Income Tax Preparation

Preparing your income tax return can be a daunting task that can leave you with more questions than answers. Our return preparation process is designed to ensure accuracy with every step. We give personalized service on a one-on-one basis to individuals and owner operators of businesses with a view of minimizing your taxes.

tax accounting

Corporate Taxes

Today’s business world requires enterprising accountants with initiative that can help you with the burden of filing corporate taxes and financial planning options for your company whether for one small business, corporation, or a group of companies. Part of what we do is an educational process for our clients, where we explain how the corporate return rules work, and assist you in making choices that could reduce your tax liability.

Maximize your deductions and minimize the hassle. Even if you think you can handle your own tax returns, an experienced professional that has extensive years’ worth of experience will know all of the possible deductions you can take on your taxes, which can mean much larger savings for yourself. In addition, we can finish your returns in a small percentage of the time it would take most individuals to sort through all the rules, instructions, and schedules.

We offer personal attention, and customized solutions. Schell and Associates have provided tax help to hundreds of satisfied clients. Because we are a small, privately owned business, you can be assured that you will get the kind of one-on-one personal attention that you cannot get at a larger accounting firm.

Highlights:

  •         Preparation of Corporate tax returns
  •         Guidance through complex rules
  •         Minimizing taxes
  •         Compliance with tax laws
  •         Goods & Services Taxation (GST) and Harmonized Sales (HST)
  •         Setting up accurate record keeping systems
  •         Strategic Planning and Risk Management

Personal Taxes

Schell & Associates take pride in giving all our clients a great deal of “personal attention”. We value our clients and want to contribute to their success. Your issues are important to us and we have the skilled resources to address all your needs.

tax accounting

We work hard to build long lasting relationships with all of our clients. Schell and Associates Team will establish a starting point for your tax basis. We will then expand and utilize this information for effective planning to minimize your taxes. Almost everything you do in life, starting from marriage to buying your first home has tax consequences. We will help you to determine your financial situation and provide solutions.

Highlights:

  •         Preparation of personal tax returns
  •         Sole proprietorships and partnerships
  •         Home-based businesses
  •         Electronic filing
  •         Late filed returns or amended returns
  •         Setting up accurate record keeping systems
  •         Year-round consultations
  •         Guidance through complex rules
  •         Preparation of U.S. personal tax returns
  •         Minimizing taxes
  •         Goods & Services Taxation (GST) and Harmonized Sales (HST)
  •         Estate planning and wealth management strategies
  •         Retirement planning
  •         Business and Rental Property Returns

The tax implications of purchasing additional properties or of renting property can sometimes be confusing. There are two principal taxes that must be considered: capital gains tax and income tax. Income tax is payable on the net income from a rental property.

The way in which property is purchased, and what occurs at the time of purchase, can mean a difference of $1000’s of dollars each year in tax refunds on the same property. It can pay for itself many times over by having an accountant who is experienced in dealing with rental properties.

In order to maximize the return on a rental property it is often necessary to restructure your affairs. We can give advice on the structure that is right for you.

U.S. Tax Returns Preparation

We prepare personal US taxes for resident and nonresident individuals accurately and efficiently.

If you are a US citizen resident in Canada, you are subject to exactly the same US filing requirements as if you still lived there. This means you must file every year, reporting your worldwide income.

As a US citizen resident in Canada, you must file two returns each year, declaring your worldwide income on each: a Canadian return because you live in Canada, and a US return because you are a US citizen.

However, there are several mechanisms available to make sure you are not doubly taxed. We can help find your best options when preparing your US taxes.

Past Year Tax Returns

If you have not filed Canadian income tax returns for a number of years there is no reason to be worried about severe penalties. For various reasons you may not have filed your federal income tax return for this year or previous years because you may not have known that you were required to file.

You also may not have filed because you owe additional tax that you could not afford to pay in full or because you think you might receive a refund and just have not taken the time to complete the return. Regardless of your reason for not filing, you should file your tax return as soon as possible. Call us and we will help you.

Tax Planning

Tax planning is a vital component of your business’ success. It is also vital to the long-term financial planning for your business, you and your family. Your current tax situation can have a big influence on your finances. Tax planning is a process looking at various tax options to determine when, whether, and how to conduct business and personal transactions so that taxes are eliminated or reduced.

As an individual taxpayer, or business owner you can have the option of completing a taxable transaction by more than one method. There are many tax planning strategies available, especially if you are a small business owner. Some deal with your individual tax situation, and some deal with your business. We can help identify ways to save you more money now and in the future with tax strategies you can implement right away.

Our continuing professional development and constant monitoring of current taxation laws ensures that our tax professionals are able to offer you the most effective tax solutions for your unique business or individual needs.

Estate Planning

As your personal circumstances change, your financial plans, both current and future, should be reviewed and updated. Estate planning is an integral part of an overall tax minimization. We work with you to develop succession strategies. Our one-on-one approach allows us to build the strong personal relationship necessary to gain a full understanding of your needs and expectations and ensure that they are met.

We suggest you prepare for the future through careful planning now. It might sound easy, but there’s a lot to know.

Common Questions About Taxation

tax accountant

Can you help Canadian businesses operating in the US?
Yes, we can. Our tax accountants provide services for businesses operating all over the world, and we are very experienced when it comes to businesses that are operating in the U.S. in particular. If you have not yet started to provide services in America, we can prepare an assurance report for you that will help you understand what you can expect when you open yourself up to this new market.

What types of clients do you offer tax accounting/preparation services for?
Our tax accountants can assist both individuals and businesses. We can help you produce compliant personal and business tax statements in Canada, the US or both countries. In both situations, we can help you by providing the information you need to claim the most important tax breaks and deductions.

Do you provide services that aren’t listed among the taxation highlights?
Yes. The highlights that you’ll find in each section of the services above include many of the taxation services we provide, but not all of them. We have the flexibility to produce custom solutions for our clients. If you want to know if we can help you with your needs, please call for a personal consultation.