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corporate tax

That Time…YES…It’s Tax Time!

Many people including huge businesses and corporations truly dread taxes when it comes to their money. These compulsory expenditures make the financial systems of all businesses quite complicated. At H&T Accounting Services, understanding tax laws are the fundamental basis of our expertise. Because we understand how these laws work, we know how to help you save big bucks. We hold strong knowledge in all areas of taxation and we work hard with our customers to save every dollar we can. 

Tax Planning 

One of the most essential areas of understanding taxes in any sort of financial situation is tax planning. This involves productive research into literature so that taxation errors are minimized and the savings is maximized. Special attention is given to large saving plans so we know we are getting you the best service possible. With continuous efforts to analyze plans that our customers can qualify for, we work above and beyond all your expectations. 

Tax Preparation 

We love to prepare and prepare well so that we have your back when you need us the most. We prepare year-round so that our customer, the taxpayer, is at low risk of getting into any auditing circumstances.  Year long, H&T Accounting Services provide exceptional bookkeeping as well that helps us stay on top of our game. With complete bookkeeping, tax preparation is simplified. We work hard to minimize errors so auditing becomes easier for everyone. We take the tax preparation phase seriously, so you are at ease. 

Tax Appeals and Audits 

Defending our customers during an audit or an appeal is also a critical phase of our work. We know our path right up to the Tax Court of Canada, if need be, so that you get the most out of any case. Appeals and audits can be stressful and confusing, but because we know how to take care of you and your finances, we are persistent in lowering any possible penalties and interest charges. 

Saving BIG Bucks!

Savings, savings and savings! Who does not want to hear that when it comes to the complexity everyone deals with over their hard-earned money? Many wonder what they are really able to save when it comes to their taxes. It is a fact that taxes can get quite complicated. This is why knowledge of the tax systems is crucial to the tax savings process. Our experts here at H&T Accounting Services have extensive knowledge of the many savings plans that our customers can qualify for. Everything from business income taxes to employment income taxes is on the table for us and we know how to help our customers!

At H&T Accounting Services, we plan, prepare, defend and yes, most of all, help you save! We have experts in all areas of accounting and bookkeeping services that work year-long to keep your finances in check. Do not wait any longer, let us help you get in control of your money! Call us TODAY….call us NOW!

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Claiming Business Expenses

As a rule, you can deduct any reasonable current expense you paid or will have to pay to earn business income. The expenses you can deduct include any GST/HST you incur on these expenses less the amount of any input tax credit claimed.

You cannot deduct personal expenses. Deduct only the business part of expenses from business income. In addition, you cannot claim expenses you incur to buy capital property.

For more information, see the List of expenses below.

Note
When you claim the GST/HST you paid on your business expenses as an input tax credit, reduce the amounts of the business expenses you show on Form T2125, Statement of Business or Professional Activities, by the amount of the input tax credit. Do this when the GST/HST for which you are claiming the input tax credit was paid or became payable.

Similarly, subtract any other rebate, grant, or assistance from the expense to which it applies. Enter the net figure on the proper line. Any such assistance you claim for the purchase of depreciable property used in your business will affect your claim for capital cost allowance.

If you cannot apply the rebate, grant, or assistance you received to reduce a particular expense, or to reduce an asset’s capital cost, include the total on line 8230 in Part 3 of Form T2125.

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