CLOSE

Leskun & Son Accounting Serving These Communities Langley Office 604-532-0061 Mission Office 604-826-1215 Chilliwack Office 604-392-1551
Tax Services

We offer a range of tax services to both business owners and individuals living throughout Langley, Abbotsford, Mission, and Chilliwack. All of our tax services are tailored to suit the needs of each client in order to provide them with the best advice and services possible.

Bookkeeping

Our cost-effective bookkeeping services will allow you to spend more time focusing on your business and less time stressing out over your business' books. Our team can ensure that you have well-kept financial records for helping you reach true business success.

Learn More
Business Consulting

All of our business consulting services for small businesses in Langley, Mission, Chilliwack, and Abbotsford are designed to help you achieve both personal and business-related success. We will always go the extra mile to ensure that you are receiving the best advice and services for your unique business.

Learn More

The Differences Between Tax Preparation and Tax Planning

News
Tax Services | February 10, 2022

Tax season can be a complex and stressful time for individuals, families, and businesses alike. With so many elements to consider for each tax return, it can be difficult to determine if you are completing your return correctly. That is why many individuals and businesses turn to professional tax services to assist them with their tax returns. As a leading provider of tax services for all types of clients, the team at Leskun & Son Accounting knows how important it is to choose the right tax service. That is why our team has provided some information to help you understand the differences between tax preparation and tax planning and choose the right service for your needs.

Learn about some ways to improve your tax refund.

What is Tax Preparation?

Tax preparation is typically an annual one-time process where your accountant will prepare your tax return for filing by the tax deadline. This process requires various documents including income documentation (T4), investment documents, and retirement plan statements.

Some of the benefits of tax preparation include:

Saving Money

Tax professionals can help you maximize your deductions and tax credits, allowing you to keep more money in your pocket.

Learn some simple tax deductions for small businesses.

Saving Time

Completing your tax return independently can require a lot of time and effort. By choosing a professional to handle your taxes, you can complete this process faster while ensuring the same level of care and accuracy.

Enhanced Attention to Detail

Errors in your tax return can put you at risk for audits and penalties. When a tax professional prepares your taxes, you can be sure that they are utilizing the utmost attention to detail to reduce your chance of filing an erroneous return.

Read our simple tax saving tips for home-based businesses.

What is Tax Planning?

Tax planning is a process that is focused on creating strategies to minimize your tax liability. While tax preparation is a one-time process, tax planning can occur multiple times throughout the year. When you work with a tax planner, they consider current tax laws, new tax laws, and your current situation to minimize tax liabilities while staying within the current tax regulations.

Some of the benefits of tax planning include:

Reduced Tax Liability

Using a tax planning service ensures that you are taking advantage of the right tax credits, using tax-loss harvesting techniques in your investments, and managing your wealth accordingly.

Find out how we can improve your tax refund.

More Estate Planning Flexibility

In most cases, leaving money for your heirs in your will can complicate their tax situation in the future. Tax planning can help you reduce the tax liability of your heirs, allowing for more flexibility in estate planning and distribution.

Better Understanding of Your Investment Returns

Capital gains, expenses, and even inflation can ruin your investments, leaving you with less than anticipated. Tax planning helps you understand why these losses or gains occur, allowing you to make more informed investing decisions.

To learn more about tax planning, tax preparation, or our other tax services, get in touch with the team at Leskun & Son Accounting. We can be reached through our online contact form and will be happy to answer any questions you may have regarding our services.


Get started by completing our simple form to setup an appointment.

Please fill in all required fields as indicated with a red dot.