Corporate Tax Return Services, Williams Accounting provide complete accurate tax returns and accounting services for all our corporate, large, medium, small business clients. Our objective is to minimize your tax obligations by claiming all allowable deductions and credits. For estate clients (final returns and trust/estate returns) we determine the optimal elections to file to reduce the total tax obligations related to the death of a taxpayer.
Corporate Tax Accountant: We start off by accurately reporting the income from your financial statements. Then we review all filing options or elections to decide how to reduce the tax payable to the minimum required. The end result is the least tax required is payable and any audit risk is reduced.
Corporate Tax Return & Accounting Firm- Tax Planing
The main aim of tax planning is to assess the existing corporate, large, medium, small business structures. Williams Accounting work with the corporate, large, medium, small business clients constantly to prepare their tax returns. In collaboration with our clients, we provide them the maximum advantage on their taxes by our tax minimization Strategies, better corporate tax return and by accounting system implementation. Our clients enjoy the minimum possible taxes due to our refined corporate tax planning services some of which are as follows:
- Financial Statements: Williams Accounting complete professional financial statements according to GAAP (Generally Accepted Accounting Principles).They show you how your business performed over the year. These statements are then used to support the tax returns or banks, if required. Interim statements can also be prepared as needed to help you manage your business. For some clients we can work with an auditor to complete either Review or Audited statements as needed.
- Tax Minimization Strategies: The best way to minimize tax is proper planning. We develop strategies to arrange your business and personal affairs in a way that lets you keep as much of your income as possible. For corporate clients this includes optimizing salaries and dividends up to including estate freezes and other advanced methods to reduce taxes. For personal clients, we develop strategies to income split with lower income family members. We also develop plans to minimize your personal tax through accurate financial planning.
- Accounting system Implementation: We help clients implement accounting software for their new business or help them start using software for their growing business. We also have experience getting you back on track when the implementation you tried did not succeed as planned. We are certified ProAdvisors for all versions of QUICKBOOKS including QUICKBOOKS ONLINE.
The process of implementing a new system generally involves the following steps:
- Review current systems and manual processes. The step also involves determining areas of potential improvement. We don’t just repeat what you are currently doing in a new system.
- Setting up the new system. This includes determining the chart of accounts, divisions, sales items, payroll items etc.
- Entering opening balances into the new system including outstanding AR and AP and Year to Date payroll amounts.
- Training your staff on the use of the new system.
- Ensuring all initial reconciliations and HST/payroll filings are accurate.
- Setting up and ensuring all reporting meets the clients requirements.
4. Bookkeeping & Payroll Services by Williams Accounting This can include picking up mail, making deposits, invoicing clients, paying bills, paying employees, reconciling bank accounts and filing all government returns (HST, Payroll, EHT, WSIB etc.). For other clients, we may only file some government returns. The level of service is up to the client’s needs. Our bookkeepers can work in your office or ours, whichever you prefer. We support both QUICKBOOKS consulting and SAGE as well as various point of sale systems.
Tax legislation landscape in Canada keeps changing thus presenting new tax action plan challenges to different businesses across the country. every company has to be aware of those regulations which can have possible impact on their business. corporate tax returnexperts can be of great significance here to deal with taxes and in foreseeing their impact.
Williams Accounting ensure that your business is in compliance with the latest CRA tax regulations and that your reporting requirements are met by providing you with customized corporate tax return.
Corporate Tax Return & Accounting Services can be an overwhelming and complex. If you have run into tax issues such as falling behind in your returns or CRA disagreements with assessments it can be difficult to know what to do next. Here as your local Tax Accounting Firm we can help you with these problems and get you back on track with your taxes. Tax planning & Tax Accounting is essential for a corporate business owner who doesn’t have time to worry about the ever changing federal and provincial tax laws. You’ll get all updates on our Tax Accounting Blog section. We stay on top of these changes and guide our corporate tax accounting clients accordingly. If you are ready to save money on your taxes contact your local Tax Accountant today for a Free consultation by filling out the form on the right or simply give us a call at 905-457-2302 We look forward to serving you.
Corporate Tax Return & Accounting Firm- Case Study
Mr Clean- Restaurant Supplies Corporation*
CLIENT NAME: Mr. Clean*
BUSINESS NAME: Restaurant Supplies Corporation*
INDUSTRY: Industrial Supplies
YEARS IN BUSINESS: Over 20
CLIENT’S SITUATION/PROBLEM:
The business owner collects Old Age Security (OAS), CPP, Pension Income, Registered Retirement Income Fund and Rental income. His wife also has numerous sources of income. The owner does not wish to pay so much income to himself that his OAS is clawed back.
COMMENTARY:
Like many clients, planning compensation to minimize taxes is a key service we can perform for our clients.
HOW THE SITUATION WAS IMPROVED:
Every year we determine how much should be paid to the owner to allow the maximum to be paid to the owner without triggering the dreaded OAS claw back. The effects on pension splitting are included in the calculations.
HOW THE SOLUTION “CREATED VALUE FOR THE BUSINESS”:
By maximizing the salary to be paid to the owner the remaining profit can be left in the company and only have the small business tax rate applied.
WHAT THIS MEANT TO THE CLIENT:
Paying less tax while at the same time maximizing what can be taken out of the company.
SUMMARY
Compensation planning reduces the total tax paid by the company and the owner.
LET’S TALK AND “CREATE VALUE FOR YOUR BUSINESS”.
*Names have been changed to maintain confidentiality of the client*
Give us a call at 905-457-2302 or email us at info@williamsfm.ca if you have any question regarding Corporate Tax Return, Tax Accounting firm, Business Tax Services, Bookkeeping, Tax, Payroll Services, Corporate Tax Accountant, Personal & Estate Tax Accounting firm looking forward to hear from you.
Location: Williams Accounting Professional Corporation Brampton is easy to reach
Williams Accounting Professional Corporation Accounting Firm in Mississauga & Brampton 