Self Employed Accountant Toronto

Do I need an accountant if I'm self-employed?

If you are self employed, it’s important to have an accountant because self employed people need to be self sufficient. While self employment gives one the ability to set their own hours and work at whatever pace they are most comfortable with, it also means that you are responsible for your own taxes. Not having a self employed accountant Toronto can lead to not filing or paying your taxes on time. Here are some reasons why a self employed accountant Toronto may be needed.
  • Knowledge of tax laws
  • Cuts down on paperwork
  • Keeps accurate records so there are no issues with the government later down the road
  • Peace of mind

A self employed accountant Toronto has a thorough understanding of tax law either through education or self study, which they can share with self employed people.

As a self employed individual, you have to keep track of their own income and expenses, which can be difficult because it involves working for yourself instead of another company. Some paperwork involved in self employment is invoices for work done, receipts for business expenses, mileage logs to use when filing taxes – all this paperwork takes time away from the actual job at hand. With a self employment accountant Toronto comes several benefits including tax saving strategies that you may not be aware of or understand how to effectively implement on their own.

If you don’t stay on top of your finances, it could lead to issues with the government later down the road if you’re audited.

When should I hire a self employed accountant Toronto?

You should hire a self employed accountant Toronto any time your income needs to be organized. Hiring an accountant after self employment tax returns have been filed is too late, as self employment tax returns can be complicated and scrutiny from the government is focused on those who do so at the last minute. Having a professional handle self employment taxes also gives you peace of mind, as most people often worry about deadlines and meeting them in time – sometimes you just need someone to be with you every step of the way.

If you want to avoid hiring a self employed accountant Toronto because it’s too expensive for your business or personal budget, there are alternatives that will provide similar results while being more affordable. Tax preparation software goes through all your self employment income and expenses, automatically calculates self employment tax, then formats everything into a self employed tax return that can be sent to the government. These programs are usually compatible with most accounting software like QuickBooks or Freshbooks, so people who already use these programs can use self employed tax preparation software without issues.

You should hire a self employed accountant Toronto if you don’t want to deal with self employment taxes by yourself or if you don’t want to risk late fees or penalties for filing self employment taxes at the last minute. A professional will have all necessary paperwork organized and ready to be filed weeks before deadlines come up – why spend extra money on interest fees when it’s easy enough to avoid them altogether by hiring a self employed accountant Toronto?

Tax Accounting Firm Toronto

Contact Us for hassel free service

TY Tax Accounting is the leading tax accounting company in Toronto. We take care of your taxes so you can focus on what matters most to you. TY Tax Accounting has over 20 years of experience advising businesses and individuals on how to maximize their financial potential, starting with a strategic analysis of their finances. This includes customizing budgets and setting financial goals that will lead them towards success now and into the future.

Why you should hire a self employed accountant Toronto

There are many reasons why you should hire a self employed accountant Toronto to manage your finances as a self-employed worker, here are just some of the most common ones: 

  • self employment taxes can be tedious and time consuming to do on your own
  • self employed tax returns are complicated and not having an accountant around increases the possibility of mistakes
  • you usually don’t have a professional looking out for their best interests during tax filing season, which could lead to issues with the government down the road if self employed people aren’t careful with deadlines 
  • working from home in itself is a tremendous task already, hiring a self employed accountant Toronto will allow you to focus on your work, while knowing everything is being organized in the background
  • tt’s unlikely that you have time to double check every single self employment expense from the entire year 
  • having a self employed accountant Toronto that you can trust will give you more flexibility in your schedule while still allowing you to meet tax filing deadlines

 

As you can see, a self employed accountant Toronto makes quite a big difference! Not only do they help you out with your basic accounting work, they can also help you save money and maximize your profits. You can hire a self employed accountant Toronto to handle everything from your self-employment tax returns to doing all your bookkeeping, giving you back the time that you need to focus on your business