As a small business owner you might be wondering if you need to hire a tax lawyer in Victoria BC. Perhaps your business tax filing is not that complex or complicated. Hiring yet another professional may put an added strain on your budget and you just can’t afford it right now. Canada Revenue does not allow much room for errors so there could be a huge benefit to hiring a tax lawyer. Here are 5 reasons to hire a tax lawyer.
- Time is money Understanding tax laws and regulations is something best left to a lawyer who specializes and is familiar with Canadian tax laws. Allowing a tax lawyer to deal with any issues frees you to concentrate on your business.
- Provincial and Federal taxes Depending on which province you do business in or if you are a national company different taxes apply. Maybe you ship to other provinces or even out of the country, a tax lawyer can sort through all taxes that are necessary.
- Employee taxes Who’s an employee and who’s considered an independent contractor. If you own a small business are you an employer or employee or both? A tax lawyer is well versed in the important distinctions.
- Don’t miss out on deductions Travel, new equipment even coffee and doughnuts may be deductible business expenses. Knowing the specific requirements is one more aspect a tax attorney can clarify.
Their advice on how to make the most of allowable deductions canhelp optimize your income.
5) “ I didn’t know “ is not an excuse Canadian tax laws undergo changes as do regulations. As a business owner do you really have the time to keep up with and interpret the changes.” I didn’t know “will not work. And not knowing the regulations and laws is not an excuse for not following them. Hiring a tax lawyer is your best insurance against Ignorance, possible avoiding an audit by the Canadian Revenue Agency.
Contact The Victoria Tax Law Group At Cook Roberts for more information.