Avoiding Confusion and Errors in Your Personal Taxes

by | Jul 24, 2015 | Business

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Preparing your personal taxes on an annual basis can be both confusing and time-consuming. Tax laws can change on a yearly basis, which mean you must have ample amounts of time to study or research these changes before attempting to file your own personal taxes. Errors can end up costing you time and money, or could end in audits which may put a large financial strain on your account. In many cases, individuals find it is much easier to trust this task to a professional accountant. Not only are they experienced in preparing a variety of different types of annual reports, but they are also required to keep up to date on all legal changes. This means you can skip the research on your own and simply let your personal tax preparation in Nanaimo be handled by professionals. Should any issues arise, they can quickly let you know about it before you send the tax report in for the year.

Different Types of Accountants

Accounting firms may have various titles for their team members which vary on their level of experience within the industry. Tax preparers are trained, but can have varied levels of hands-on experience with actual tax preparation. They may only be temporary extra staff during busy times of the year, and could not focus on the industry much at all. They can prepare your taxes, but may not have the experience necessary to maximize your deductions. Enrolled agents are those who have passed various forms of comprehensive examinations. They are normally specialized in certain areas of tax law and may be able to benefit you in some cases. Be sure to ask an enrolled agent about their area of expertise. Certified public accounts are the most commonly heard term. A CPA has passed a variety of testing and is usually well versed in tax law, but may not be considered an expert on specialized subjects. They can assist with a variety of financial issues including bankruptcy, retirement, as well as personal tax preparation. Tax attorneys are helpful for corporate financial issues, as well as some areas which may be disputed or potentially unknown to the general public. This can include times when a wealthy individual or corporation is seeking to shelter part of their income from taxation or if there is a tax dispute which needs up to date and experienced attention. Tax attorneys are normally extremely well versed in specialized financial law and can assist with high-end matters in addition to preparing personal taxes.

Don’t leave it to chance when searching for personal tax preparation in Nanaimo, be sure to contact J A Smith & Associates Inc. for professional assistance in a variety of financial areas. To know more follow them on Google+.


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