Reasons You Need A Financial Advisor to Help You with Tax Planning
The current economic turmoil has made it extremely challenging for businesses to stay on top of their business tax obligations. It’s crucial to make sure you have all the right advice, assistance, and expertise. A good financial advisor can help you out:
It helps you cope with market changes
Financial advisors are professionals and more market-savvy than you. They’re skilled in dealing with market fluctuations and are well-aware of the taxation strategies needed to keep your investments afloat.
Investments have become particularly uncertain and risky, especially in the wake of the COVID19 crisis. A good financial advisor will tell you how to strike when the iron is hot. They’ll make sure you don’t miss the high market points and favorable tax policies. They’ll keep you abreast and updated on market changes and how they can affect your corporate taxes.
Tax compliance is essential if you don’t want to land in hot waters with the regulatory authorities. A tax advisor will help you keep track of when your tax obligations are due, how much of it is due, and how you can fulfill your obligations. This kind of advice is significant if your business is still in the startup phase.
A financial advisor is of significant help throughout the tax planning process. Tax planning doesn’t necessarily take place during the tax season. It’s an ongoing process that continues throughout the year. You need to be in constant touch with your tax pro at every strategic point of your business.
A tax professional will help you prepare your personal and business return taxes. It always helps to get the same person to do both the taxes to ensure coordinated tax savings. For instance, most tax advisors recommend adding any loss on your small business tax to your personal tax bill to lower the overall burden.
Even after the tax returns have been filed, you’ll still need a tax advisor to help you audit the returns. The advisor will tell you how to obtain the right documentation from Canada’s Revenue Agency that will make the audit easier and more transparent.
Faber LLP offers a number of tax planning and advisory services, including provincial and federal commodity tax planning, dealing with business tax credit claims, and filing personal, corporate, trust, and estate income tax returns. Get in touch if you’re based in Edmonton.