Tax Consulting Services: 3 Reasons Why Desperately Need Them

November 28, 2022 Andrew AdolphAudits

It is crucial that you receive tax consulting services this year more than any other year in the past decade. I’ll tell you why…

The Coming Recession Could Mean Even More Audits

Inflation is through the roof, gas prices are skyrocketing, and food has simply vanished from grocery store shelves. What does all this mean? More likely than not, a recession is coming, and if not a recession, a very, very, very bad financial situation for the majority of Canadians. 

So what does any of this have to do with tax consulting services? Well, do you know where you’re leaving money lying around on unclaimed subsidies and credits? If you do, when those hard times come for your business/personal bank account, you’ll be prepared to weather the storm better than most. 

The government always wants to get its money, so if and when a recession hits, they’ll be going after your cash harder than ever.  

Here are 3 things tax consulting services can do for you. 

Check Out My Blog On How To Avoid A CRA Audit 

Before I get into my list, you should definitely check out my blog on the top 5 ways to avoid a CRA audit. That will get you started, but to really be safe, a little tax consulting can go a long way. There is only so much that can be explained in a blog, and taxes are very dependent on the individual.

1.Tax consulting Services Means Tax Deductions

Tax laws are constantly changing. What was true last year doesn’t necessarily apply to this year, and let’s be honest, most people don’t keep up with that sort of thing. Tax accountants, on the other hand, do. When you get professional tax help, you’ll potentially save thousands of dollars, and this is especially true for small businesses. 

Most tax consultants (me included) give free consultations, so if you are truly leaving money on the table, calling one can be the first step in finding out how not to. 

  2.Tax Planning

This second point is very important and one of the main reasons I’m writing this blog. Tax season is coming, but, in my opinion, so is a recession. Hiring a tax consultant can help a business learn how to make a strategic approach to saving taxes. If you fail to plan, you plan to fail. Getting through a hard business year is doable but requires preparation. 

  3. Helps Limit Risk

Hiring a tax accountant or CPA can significantly decrease the risk of things going bad if you are ever audited. Knowing your exact numbers and where they came from allows you to maximize savings, find profitable opportunities, and avoid long-term mistakes. 

Bottom Line 

Are you a small business owner or freelancer looking to grow and sustain your business? It can be difficult to know whether or not you need a tax consulting services before you have a professional check your finances. I’ve had a number of clients who think they’ll just need a small fix until I sit down with them. I do more than just look at your taxes, I create action plans that help you move toward compliance not only in the short-term but in the long term as well.

Here’s How to Contact Me If You Need Help

Tax season is coming, so I would suggest all of you that suspect you need help to get it, whether it be from me or another source. The CRA waits on no one and it’s better to be safe than sorry. It’s worth it to check out at least check out the CRA website and do some fishing

To book a free meeting, call 604-240-6173 or email me at andrew@gatewaytax.ca. I can answer any financial or tax-related questions and help you set a profitable financial plan. You can also visit the Blog for additional tax-related resources. 

Andrew Adolph

Andrew Adolph is a CPA and former CRA auditor with 25 Years of experience. He helps businesses to not par any more in sales taxs than the law says they must and acts as an advocate for you if you are being audited, so you can fous on your business.