Tax Preparation

It's that time of year, all the tax software and large tax preparation companies are advertizing on the radio and TV.

They seem to have an unlimited budget to spend to try to convince you to use their service, be careful if it's too good to be true it usually is. These companies can afford to file your tax return for a really cheap price or even one that will file for free… Please read the fine print on any agreement from these companies, they are looking for the person that wants his money (refund) right away, they do pay but only a reduced portion of what you're entitled too. They keep a large percentage of the refund as their fee; this amount is many times more than if you just paid a professional to do your tax preparation then waited the 10 to 20 days to get the cheque from the government.

In our office the people preparing your tax return have gone on a tax course this fall to become familiar with all the new tax rules, they know how to interoperate them and how to apply them to your specific situation. Everyone filing tax returns is different, more or less dependants, more or less income and from a variety of sources, varied investments, and property all may impact the calculations on your tax return.

My Best advise stick with a professional tax preparer, they will get to know your situation and will have previous years files to remind them about things specific about your return. Be patient and make a list of all the places that will be sending you income slips or T slips. A copy of every slip is also sent to the government so they already know what to expect on your return. There are steep penalties for not reporting income, make sure you include everything. Discuss any changes that you made in your life last year, like marriage, kids, investments these will all impact the calculation of your return.

Take a little time and get it done right, there won't be a reassessment, penalties or audits, if there are; you will have a professional to answer the questions you won't have to go ask the box… You will receive a cheque from the government for the entire refund not a reduced amount like some preparers would like you to take so they can keep the rest as their fee. Please be aware of one thing a Tax Refund isn't a gift, it's your money! Money that you over paid through source deductions. Your entitled to get your money back, all of it…

I can't end here without mentioning those that usually need to pay taxes and don't usually get a refund. The deadline is real, penalties do get added if your late filing your return. It's better to file even if you can't pay the outstanding tax amount, in this case you will be assessed interest on what you owe but you will not get hit with a late filing penalty. Get it done, don't ignore filing and make arrangement regarding how you feel you can pay the outstanding tax.

Comments by: Andy Gubbels andy@padgetthelps.ca

 

 

 

Padgett Helps Services

We are a full service, one stop shop!

Bookkeeping is the heart of the service we provide, our typical client takes advantage of our monthly service offering. We initially work with clients to get everything current. One of the cornerstones of our service, we pick-up your work on predefined day of the month (a reminder post card is sent 1 week before the pick-up) You need to fill the empty envelope we provide with your receipts, bank statement for the month and a sales summary (what you sold) and any other financial information that may impact business, letters from the government, banks, statements from suppliers. We take your envelope and process the information so that we can prepare financial statements, calculate tax remittances and be a second set of eyes making sure that there isn't any unusual activity. Within 10 days everything we picked up is returned, there is a review sheet that we discussed with you, it outlines anything that is missing, anything that needs your attention and we fill out government remittance forms.

So month by moth as we progress through the year you will receive 12 envelopes that you file that will hold all your financial records for the year.

Annual Tax Return become very simple for our clients, other than quick review of any outstanding or missing information, the Tax return is completed from information that we have collected throughout the year. Seldom are there any delays in preparing our monthly clients tax returns. We do Tax Returns for businesses that are not monthly clients, these are usually very small businesses.

Tax Planning is a very important advantage that we provide our clients as a result of the detailed preparation and results that we generate every month, decisions about how best to spend money on your businesses and the best timing to minimize tax when to spend becomes clear. Traditional accounting services for small business usually don't see your paper work until the year is over and they can't advise on current activity like we can.

I like to think that we become the place for you to get trusted independent advise, accurate record keeping and a the help you need.

Payroll, Padgett recognized that small business owners needed a payroll service much like the service being provided to medium and large corporations. So we collectively supported the development of such a needed service. The result, PAYTRAK it's the premier, most cost effective, easiest to use payroll service available in Canada, we without reservation recommend that all of our clients use PAYTRAK. We developed PAYTRAK for our clients but it's now available to all business owner. Take a minute to have a look at this short video about PAYTRAK
www.padgetthelps.ca/video.php If you're interested? Contacts us and we can get your business set-up with PAYTRAK

Prepared by: Andy Gubbels andy@padgetthelps.ca Serving clients from Collingwood - Huntsville, ON

If your reading this and you want to take action but your not in our area, Padgett has more than 400 offices across North America and we would be happy to introduce you to the Padgett office owner closest to you.

www.padgetthelps.ca

Clearing Head Space for the New Year

 

 

We all have history and stuff we have never completed, some maybe not important, some desperately needing attention.

Small Business paperwork specifically accounting needs to get done. MY Title "Clearing Head Space" can give you that needed clarity to take your business to new heights. If you're stuck in thinking that your business isn't doing well because you have so much outstanding stuff, lots that also relate to money owed for taxes and penalties and you have been avoiding it because it just seems overwhelming… That's where we come in. We often take records that cover years of your past businesses operations and put then in order, submit all the required filings to the Government and make everything current. WOW, what a relief, we have literally heard that from hundreds of clients, finally clearing up the past so that they can clearly see what is needed to continue in the future.

Once you have a full understanding of your financial position, you're outstanding liabilities and what the possibilities are to move on. You'll appreciate the value of "Clearing Head Space"

All new client that we take on, we begin by getting started on bringing the current work into a state that we can prepare today's work on a continuing basis so you don't get further behind. Then we look at the past, find out what isn't complete and develop a plan to deal with the back work, the plan will include responding to any outstanding issues like demands from the government. Plus important to most clients, a plan to deal with the costs to complete the work and pay for the outstanding amounts owed. By knowing your full financial position, knowing how much money you'll need to get current is what "Clearing Head Space" is all about. Instead having an outstanding amount that continues to grow with ever increasing interest and further penalties, dealing with it by making payment plans or arranging much better terms at your bank will make planning your future so much easier.

Let us HELP! The first step is yours, make the call, and decide that you want to deal with it.

Prepared by: Andy Gubbels andy@padgetthelps.ca Serving clients from Collingwood through to Huntsville, ON

If your reading this and you want to take action but your not in our area, Padgett has more than 400 offices across North America and we would be happy to introduce you to the office closest to you.

www.padgetthelps.ca

North Simcoe /Muskoka Padgett Office receives award!

 

Nancy Stabback of Padgett Business Services^® in North Simcoe / Muskoka, recognized in the Top 10 percent of All Padgett Offices in North America

 

Nancy Stabback of Padgett Business Services was recently inducted into the Leaders Club at the Padgett Business Services^® Regional Conference in Toronto, ON Stabback's Padgett office has been ranked in the top 10% of the company's 400 offices for the past year. Padgett is a financial reporting, tax consulting, and payroll business that specializes in servicing independent businesses with less than 20 employees.

 

"Our specialized advice and personalized service will always be the strength behind what we do for small business owners," said Stabback "These are the tools that have taken our location to the forefront of our company and Padgett to the forefront of our industry."

 

Padgett is ranked #1 in the category of business financial services in Entrepreneur Magazine's Franchise 500, and is also ranked in Accounting Today's Top 100 Firms. The local operation is part of a network of over 400 independently owned and operated Padgett offices throughout North America.

 

For more information, contact Andy Gubbels at 877 450-2125 or visit www.padgetthelps.ca.

 

 

About Padgett Business Services^®

For over 40 years, Padgett Business Services^® has catered to the individual needs of small business owners through a network of 400 local owner-operated offices. By way of personal relationships and efficient service, Padgett provides "peace of mind" to its clients by helping them focus on operating their businesses more successfully. Padgett offers business advice and consultation, tax consultation and preparation, government reporting compliance, financial reporting, complete payroll services, and other services important to small businesses.

Getting ready for TAX TIME

The year is nearing the end, Time to enjoy family and friends during the Holiday season!

A good thing for you Small Business Owners while you have some down time, is to collect all your information, and tally your mileage logs, receipts and look through any forgotten paper work for donations or other expenses that might impact the amount of TAX you will need to pay.

If your year end is Dec. 31^st. Depending on what kind of year you had if you did well last year and have a large Tax bill. It might make sense to buy a large business asset before Dec. 31^st to reduce your tax owed.

If you were planning the purchase in the New Year anyway, moving it up it could save you tax dollars in this years. Padgett Clients are always advised long before the year ends about TAX savings that will benefit their business.

Don't forget to get all the T slips from the bank and any investments, rental property statements tell us about any changes in your life that may also impact the amount of tax you'll pay.

Padgett Business Services we know the right questions to ask so that we can prepare your tax returns to minimize the amount of tax that you'll need to pay.

Information provided by andy@padgetthelps.ca

http://www.padgetthlps.ca

New Affiliation

For all Small Businesses that take Credit Card Payment plus those wanting too, Padgett Business Services has formed an affiliation with:

CHASE PAYMENTECH

We would be happy to arrange a meeting with a Chase Paymentech associate, who will revue your current bills for processing and compare that to what you would be paying using Chase Paymentech.

Chase has a variety of solution, plans and terminals that can help you whether you work out of a truck or run a store.

Information Provided by Andy@padgetthelps.ca

http://www.padgetthelps.ca

Padgett Helps

Padgett Business Services, serving North Simcoe County And the Muskoka region, including, Collingwood / Midland / Orillia / Gravenhurst / Bracebridge / Huntsville / Beaverton

Padgett provides the best solution for Small Business owners needing clear concise up to date, accounting, bookkeeping, payroll and tax services.