As you may know, different types of income are treated differently for tax purposes. It is important to properly identify which types of income you have and the correct way to report them on your tax return. We take the time to carefully explore your situation so that we can minimize the tax you pay within the boundaries of the current tax rules. For example, there are specific rules for vehicle expenses that differ depending on whether the vehicle is used for business or for administration of rental properties.
Many life changes and situations affect how your tax return is filed. The rules surrounding marital status changes, from single to common-law or married and conversely to separated or divorced, are diverse and complicated, especially if children are involved. Retirement is another life change that brings with it all sorts of questions we can answer.
Another situation you may find yourself in is being the executor of an estate. There are several possible tax minimization strategies that we can apply to the deceased’s final tax return and subsequent estate returns.
There are numerous different ways we can fine tune your tax return. For example, we want to ensure you get all the tax credits applicable to you. These include, but are not limited to, the disability, medical expense and myriad of new or modified tax credits announced annually. Upon request, we will even review your prior year returns to identify missed opportunities to minimize tax in those years. Once tax savings are identified, we will adjust those returns for refunds.
To remain at the top of our profession, we must continuously keep abreast of all the changes in the tax world. We do that by dedicating time to professional development weekly and sometimes daily. This is especially important currently, due to all the COVID-19 related emergency measures available for individuals and businesses.