Top 5 Reasons to Hire a Cross-Border Tax Specialistby PPA TAX tax accountant windsor ontario
Working with a cross-border tax specialists will help to ease your tax burden, avoid expensive mistakes, get credits and deductions that you qualify for, and get help and advice all year round.
You work extremely hard for your income and you should keep as much of it as possible when filing your taxes. For individuals filing simple U.S or Canadian tax returns, it is easy to file your own taxes. However, there are tax returns that are extremely complicated. For example, if you are a Green Card holder or U.S Citizen living in Canada, it can be difficult to keep up with the U.S cross-border tax compliance requirements. This is because there are some unique taxes, financial, and estate planning laws that you may not know. In such cases, hiring a qualified tax specialist will ensure you comply with your tax obligations. Below are the benefits of hiring a cross-border tax advisor.
Eases the tax burden
Tax filing obligations in Canada and the U.S may be complicated for some individuals. For example, small business owners may have specific credits and deductions available to them on the U.S income tax return. This may need additional filings or additional forms that most people may not be aware of, particularly for cross-border tax context. When you decide to handle these returns on your own, the risks of errors may arise with every additional form needed for submission. A knowledgeable corporate tax accountant Chicago trusts will help you avoid these risks and will identify the relevant tax positions and applicable credits that will reduce your tax burden.
Avoid costly errors
A tax specialist strives to correct any errors that may arise on your tax returns. These errors can prove expensive with regards to associated penalties, and you will also need a professional to help you fix the problem. Additionally, the errors can cause infuriating processing delays and a lot of back and forth with the Internal Revenue Service (IRS). Errors can lead to tax interest, penalties, and liabilities and these tend to accumulate very quickly. Hiring a tax accountant London Ontario loves will help to prevent errors on your tax filling.
Identify all credits and deductions that you are eligible for
Tax accountants will study your personal and professional profile and will piece together any credits or deductions that you may qualify for. You may think that you are entitled to different credits, but the complexities of the Canadian and U.S tax laws may restrict your ability to use significant or multiple credits. When you work with a qualified corporate tax accountant Chicago advisor, he/she will identify the right tax position that suits your situation and will help you maximize the refunds you are entitled to.
Sets your professional and personal affairs in order
A tax accountant can also steer businesses and individuals to make proper financial decisions in crucial areas. This may include estate planning, retirement planning, small business planning, and investment management. Canadians who own U.S real estate may find this quite useful to help them avoid pitfalls associated with the U.S taxes when they sell off their property.
Your cross-border tax advisor can help you with important life events like purchase of real estate, marriage, divorce, and the birth of a child. Most people diminish or forfeit their future earnings because they did not make smart moves at the right moment with the help of a qualified cross-border advisor.
Assistance and advice all year round
When you work with a tax accountant London Ontario has, you can approach them at any time of the year and not just during the tax season. They can answer crucial questions about your financial health and how it relates to taxes and will help in positioning you properly. This will ensure that you are not just a tax filer who only communicates with their tax accountant once every year to give them your reporting slips.
Working with cross-border tax specialists is essential as you may reap numerous benefits from their services. These professionals will optimize your returns and ensure that you are tax-compliant in both countries. They also have training and experience to handle even the most sophisticated tax situations and will help protect clients against tax penalties. A good accounting firm Mississauga will offer consultation, preparation, and planning services for cross-border taxation.
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Created on Mar 14th 2021 23:33. Viewed 237 times.