Tax law is definitely not for everyone. And there’s nothing wrong with that. After all, it can be very complex.
Wish there were some tips and tricks to save on taxes?
Well, Islamullah Khokhar has you covered. Islam is the CEO of Abbotsford Income Tax Corp, a 2021 ThreeBestRated® award-winning tax service based in Abbotsford, BC.
Islamic Tips For Small Businesses To Lower Their Taxes:
- Correctly understand your eligible expenses.
- Always keep good financial records of your income and expenses as you should view each receipt as either a cash saving or your money back depending on your business circumstances and structure.
- Keep your records clear and organized all year round. A last minute attempt to collect receipts often results in losses.
- Don’t hesitate to file your taxes. The sooner the better, as an arbitrary assessment can be fatal to a company and lead to unnecessary investigation.
- Always seek advice before making a big purchase, as depreciation is very different from flat-rate capital costs, which depreciate overtime more slowly.
- Getting your business involved isn’t always the best way to run a business when you’re starting out. Accountants only need to collect more registration fees when you get involved.
About Islamullah Khokhar – Abbotsford Income Tax Corp:
Islam’s love for bookkeeping goes back to his school days. As a high school student, he took accounting as one of his courses and loved it.
“I have been an in-house accountant for a Surrey, BC-based company since 2008, graduating from UBC through Edx and training in personal and corporate tax filing from the Canadian Tax Academy,” says Islam.
He then passed the rating agency’s aptitude test to obtain credentials to represent corporate and private tax clients. In 2016 and 2017, he trained with another senior accountant, Imran Ahmad of Global Tax Corporation. Imran recognized the potential of Islam and encouraged him to start his own company.
In 2017, Islam founded Abbotsford Income Tax and took over his previous employer as a client. “I started Abbotsford Income Tax as a small and humble company and today Abbotsford Income Tax has thousands of clients from different parts of Canada, the US and overseas,” he says proudly.
Islam takes great pride in its credibility and reputation in the local tax industry. “I take great pride in knowing that my business is not just about making money, it’s about helping people. There are a lot of things customers don’t know and I enjoy teaching them. Sometimes people walk through my doors feeling like they owe thousands of dollars in taxes. After spending time with my clients, going through their finances, and looking through legitimate credits and deductions available to clients, I see big smiles, sighs of relief and burdens lifted from their shoulders. And that makes me very happy, ”he says happily.
In addition to helping hundreds of people, Abbotsford Income Tax Corp has been consistently listed as one of the top rated tax services by ThreeBestRated® since 2019. And Islam and its team couldn’t be happier.
“I think it’s a real honor to be listed by ThreeBestRated®. The ThreeBestRated® is an important service for businesses and individuals looking for service, ”he states.
Islam has some exciting plans for 2021. “We plan to develop a relationship with community advocates in Abbotsford, Chilliwack, Mission, Hope and Merrit to address the problem of filing taxes for vulnerable populations without giving them too much is calculated, ”he says.
“Too often I see vulnerable customers walking through my doors and finding that our fees are a fraction of what they previously paid other companies for their tax returns. Our company aims to provide training and support these community stakeholders in addressing these challenges, ”he adds.
To learn more about Abbotsford Income Tax Corp and its services, visit abbotsfordincometax.ca.
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