Calculator during tax season

Can Bookkeepers Do Tax Returns?

March 9, 2022 2:51 pm

Some bookkeepers are adept at understanding tax returns and introducing tax savings into your business accounts system. Although many bookkeepers provide only bookkeeping services, some offer valuable tax preparation and limited accounting as well. 

 

Many of us bookkeepers have a passion for order, organization, government filings, and tax returns, making us the perfect ‘as-needed’ addition to your business:

Numerous devoted bookkeepers have indeed made a practice of understanding a downscaled version of accounting information and assessment parameters required for the successful preparation and filing of tax returns of small to mid-sized businesses.

Chartered Accountants have many years of professional schooling, industry experience, and accreditation, making them best suited for large businesses’ financial and tax management. 

Contact Soares Bookkeeping for affordable and expert tax returns.

 

Bookkeepers, accountants, and tax returns:

Bookkeepers take care of all the daily transactions of a business, even often employed by Accounting Businesses for their bookkeeping expertise and experience. As your bookkeeper, they are already deeply familiar with the daily ledger, invoicing, and payroll information required for your tax return.

Bookkeepers prepare financial statements such as profit and loss statements, cash flow statements, balance sheets and monthly, quarterly, and annual reports. 

Harmonized Sales Tax (HST) submissions, and Canada Revenue Agency (CRA) tax filing also falls under the responsibility of a bookkeeper.

 

Daily documentation, and tax planning and preparation: 

A business data entry and documentation system that reflects daily transactions is exactly what works best for tax preparation. Proper data entry helps with:

  • Compliance with tax laws while using your tax filing position.
  • Income and expenses as they relate to Capital gains, inventory adjustments, special incentives.
  • Possible tax consequences that expenditure allocations may create.
  • Sorting out any differences between the tax department and your original filing position.
  • Business owner fund withdrawals.
  • Billing procedures.
  • Setting up liabilities at the year-end.
  • Expenses for tax deductions or capital items.

With over 10 years of tax planning expertise, Soares Bookkeeping is personable and efficient.

 

As a business owner, you should have a general understanding of what I, your bookkeeper, am doing for your business. 

Soares Bookkeeping explains every aspect of what a bookkeeper does for your business. It is good to have some sort of contract written between us that outlines the specific services I am involved in and those aspects of your business that you wish to retain control of. 

Quarterly bookkeeping provides GST/HST reporting information and makes year-ends for accountants easier.

 

Your queries regarding financial advice and planning should always be directed to the persons with a professional accreditation of Accountant or Chartered Status: Chartered Accountants are members of a professional body with uncompromising ethics and a professional code of conduct. They have the training to confidently assist any sized business with business mergers and acquisitions, financial management, and annual reports. Some chartered accountants are specially trained in forensic accounting in legal cases of commercial fraud.

 

 

Soares Bookkeeping provides bookkeeping and tax-return services for self-employed businesses, small businesses, partnerships, small business corporations, and individuals.

  • Tax planning

  • T1 General Income Tax Returns

  • GST/HST filing

  • Financial Statements

 

Soares Bookkeeping is certified in:

  •  QuickBooks Pro 

  • Sage Accounting

 

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