Are you ready for tax time?
If you are switching accountants this year, the first thing that your new accountant will need is your tax return from last year. For businesses or rental property owners this is especially important.
If your accountant cannot looked what was claimed last year they may not be able to carry forward certain deductions to this years return and you may miss out.
Things such as depreciable assets, borrowing costs, formation costs. All of these are expenses which are claimed over a number of years and are essential to carry forward.
Even if you are a start up business and you have carry forward tax losses or deferred business losses, this can really make a difference to your taxable income this year.