FAQ
I already have an accountant. Why do I need a tax consultant as well?
Doing the work of tax is the job of a tax expert having experience and knowledge. Accountants do not have updated knowledge of laws and cannot complete the work on due dates. We are here to provide you with the services of a tax consultant.
Is tax planning like tax avoidance?
No, it is not. Tax avoidance is illegal. But tax planning in your business to avoid any legal consequences and to run your business in such a way that you not only save your money but also comply with the laws of taxation is legal.
What records should I keep along with my tax returns, and how long do I need to keep them?
If any of your tax deductions should be questioned, having proof of documentation will be vital in avoiding severe inspections or audits. We suggest that our clients keep records of bank statements, credit card statements, cancelled checks, invoices, and receipts.
Mileage logs, meal expenses, and other records for business purposes can also be necessary. Donations or non-cash contributions, such as clothes or other property, should be verified with charities’ proof of receipt or acknowledgement letters.
What does an insurance policy cover?
Insurance coverage is the amount of risk, liability, or potential loss protected by insurance. It helps individuals recover from financial losses due to incidents, such as car accidents, damaged property, or unexpected health issues.
When is it time to update my coverage?
Insurance protects the things necessary to your personal and business life against the unexpected. So, anytime you have significant events or changes in your life, it’s time to consider reviewing and updating your coverage. Here are some examples:
- A change in marital status
- Birth of a child
- New drivers in your household
- Kids going away to college
- A new job or starting a home business
- Changes in your income
- Paying off a car loan
- Buying a home
- Moving to a new apartment
- Home improvements
- Approaching retirement
- Purchasing jewellery, antiques, computer equipment, or other expensive items
- Starting a new business
- Increase your workforce significantly if you exceed ten full-time employees (or the equivalent)
- Seasonal increases in inventory
- Loss of employees to other companies
- Expansion plans — equipment, vehicles, or physical plant
- Business owners’ approaching retirement