Income tax is paid by everyone who is earning more than a certain sum of money, be it salary from job or profit from business.
There is minimum limit that is set by the government and if one is earning less than that there is no need for them to pay the tax as he/she is exempted from paying income tax.
Calculating right income tax is a complicated task as there are a lot of financial terms and conditions that should be kept in consideration, otherwise an individual will end up paying more or less than the exact amount.
In a normal case scenario, individuals have very limited experience in computing income tax, here income tax lawyers toronto come into scenario.
These income tax lawyers are the one who are educated and trained as far as computing income tax is concerned.
It is their everyday job and the lawyers have all the knowledge and insights. These lawyers help you with your tax planning of the current financial year and the future ones too.
They calculate the correct tax amount which is to be paid saving you from all the hassles of tax computation and even saving you from tax evasion which is an offensive in law.
Also, in cases where someone has paid more than the calculated tax these lawyers can help the people get that extra amount back.
The best tax lawyers in Toronto can help their client to save more money and get benefits from tax exemptions as these lawyers are aware of all the schemes and plans laid forward by the government.
For example, there are some special rebates for senior citizens and females. Also, there are some additional taxes for self –employed individuals.
These lawyers have the overall knowledge regarding income tax & they can handle all the intricacies of income tax law, hence hiring a good tax lawyer can help you, both in saving money & effort.