Personal Tax & Sole Proprietorship

Individuals and families that have gained a substantial level of financial success have complex financial needs and often need expert advice and planning. Preserving your wealth is the primary concern and effective tax planning, and advising has a significant role to play in this process.

A tax consultant will advise you on the best practices so that you can maximize your tax refunds. Tax consultants are qualified in law and accounting methods so that they can assist you in handling your taxes and cash flow. Filing your taxes can be a time and energy-consuming endeavor. Therefore, it is better to hire the services of professional tax consultants.

Importance of having a personal tax consultant 

Tax consultants are people who can guide you to tax filers. A good tax consultant understands tax laws and can advise strategies that minimize obligations while also reducing the chance of an audit that could lead to a conflict with the IRS or with a state tax agency. In addition, tax consultants can prepare tax returns and other documents on behalf of their clients.

How can HAP CPA Inc. help you with Personal Tax Consulting?

If you are running a private company or are a high net worth (HNW) individual and want to save your wealth and the value of your estate, you will need a plan and require a financial expert who will look beyond the present and into the future. At HAP, we will analyze the ’what-if’ scenarios and incorporate changes in tax legislation and personal status. The knowledge gained in preparing these tax returns will enable you to proactively identify opportunities to manage your personal and family tax burdens better. Our advisors have the expertise of working with a range of high net worth individuals, as well as the ability to help those taxpayers whose affairs may still be relatively simplistic yet demand accuracy in tax affairs being planned and maintained correctly. 

Sole Proprietorship

Sole trader-ship (proprietorship) is the kind of business organization whose proprietor is just one person, often called as the sole trader. This person invests capital in the company and is solely liable for all the profits and losses of the business.  A sole proprietor company is the most accessible business type to begin and operate. You don’t need to formally register your firm with your state, unlike corporations or LLCs. 

Benefits of Sole Proprietorship 

The following are the merits (or importance) of the sole proprietorship system:

Free Selection of Business
The sole proprietor is open to select his own business. He can choose any business, except those businesses which are restricted by the government.

The sole trader has to manage the capital from his resources. Thus, he will try his best to make the best utilization of it, as any loss or mistake in the firm will be a loss to him, and he will have to bear all the expenses. Thus, this system is economical. 

Easy Start
Sole proprietor business can be quickly established because it doesn’t need any legal formalities. Therefore, it can be started easily.

Tax Saving
The sole dealer does not come under the plans of ’Double or Multiple Point Tax System,’ like in the case of a joint-stock company. This ensures the saving of tax in a sole proprietorship.

Smart Decisions
A sole trader is the whole-sole authority of his company. Any business-related decision can be taken immediately by him because he doesn’t need to rely on any other person on any issue.

Full Control
Since the sole trader is the whole sole owner of his business, he has full control over his company and all the parts of production work as per his instruction.

How can HAP CPA Inc. help you with Sole Proprietorship?

A sole proprietorship is the purest business form, usually referred to as independent contractors, consultants, or freelancers is a single-owner in which one can manage a business alone. The sole proprietorship is not a part of a legal entity. It merely refers to a person who owns the company and is personally responsible for its debts.

However, while this may sound simple, there’s a lot more to it than meets the eye. Our experts will help you understand it better. Our excellent service standards, coupled with a comprehensive understanding acquired about your business before planning strategies, will aid us in helping you with the most suitable plan of your desire.

We provide Personal Tax Planning Services to clients across Richmond, Vancouver, West Vancouver, Burnaby, New Westminster, Surrey, Delta, White Rock, Langley, Coquitlam, Port Coquitlam and the surrounding areas.

Contact HAP CPA Inc. - Accountant in Richmond, BC