Starting a company means you will have to deal with a lot of work and responsibilities. From business planning to file taxes, you will have to do everything in order to keep your company running smoothly. Taxation is a complicated process and you need to understand the importance of filing tax on behalf of your company. If you feel occupied with all other tasks relevant to your company, then you can always hire a trusted advisor who offers tax services and support for small business owners like you.
What Types of Services a Tax Advisor Does Offer?
When you hire an accounting firm to seek help from a tax advisor, you can expect to find help in addressing your company’s financial problems, tax preparations, bookkeeping, trust and estate work, and advisory services. Most of the time, company owners pay a lot of taxes without knowing the fact that they can actually eliminate and reduce some taxes with appropriate tax planning. This is when you will need a trusted advisor who has experience in the field of finance and taxation.
Understanding Trust and Estate Taxation:
Estate taxes are different from a property tax or a business tax. This tax is paid when the estate owner passes away. The Estate tax also includes Federal tax, which is 45-55 percent and it must be paid in cash within the first nine months after the owner’s death. This tax can be avoided and reduced if you plan well in advance.
Using a Trusted Advisor for the Estate Taxation Help:
Because a reputed and experienced financial and tax advisor has experience in this field, he or she can assist you in finding ways to avoid this huge tax. If you are married, you can use the estate tax exemptions. Because this tax is determined based on your estate value, the assets in your estate and taking all your other investments and personal property into account, removing assets from your estate before you die will help reduce the tax significantly. Life insurance can also help in reducing assets and to pay the remaining estate tax after the exemption
Let Focus LLP Help you With Your Trust & Estate Taxation
Focus LLP is a Chartered Professional Accounting Firm located in Calgary, Alberta. Our aim is to provide guidance and services which are uniquely tailored for your financial and tax requirements.
For any inquiries you can contact us at info@focusllp.ca
Phone: (403) 509-3290 Website: www.minorandassociates.ca