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While living in another country, citizens must file tax returns accurately to their government. Failure to do that will attract penalties or even jailtime. However, paying taxes even at home is challenging. Residents should rely on certified accountants. 

Are you a Canadian that resides in the USA? The government expects you to remit your taxes annually. While at it, you must take every opportunity to reduce your tax expense. That will boost your income. However, you will need extensive knowledge to lower your taxes legally. Listed below are reasons why Canadians in the US need certified accountants for tax filing services. 

Tax codes 

Most Canadians have little knowledge regarding the US tax filing system. Their goal is to work or start businesses. Thus, a majority of them have little information about the US tax code. That makes it difficult for them to file their tax returns. To avoid any problems or delays, they will need a reliable accounting firm Mississauga resident like. 

Tax reduction techniques

Paying taxes is mandatory for every citizen and business. They can remit the levies based on their actual annual income. Since avoiding levies is illegal, there are ways workers and traders can reduce them. However, only certified accountants have the knowledge and skill in tax reduction. By enlisting their services, you will reduce your annual tax expense. 

Professional representation

When the CRA has an issue with your filings, you might need representation. Most people prefer to pay their debt to avoid complications because they cannot explain their filings due to lack of knowledge. Experts providing accounting services in Toronto can defend their actions after filing for clients. Hence, they can represent you professionally to the CRA or IRS. 

Penalties 

The government expects every Canadian to pay their taxes. Those who evade taxes will face hefty penalties. They can lose properties via auction or face jailtime. To avoid such circumstances, you must commit to paying your levies faithfully. With the assistance of experts, you will be able to file your returns on time. That will prevent you from breaking the law. 

Tax treaty  

The USA and Canadian Governments have a treaty that prevents their citizens from double taxation. Both countries cannot tax the income of their residents twice. Due to the lack of accounting knowledge, most residents never take advantage of this treaty. By hiring the best accountant London Ontario, you will obtain tax relief from this treaty. 

Overpayments 

Due to poor accounting skills, many people over pay their taxes. That reduces their annual profits and revenue. With professional help, you can recover the overpayments and save more money in the future by filing the right amount of tax for the year. 

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Created on Apr 13th 2021 07:22. Viewed 329 times.

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