Perhaps Oliver Wendell Holmes, Jr. said it better than anyone when he observed that “taxes are the price we pay for civilization”. Taxes are a means of keeping streets safe, creating legal safeguards, and providing needed public services in every community. Taxes are needed for schools, roads, public transit, parks and hospitals. Ignoring or postponing tax payments today can only make tax problems worse tomorrow.
A tax return is the information you report to the government about your income and other financial details. Filed yearly, a tax return may reveal that you owe more taxes or that you may be eligible for a rebate. Credit for expenses like school, child care or health care may qualify you for a tax rebate. If you are experiencing tax problems, like having filed late or tax evasion, a tax firm can offer the knowledge and support to help get your financial affairs in order. Tax firms, staffed by lawyers and a paralegal staff, can help individuals or business owners understand and comply with Canadian taxation laws. The professional tax agents at these firms are authorized to represent their clients in court cases.
Are you planning to start a business? A tax firm can offer legal counsel about a business structure and what owners can expect at the time of filing. Is your company engaged in international business? Help with contracts, tax treatments and other matters can mean the difference between success and failure. Are you having legal difficulties with the Canada Revenue Agency (CRA) or are looking for CRA audit assistance? This could be the perfect time to seek out the professional experience and knowledge of a tax law professional. With the right professional help, your tax problems do not have to become permanent. Tax evasion is the practice of legally avoiding paying taxes. Failing to report cash income or inaccurate tax reporting also falls within the category of tax evasion. Not reporting cash income is perhaps the most common form of tax evasion. The government imposes a number of strict penalties on those who avoid paying taxes.
Tax avoidance is different from tax evasion. Tax avoidance takes into consideration the legal methods that can be used to minimize tax payments. These allowable deductions may include the number of dependents, medical expenses or contributions to retirement plans or charitable organizations. There are numerous ways to keep one’s tax bill to a minimum. As long as these methods are legal, there is no crime committed. Paying taxes on time is important. It can be a sure means of not having to incur legal penalties or avoiding imprisonment. If you need CRA audit assistance or help with addressing tax issues of any kind you can find expert tax relief from Tax911 Now!