Time is precious for a business owner. For some, the production of tax documents according to the stringent requirements of various levels of government consumes innumerable hours and a great deal of energy. That's why many business owners are turning to corporate tax specialists for this purpose.
If you are thinking about it yourself, you are almost certainly wondering what the services of a tax specialist might cost. Here are some points to consider which can influence this amount.
What is the actual role of a corporate tax specialist?
First, it is important to know the exact role a tax professional plays in a company.
The legal aspect and taxation are the areas of expertise of tax specialists. They are therefore excellent advisers for settling disputes between your company and the tax authorities. These specialists also provide the assurance that you will respect the existing taxation standards in the province of Quebec and Canada with great accuracy.
Finally, tax experts can also do tax optimization. This strategy can help a company reduce taxes or pay less taxes.
The quality of the tax reporting provided
An important factor that can change the price a tax specialist can charge is the quality of the financial reporting that will be provided.
If the tax specialist has to spend many hours researching certain accounting data, it is inevitable that the final bill for producing a company's tax returns will be higher.
The time period available to the tax specialist
Tax specialists, for the most part, appreciate doing business with entrepreneurs who are punctual and responsive to their requests. In this sense, if your returns must be filed within a very short period of time, the tax specialist may have to work outside regular hours, which will affect the fees.
The size of the amounts at stake influences the price
The size of the amounts involved and the tax savings to be achieved is crucial when it comes to estimating the costs that will be incurred. Indeed, the hourly rate of the most experienced lawyers in the field of taxation can reach $500.
It takes a great deal of money to handle the day-to-day operations of an SME. However, if you have millions of dollars, it may be worth spending more to save on taxes.
Save money with a software solution
As you can see, tax specialists have extensive knowledge and unique skills that can justify high fees.
However, T2 Inc. has successfully created a software solution that has allowed it to automate certain stages of corporate tax preparation. This innovation therefore decreases the cost of filing returns, which is reflects favorably on the bill passed on to the client.
As a company that specializes in the production of corporate income tax returns, T2 Inc., through its qualified team, will be able to answer all your questions regarding taxation and rates. Contact them today for more information and find the best solution for your business.
Frédéric Roy-Gobeil
CPA, M. TAX
As President of T2inc.ca and an entrepreneur at heart, I have founded many start-ups such as delve Labs and T2inc.ca. A former tax specialist at Ernst & Young, I am also a member of the Ordre des comptables professionnels agréés CPA and have a master's degree in taxation from the Université de Sherbrooke. With a passion for the world of entrepreneurship and the growth mindset, I have authored numerous articles and videos on the industry and the business world, as well as on accounting, taxation, financial statements and financial independence.
