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Tax law is definitely not everyone’s cup of tea. And there is nothing wrong with that. It can be really complex, after all.
Wish there were some tips and tricks to save money on taxes?
Well, Islamullah Khokhar got you covered. Islam is the CEO of Abbotsford Income Tax Corp, a 2021 ThreeBestRated® award-winning Tax service in Abbotsford, BC.
Tips from Islam for small businesses to reduce their taxes:
- Understand your eligible expenses properly.
- Always maintain good financial records in regard to your income and expenses as you should see each receipt as either cash savings or as money back, depending on business circumstances and structure.
- Keep your records straight and organized throughout the year. A last-minute scramble to gather receipts often leads to losses.
- Do not delay filing your taxes. The sooner, the better, as an arbitrary assessment can be deadly to a business and bring unnecessary scrutiny.
- Always get advice prior to making a large purchase as write-offs are much different from capital cost allowances which depreciate overtime at a slower rate.
- Incorporating your business is not always the best way to run a business when starting off. Accountants just get to charge more filing fees if you incorporate.
About Islamullah Khokhar – Abbotsford Income Tax Corp:
Islam’s love for accounting dates to his high school days. As a high school student, he took accounting as one of his courses and was gravitated towards it.
“Since 2008, I had been an internal accountant for a company based in Surrey BC at the time and completed a certificate with UBC via Edx and complete training in personal and corporate tax filing with the Canadian Tax Academy,” Islam says.
He then passed the CRA suitability screening to receive credentials to represent corporate and personal tax clients. In 2016 and 2017, he trained under another senior accountant, Imran Ahmad from Global Tax Corporation. Seeing the potential Islam had, Imran encouraged him to start his own firm.
In 2017, Islam founded Abbotsford Income Tax taking his former employer on as client. “I founded Abbotsford Income Tax as a small and modest business, and today Abbotsford Income Tax has thousands of clients from various parts of Canada, the US and abroad,” he says proudly.
Islam is extremely proud of his credibility and reputation in the local tax industry. “I take great pride in knowing that my business is just not about making money, but rather helping people. There are many things that clients are not aware of, and I enjoy educating 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 financials, and combing through legitimate credits and deductions that are available to clients, I see big smiles, sighs of relief, and burdens being lifted from their shoulders. And that is what makes me extremely happy,” he says happily.
In addition to helping hundreds of people, Abbotsford Income Tax Corp has also been consistently listed as one of the top-rated Tax services by ThreeBestRated® since 2019. And Islam and his team couldn’t be any happier.
“I feel that it is a true honour to be listed by the ThreeBestRated®. The ThreeBestRated® is providing a vital service to both businesses and individuals looking for services,” he notes.
Islam has some exciting plans for 2021. “We plan to build a relationship with community stakeholders in Abbotsford, Chilliwack, Mission, Hope, and Merrit to address the issue of filing the vulnerable populations’ taxes without them being charged too much,” he says.
“I see too often that vulnerable clients walk through my doors and discover that our fees are a fraction of what they had previously paid to other businesses for their tax filing. Our company would like to provide training and assist these community stakeholders to overcome these challenges,” he further adds.
To learn more about Abbotsford Income Tax Corp and their services, visit their website, abbotsfordincometax.ca.
About ThreeBestRated
Three Best Rated® was created in 2014 with the simple goal of finding the top 3 local businesses, professionals, restaurants, health care providers, and everything in-between, in any city. Every business is meticulously handpicked by our employees. We check business’s reputation, history, complaints, ratings, proximity, satisfaction, trust, cost, general excellence, reviews, and more, using our 50-Point Inspection. We only display businesses that are verified by our employees. Other places will call this “hard work” and “unnecessary”. We call it “due diligence” and “the right thing to do”. Our website is updated on a regular basis for quality and the latest business information.
Three Best Rated has the honor of helping 4.5 million customers every month find the best businesses in any city – without any effort!
