Currently set to Index
Currently set to Follow

Five Tips to Stay Ahead of Tax Season

Six key things when planning for retirement in Canada
November 4, 2022
Doordash Taxes Canada
November 4, 2022

As an accounting professional, you will undoubtedly be experiencing difficult work weeks and long hours as tax season is in full force. Even the most devoted specialists may find the rapid pace and long hours difficult. How can you avoid burning out during the hectic season while still maintaining a high level of productivity and providing exceptional customer service? A healthy habit should stay top of mind as long as deadlines and demanding workloads do. Use this advice, whether you’re a seasoned expert or starting your first tax season, to stay active and productive.

You probably have other things on your mind besides paying your taxes. The spring deadline, though, will arrive before you realize it. You don’t want to be in a situation where you have to file your tax return quickly because you waited until the last minute. When you put off doing anything, you run the risk of forgetting to account for a crucial financial document or of not saving money because you didn’t take a certain deduction.

Five tips to stay ahead of tax season are: 

  1. Review the pricing and clients you have.
  2. Commence distributing engagement letters.
  3. Commence distributing engagement letters.
  4. Be prepared for a tax surprise.
  5. Watch out for tax deadlines and penalties.

Review the pricing and clients you have

You should create your client list right away so that you can. Examine every customer to decide whom you want to keep working with and whom you want to part ways with.

Make a strategy to handle current clients more effectively and to deal with each client’s peculiarities in a good way.

The time to examine your pricing is now. The service sector was affected by inflation, which resulted in an 8.1% increase in service prices for the three months ending in July. Even if there was a little slowdown at this time, you might need to change your prices to reflect the inflation.

When examining and modifying prices, inflation is not the only factor to take into account. Be sure to also take other aspects into account, such as the value you offer and your level of demand.

Commence distributing engagement letters

You should make an effort to send out your engagement letters in advance and complete any outstanding client tasks. Review each letter carefully to make sure that:

Any service modifications are noted in the letter, along with any price hikes.

Scope satisfies the client’s objectives

You’ll be able to predict who plans to become a client, stay a client, or decide not to return by sending out these letters in advance. Additionally, you’re giving clients enough time to respond, and you can start training your team to tackle the burden that lies ahead.

Hire an expert to assist you.

Because taxes are individual, every person’s circumstances will be unique. Even though talking to a friend or relative might be helpful, seeking counsel from a trained tax expert can offer direction regardless of your circumstances and assure you that you’re getting the greatest refund.

Your taxes will never remain steady if there is one thing in life that is definite. To assist you in determining how tax changes may affect your return, you should always contact the appropriate expert. 

Be prepared for a tax surprise.

There are both pleasant and negative shocks, and a suddenly high tax bill is probably one of the latter. To better understand how it can affect your taxes, be conscious of events in your life that were unusual compared to previous years. It’s wise to be in the practice of saving for unforeseen events, such as the possibility that you may end up owing money after paying your taxes.

Watch out for tax deadlines and penalties

The entire tax landscape of due dates and penalties has changed as a result of the pandemic. You should keep such deadlines in mind and remind your clients to complete them. Keep a tax calendar to make sure your clients are aware of the deadlines for filing their taxes.

Important points to remember 

Even the most committed professionals could struggle with the intense pace and long hours. As deadlines and tough workloads come and go, a good habit should remain at the forefront. By distributing these letters in advance, you’ll be able to anticipate who plans to become a client, remain a client, or decide not to return. To help you determine how potential tax changes could influence your return, the appropriate expert will come in handy. Be ready for unforeseen circumstances that may have an impact on your taxes.

You’ll be submitting your taxes like a pro in no time with the help of this advice.

Your superpower will be remaining organized, as I indicated at the outset. Keep track of your tax records throughout the year, and at the end of the year, you’ll have all you need for the upcoming tax season to go smoothly.

Salman Rundhawa
Salman Rundhawa
Salman Rundhawa is the founder of Filing Taxes. Salman provides valuable tax planning, accounting, and income tax preparation services in Toronto, Mississauga, Oakville, and Hamilton.

Leave a Reply

Your email address will not be published. Required fields are marked *

416-479-8532