File your Self-Employed Taxes with ease
Filing self-employed taxes can be complex and time-consuming, but it doesn’t have to be. Our team of experienced tax professionals is here to help you get the job done right, so you can focus on your business and maximize your tax return.
Your self-employed taxes filed by experts
Get informed of what you are paying in taxes, every time.
We understand the unique challenges of self-employment and can help you maximize your deductions and minimize your tax liability. We will work closely with you to gather all the necessary information and guide you through the tax filing process.
Contact Tangent Consulting today and let our team of experts take care of your self-employed/sole proprietor taxes. We can help you stay informed about your tax obligations, reduce your tax burden, and enjoy the peace of mind that comes with knowing your taxes are in good hands.
Benefits of hiring Tangent Consulting Services
- One Stop Shop for all Financial Needs
- Expert Guidance for Business Growth
- Informed Financial Decision Making
- Human Support, a Call Away
- Industry-Backed Solutions
- Increased Business Value
- Reduced Financial Load
- Solution-Oriented Team
- Avoiding Tax Penalities
- Minimizing Tax Liability
- Save Time and Energy
Get a Comprehensive BookKeeping Service
What is self-employed tax filing?
Self-employed tax filing is the process of reporting your income and expenses to the Canada Revenue Agency (CRA) if you are self-employed or a sole proprietor. This means that you are responsible for calculating and paying your own income tax, Canada Pension Plan (CPP) contributions, and Employment Insurance (EI) premiums.
Self-employed tax filing can be complex, but it is important to do it correctly to avoid penalties and interest charges from the CRA. Here is a brief overview of the steps involved in self-employed tax filing:
- Gather your income and expense records.
- Calculate your net income.
- Calculate your income tax.
- Calculate your CPP contributions.
- Calculate your EI premiums.
- File your tax return.
If you are unsure about how to file your self-employed tax return, consult with a qualified tax professional team like Tangent Consulting. They can help you ensure that your return is filed correctly and that you are taking advantage of all of the deductions and credits that you are eligible for.
What are the Steps of Self-Employed Tax Filing?
Self-employed tax filing in Ontario, Canada can be a complex and daunting process, especially if you are not familiar with the Canadian tax system. There are a number of steps involved, and even a small mistake can lead to penalties and interest charges from the Canada Revenue Agency (CRA).
That’s why it’s important to work with a qualified tax professional who can help you file your taxes correctly and on time. A tax professional can also help you to maximize your deductions and minimize your tax liability.
Here is a general overview of the steps involved in self-employed tax filing in Canada:
- Gather your income and expense records.
- Calculate your net income.
- Calculate your income tax.
- Calculate your CPP contributions.
- Calculate your EI premiums.
- File your tax return.
While this may seem like a straightforward process, there are a number of nuances and complexities involved in self-employed tax filing. For example, there are a number of different types of income and expenses that can be claimed, and a number of tax credits and deductions that may be available to self-employed Canadians. This is why it is so important to work with a qualified tax professional. A tax professional can help you to understand the Canadian tax system and can ensure that your taxes are filed correctly and on time.
Contact Tangent Consulting today to learn more about how we can help you with your self-employed tax filing.
Common Documents that Record Your Self-Employed Income
- Invoices and Receipts to document your business income and expenses
- Bank Statements to Provide a record of income received and expenses paid
- Vehicle Log, that is a detailed log of business-related trips for vehicle expense claims
- Home Office Expenses: Records of rent, mortgage interest, property taxes, utilities, and home insurance
- Inventory Records: Records of inventory purchases and sales for businesses selling goods
- CPP Contribution Statements: Verification of both the employer and employee portions of CPP contributions
Your Taxes Done Right By Experts CPAs
At Tangent Consulting, we focus on more than just filing your self-employed tax return. We’re committed to helping you achieve your financial goals, and that starts with helping you to understand your tax situation. We’ll take the time to explain everything to you and answer any questions you have. You will be able to review your tax returns with us before filing it to make sure that everything is accurate and complete.
We are invested to help you succeed in your business and therefore, we’ll guide you through every form, every line, and every deduction, ensuring that you have a clear understanding of your tax situation and file returns such that it helps you move closer to your business goals.
You’ll stay informed with Tangent Consulting. To help you succeed in your business, we provide more than just tax filing for self-employed people in Canada. Once you onbaord with us, your dedicated agent will make sure you have a go-to financial consultant, no extra charges! We are rooting for you!
Deductions in Your Tax Returns
Business Structure and Operations
- Your tax implications depend on whether you are a sole proprietorship, partnership, corporation, or LLC
- Hiring family members can reduce the family tax burden
- Keeping good records will ensure you don’t on miss any deductions
Deductions and Expenses
- Claiming Business Expenses
- Home Office Deductions (if a portion of your house is used for business)
- Vehicle Expenses (if you use your vehicle for business)
- Capital Cost Allowance (CCA)
- Other Methods include office expenses, travel expenses, marketing and advertising costs, interest and bank charges etc.
Tax Credits and Contributions
- Leveraging Tax Credits
- Contributing to the Canada Pension Plan (CPP)
- Investing in a Registered Retirement Savings Plan (RRSP)
- Using the Small Business Deduction
- Claiming the GST/HST Tax Credit
Schedule a one-on-one meeting to
- Develop a tax plan that gets you closer to your financial goals
- Get all the deductions & credits you are applicable for
- Navigate through taxes with confidence & ease
Why a One-Stop Accountant?
One-stop accountants like Tangent Consulting offer a wide range of tax services, from tax preparation and filing to tax planning and consulting. This means that you can get all of your tax needs taken care of in one place, without having to worry about juggling between multiple different professionals.
Your one-stop accountant will be skilled and experienced to provide you with:
- Personalized service: One-stop accountants in Ontario, like Tangent Consulting, offer a more personalized level of service than larger accounting firms. They will take the time to understand your individual needs and circumstances, and they will work with you to develop a tax plan that meets your goals.
- Affordability: In many cases, the money you save on taxes by using a one-stop accountant to prepare and file your self-employed taxes will far outweigh the cost of their services.
- Convenience: One-stop shop accountants can handle all of your tax needs, from start to finish. This can save you a lot of time and hassle, especially during the busy tax season.
- Expertise: One-stop accountants have the knowledge and experience to help you through the nitty gritty of self employed taxation rules with minimal hassle. They can make sure that you’re claiming all of the deductions and credits that you’re eligible for, and that your return is filed accurately and on time.
- Flexibility: Often more flexible due to the nature of their offered services, one-stop accounting providers can schedule appointments and meet deadlines according to your needs. This can be especially important if you are a busy professional or an entrepreneur/freelancer.
- Peace of mind: Knowing that your taxes are in the hands of a qualified professional can give you peace of mind. You can relax and focus on other things, while your accountant takes care of all the details.
Why Choose us as your One-Stop Accountants?
Our (awesome) tax team specializes in providing practical and insightful recommendations to minimize your tax burden and help you keep more of your hard-earned money. We believe in establishing proactive partnerships with our clients. This way, we can come up with effective strategies for planning your taxes every year. We’re no strangers to dealing with the stress and financial strain that comes with high-value taxation disputes, having resolved so many of them over years of practice. We’ve got your back!
Our in-house self-employed tax experts actually look forward to diving into new sophisticated (some people call it complex) processes involved in maximizing your income. We’ll handle everything from dealing with document requests from the Canada Revenue Agency (CRA) to full-on tax audits of varying magnitude.
You will feel at ease and confident once your finances are in the good and capable hands of the Tangent Consulting team. Whether you’re a high net worth individual or an ambitious entrepreneur, get in touch with us today and let us help you with your self-employed tax filings.
No financial issues left unattended.
That’s our promise to you. We are a one-stop shop for all your tax and accounting needs. To go above and beyond, we always provide value-added services that will exceed your expectations.
So, if you’re on the lookout for an accountant in Ontario that can give your situation dedicated time and attention, that’s what we do! Fill the form below to have us call you!