Recommended Tax Accountants in Toronto, ON

What Does a Tax Accountant Do?

A tax accountant is responsible for helping individuals and businesses file income taxes. A tax accountant will calculate a client’s entire earnings for the year, determine which forms need to be filed with the state government and the Internal Revenue Service (IRS), and can help to minimize the client’s tax burden through the strategic use of deductions. Tax accountants only require a bachelor’s degree in order to find employment, but many go on to earn a master’s degree. A tax accountant can own his or her own accounting business, or work for an accounting firm handling many different clients at the same time.

What Should You Look for in Customer Reviews of a Tax Accountant?

If you’re in search of a tax accountant in Toronto, ON to help you with your income taxes, whether that’s personal income or the income from a business, you’ll need to compare customer reviews. Look for key factors including accuracy, the ability to save their clients money through strategic or overlooked deductions. Look for past clients who state they’ve never been audited, which points to accuracy on the part of the tax accountant, as well as reviews that indicate the accountant is easy to work with, which reduces the burden placed on you.

What Questions Should You Ask before Working with a Tax Accountant in Toronto, ON?

What credentials and qualifications do you have that allow you to perform the necessary job functions of a tax accountant?

The tax accountant should have at least a bachelor’s degree in accounting, as well as their certified public accountant (CPA) credentials from the state board. If the tax accountant has a master’s degree in accounting or a related field, they will most likely specialize in either auditing or tax preparation. Other credentials that are good to have (but not strictly necessary), include that of the personal financial specialist (FPS). Note that accredited tax preparers (ATPs), and accredited tax advisors (ATAs) are not the same as tax accountants and are not certified public accountants.

How many years of experience do you have as a tax accountant?

While there’s nothing inherently wrong with choosing a newly minted tax accountant, a veteran often has experience that can help you save more money each year on your taxes, and will have more experience handling a wider range of cases. This experience can help to streamline the tax reporting and accounting processes and avoid potential pitfalls.

How much experience do you have handling tax returns like mine?

While some returns are relatively simple, many are quite complicated, particularly when it comes to investment strategies, business tax returns, and the like. If you’re an individual, look for a tax accountant with in-depth experience handling personal returns. If you’re a business owner, you’ll want a tax accountant with years of experience handling business tax returns.

Do you understand the requirements of all the states in which I must file?

If you have to file in more than one state, whether that’s because you’ve moved, or because your business operates in several states, make sure your tax accountant is intimately familiar with all regulations in those states.

Can you represent me if I’m audited by the IRS?

If you expect to be audited, then you’ll need expert representation. A tax accountant should be able to represent you in this situation.

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