Strategic Tax Planning For Business Owners

December 6, 2019

Strategic Tax Planning For Business Owners

Business owners and entrepreneurs, in particular, cannot avoid facing the complexity and repetition of tax-related issues in their business cycle. Being at the helm of a business, no matter its size or the number of employees working, one cannot take on everything by himself or herself. The difficulty of managing tax-related issues is not about being capable or not. One person cannot perform every role in a business.

We at Kewcorp Financial has been helping entrepreneurs and business owners for everything tax related. We have always received feedback that shows the uncertainty and the fear that tax management brings for businesses, and some might even be losing money. As seasoned and recognized tax planners in Edmonton, we can say that even the slightest error in a tax plan can result in needless loss of money for a business. Financial losses can be higher if the business owners are not hiring the correct people to do their tax planning and management.

Mentioned below are some of the responsibilities of an entrepreneur:

  • Finance
  • Business Operations
  • Accounting
  • Market Research
  • Marketing
  • Procurement
  • Human Resources
  • Sales
  • Customer Service
  • Shipping

As you can see, there are several responsibilities for any business owner. It simply is not professional or justified for one person to do all the things mentioned above. Today, the competition to get more sales, profits and market share forces any business to specialize in their crafts. Specialization appreciates the efficiency, quality and productivity of the different departments in a company. When these specialist heads of departments work together, their work excellence is accumulated, and this raises the efficiency of every business practice.

From this perspective, the specialization of the finance and accounts department becomes a necessity for any entrepreneur since they are the ones facing more significant challenges and competition in the market. Taxation itself has grown to be very complicated. One person cannot excel in every type of business taxation practice.

Mentioned below are some of the taxation practices that must be conducted by entrepreneurs as they do business:

  • Excise Tax
  • Self-Employment Tax
  • Employment Tax
  • Income Tax
  • Provincial Sales Tax
  • Estimated Tax
  • Goods and Services Tax
  • Procurement and Imports Tax

Needless to say, there are many types of taxes involved in any business, regardless of its magnitude, a company must conform to the legal requirements of tax payments. In this regard, when businesses hire underperforming resources, they are bound to lose money from low-quality strategic tax planning and management. To be more simplistic, strategic tax planners keep in mind the business trajectory and plan for the next ten, twenty or even more years.

We at Kewcorp Financial have identified the basic requirements of tax planning, that are essential for any business, especially for aspiring entrepreneurs who are struggling the most in market share competition. We believe that business owners must focus on their specialization, which is working on their vision to grow their company and gain success for the future. When the right people do their jobs, they do it better, and they enjoy doing what they like. A person who wants to do one thing will do it much better than the person who never likes doing that thing. In this case, it’s strategic tax planning and management to save as much money as possible.

Mentioned below are some of the basic features that entrepreneurs can expect when they hire a professional tax consultant:

  • Audit Business/ Accounts
  • Managing Tax Rates
  • Alternative Minimum Tax
  • Transaction Support
  • Tax Structures
  • Tax Returns
  • Compliance Legal/ Business
  • Electronic Filing
  • Tax Advice
  • Estate/Succession Planning

Kewcorp Financial welcomes small and big businesses alike when it comes to strategic tax planning and management. We are a team of specialists who have perfected the business tax planning process. Kindly visit our website so you can understand how we approach your tax-related issues, or call us to setup a meeting for personal assistance and free advice.

Did You Know

Strategic Tax Planners can plan up to twenty-five years for your business tax policies. In doing so they keep in mind all the important economic indicators and the business trajectory as well. This is why businesses strive to plan ahead as they can foresee the future of their financial standings.


Jim Kew

Financial Planner
Contact Jim

Scott Kew

Financial Planner
Contact Scott