Frequently Asked Questions
- Does my accountant need to be designated or certified?
- If my accountant has a designation, should I automatically trust them?
- When filing corporate taxes, which documents do I need from my accountant?
- When my sole-proprietor taxes are prepared, which documents do I need from my accountant?
- Which business costs can I claim as tax deductible expenses?
- What tax records do I need to keep for my business?
- What is the most appropriate tax structure for my business?
- Is it difficult to change Arrowpoint Tax Services, Inc. accountants? How do I do so?
- How do I schedule a consultation with Arrowpoint Tax Services, Inc.?
In one word: Yes. Having a designated or certified accountant is very important, especially if you are a small business owner. You will most likely end up saving money in the end if you pay a little more for a designated or certified accountant. With their training and experience, they will surely find any possible errors that might otherwise cost you in overpaid taxes, penalties, and high-interest rates!
No. Make sure you know what designation your accountant has and if they are the right one for you! Having an accountant with a designation that is not specific to your needs could end up costing you more money in the end. Our accountants are always certified with appropriate designations.
You are going to need several income and expense documents. To save yourself time, the best thing you can do is set up an appointment with us and let us go over the documents you need. If you do not have them, we can help you find them through the revenue agency. Filing corporate taxes can be a long and difficult process—let us help!
This is a great question and one that we often get! There are several forms that you will need, such as ones that show income, business and home expenses, and car repairs. Our best advice is to get in touch with us as these forms have different titles depending on your location. We can give you a more detailed list of what you need and where to find it!
There are many business costs that you can claim as tax deductibles and some that you cannot. For example, some business gifts can be written off, but others cannot. The boundaries can sometimes be blurred on what qualifies as a tax write off. Having one of our certified accountants help you with your business tax filing can clear up all of your questions.
We would advise you to keep any document that shows income or deductions along with your tax records for six to seven years.
There are three different business structures:
- Sole proprietorships
Each one is treated differently by tax law, having one of our accountants work with you can help outline what tax laws apply to your business!
No. The whole process is actually a lot easier than you may think! Once you find a new accountant that you like, you or your accountant can send a takeover letter to your former accountant. This will allow all your files and information to be released and taken over by your new accountant.