LATE TAX FILING
Are you a person who has yet to file their taxes? Whether you are behind by a year, or by ten years, Tax Mechanic specializes in creating solutions for every case scenario. Our team of specialists are able to prepare taxes and e-file* on your behalf. In most cases, we are able to reduce, if not wave the penalty completely. In addition, we may also be able to reduce the interest payments on your account. If it is applicable to your case, our team would also help you file for the voluntary disclosures program, where you would be able to get a second chance to correct a tax return. *only if you haven’t filed within the last five years.
If you notice that the CRA is charging you more money than they should be, Tax Mechanic could help you reduce your taxes. Or, if you cannot afford to pay your taxes when they are due, Tax Mechanic may be able to negotiate a reduction with the CRA and create a payment plan for you. After granting us access to your CRA account, we would help you fill out form ON428. No matter your financial situation, there is a resolution for you. Resolutions include Offer in Compromise, Installment Agreements, Currently Non-Collectible Status, and Penalty Abatement.
TAX PAYMENT PLAN
If you are in a situation where you cannot afford paying your taxes in a lump sum in April, the Tax Payment Plan is an option for you. This option allows a taxpayer to break up their large tax payment into smaller payments, with interest added on. To help determine how much your payments would be, the CRA would need to know information about your finances, such as proof of income, expenses, assets, and liabilities. This information will allow the government to determine how much the taxpayer can afford to pay on a monthly basis.
Have you been audited by the CRA? If this is the case, an auditor will be requesting information from you, such as ledgers, bank accounts, and expense accounts. However, auditors will not always explain why they are requesting certain pieces of information, and they do not always explain what they will do with that information. As a result, this process can become more stressful than it needs to be for the taxpayer. Our team understands the audit process and all of the tricky components and can help you through the process.
Often times, taxpayers feel like they were wrongly assessed on their tax return. In this case, the taxpayer is recommended to file an appeal. Once an appeal is filed, the taxpayer is required to go to tax court – which happens to a place we frequent. Our team can help build your case and determine how much money you should actually be paying. The CRA is entitled to take legal action to collect the balance owed, and our team is entitled to help you keep all of your assets.
Tax planning is a process where we analyze a taxpayer’s financial situation to ensure maximum tax efficiency. This process includes timing of income, timing of purchases, and size. This process is done to ensure that deductions, credits, concessions, rebates, and exemptions are done properly. If so, then the taxpayer will be able to reduce their tax payments.
Tax relief is granting someone no interest or penalties on their tax payment, but it is only granted for certain circumstances that are beyond control. Circumstances include serious illness or accident, mental or emotional distress, manmade or a natural disaster. Applying for taxpayer relief could then waive penalties and interest, extend the filing due date, or refund taxes paid. The team at Tax Mechanic know that these situations can be stressful, and taxes can make it even worse. We are skilled in this area and understand the ways to make it easier for you.
Once all of your tax troubles are resolved, we provide support in the following years to ensure that you do not end up with the same issues as before. Our team will represent you in the event of auditing, and we will ensure that there are no more problems that could potentially present themselves once the next tax season approaches.
Tax Mechanic is available for consulting, on whatever basis you need. Whether it is a daily call, or a monthly zoom call, our team is available for consultations in many areas. We are able to review your tax situation, help you plan your taxes to make the most of your money, or answer general business questions that you may have. We are also able to answer any digital marketing questions.
With the world rapidly evolving, it can be hard and frustrating to stay up with current trends online. Luckily, we have a talented team that can help you with just that. From brand recognition, to Facebook advertising, our team is here to help you reach your marketing goals. We are available to help grow your digital footprint by laying out a strategy, creating content for you, and implementing the strategy.