Corporations often have very unique tax needs. At Calgary Accounting, one of our goals is to try to help our clients figure out the best possible tax solutions for their financial needs. In some cases, this may involve tax filing positions and tax referrals. If you qualify for these unique tax advantages, we are happy to work with you and your team to determine if these options are right for you.
What Are Tax Filing Positions?
Tax positions and referrals are unique positions that your business can take to reduce income tax or determine tax exemption. The decision to take a tax position depends on past or future tax returns, which are used to determine current liabilities and assets. The type of tax position to take depends on the company, but options include:
- Shifting Incomes Between Tax Jurisdictions
- Classify Tax Exempt Transactions
- Skip Filing a Tax Return Altogether
These decisions are not to be taken lightly, but if you qualify for one of these positions you may be able to vastly reduce your tax liabilities as a corporation. If you are interested in learning more about these positions, or working with Calgary Accounting to determine the best way to save on your company’s liabilities, please call us today at (347)460-5492.