common methods of selection.

CRA audits examine financial statements, previous audit results, ledgers, bank account statements, sales invoices, purchase receipts, expense accounts, and other business records. A desk audit (at a CRA office) may require the taxpayer to identify or explain questionable items and to bring specified documents for examination for unreported income. A field audit (at the taxpayer’s home or office) usually means a more serious potential liability.

 

We go investigate your taxes to ensure proper credits are given to you

When providing tax audit help in Toronto and other areas, Tax 911 Now has found that auditors do not review all information necessary. Auditor errors are not unusual and can cost taxpayers thousands; By working with Tax 911 Now for tax audit help, you can prevent such costly errors, first by reducing the audit risks.

Tax 911 Now’s comprehensive audit solution program first identifies taxpayer problem areas likely to attract CRA audits. The self-employed are more at risk of audits than are hourly or salaried workers. Sudden, dramatic changes in economic circumstances or a standard of living much higher than the norm for taxpayers similarly situated often arouse CRA curiosity. Business losses over several years may make the CRA suspect setoffs to other income. Participation in tax shelter programs like donation schemes is a matter for CRA scrutiny. Deduction of more than 15 per cent of income for home office expenses signals a case for an audit. Tax Audit Help Toronto advises taxpayers in any of these situations to be especially careful in keeping records and receipts for expenditures.

Tax 911 Now advises small business owners to have all returns filed on time and all documents ready and to be prepared for any audit. Records should detail all income and every expense. Although the CRA audits fewer than 5% of small business proprietors, it is important to keep complete records over seven years

The CRA’s interest in whether the self-employed report their full incomes is constant. The CRA also watches for discrepancies in incomes reported from sole proprietorships and partnerships. It is required that everything earned must be reported. Tax Audit Help Toronto advises small business owners to be consistent with record keeping.

A small business with lots of cash sales should record all of them and should file appropriate forms for all business areas on time. Claims for deductible expenses must relate to the business. By following these suggestions from the expert in tax audit help services in Toronto, taxpayers should be able to reduce the chance of CRA audits or handle them easily when there is one.

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.

CRA GST HST Audit

CRA GST HST Audit Alert: CRA started to be more strict on auditing people with high business income without collecting GST or HST.

Most businesses start small. When they are small, say their sales are below $30,000, it is ok to not to register GST/HST accounts. As they grow to more than $30,000, then it becomes compulsory for businesses to register GST/HST accounts and start collecting on behalf of CRA.

Many business owners do not understand their obligations to register GST/HST accounts even if they exceed the sales threshold. While other business owners, who may have registered GST/HST accounts, did not report or remit the GST HST properly for various reasons and caused CRA GST HST audit trouble years down the road.

We know too many small business owners being audited and penalized due to the GST or HST reporting problems.

Some of them, due to circumstances, amount to criminal investigation; some even lost their homes. Once the GST HST problem is caught by CRA, life will never be the same.

What You Need to Do Immediately to Fix Your GST HST Audit Problems?

If you feel you will be audited by CRA pretty soon or you have received letters or calls or personal visit from the tax man, then you cannot afford to wait any longer! Do something to resolve your tax audit problems.

It makes far more sense, and will be less costly, to resolve your tax audit problem right away, rather than dealing with the financial burden of huge reassessment amount and other penalties later.

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

Hire someone who is qualified and has the experience to help you survive the audit. Many people try to handle their tax audit themselves, resulting in disastrous financial results. Some even ended up fighting in court.

We have helped many clients with their tax audits. Our experience and expertise have led to superior results that even senior tax auditors respect. See that yourself in testimonials.

Get Tax Relief TODAY by calling Tax 911 Now team at 877-918-2991 or go to Contact page.

Our Free No Obligation Consultation & Result Guarantee

To begin with, we offer first time RISK FREE unlimited time 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.

We guarantee the result we can get is much more beneficial than if you do it yourself. Save you thousands of monies in addition to the relieve of the awful stress. We take the emotional factors out of the process. We take care of the uncertainty for you.