Tax planning is one of the basics of running a business. With proper planning, a business owner can save a considerable amount on taxes. But tax planning can be a little complex.
That is why ThreeBestRated® reached out to Kamal Khera, President of K.K. Chartered Professional Accountant, a 2021 ThreeBestRated® award-winning Accounting firm in Hamilton, to share some tax-saving strategies.
Five tax-saving strategies for small businesses:
- Look into setting up a corporation; give yourself more dividends.
- Split the income amongst your family.
- Create a separate holding company for your assets.
- Have your accountant evaluate the Simplified vs. Traditional Method of filing HST (Service Industry.)
- File your taxes on time and make your installment payments – save penalties and interest by the CRA.
About Kamal Khera:
Kamal initially worked a full-time corporate controller job. He would provide help and advice to his friends and family in his spare time. “I recognized that helping people with their finances was fulfilling and my true calling, and thought it was best to take the leap and start my own business formally,” Kamal says.
He then started K.K. Chartered Professional Accountant, in 2008. “Just as I started my company and continued to grow, I add value to my clients by truly partnering with them and helping them with their accounting and tax needs, providing advice on growing their business, and connecting them with others in my network to help each other,” he explains.
That is when he realized that it was much bigger than accounting, it was more like partnering with each of his clients to help them be successful with all aspects of their business. And that is what helped his company grow.
“As the business continued to grow, I was studying for my CPA designation in parallel on evenings and weekends,” Kamal says. “In 2012, I received my CPA designation and am thankful for the community, my clients, and good fortune in general for the growth over the past 13 years,” he further adds.
K.K. Chartered Professional Accountant:
K. K. Chartered Professional Accountant offers some unique services like:
- Corporate strategic tax planning
- Business Plans and Pro Forma
- Business Coaching / Strategic Planning
- Staff Augmentation for Accountants, Managers, and Controllers (similar to outsourcing)
- Helping with business financing/loans
In addition to receiving the Consumer Choice Award for three years in a row, K. K. Chartered Professional Accountant has also been consistently listed by ThreeBestRated® as one of the Top Rated Accounting firms in Hamilton since 2019.
“We truly appreciate all of the community and client support and all the hard work by all the KKCPA Staff,” Kamal says proudly. “It is special to be recognized by an organization that values honest and upfront client feedback. We’re obsessed with client success, and it seems the ThreeBestRated® is too, and we couldn’t ask for much more,” he further adds.
While reaching his personal goals, Kamal has also helped many achieve their dreams. “I have sponsored multiple CPA students and provided them work experience and mentorship to achieve their dreams and goals, including getting hands-on accounting experience in their local communities and the work hours needed to get their formal accounting designations,” he says proudly.
When asked about his plans for 2021, he says, “We are planning to offer better self-help and a great and engaging client experience portal. This includes the ability to see your tax returns and look at all your documents online through a secure portal, saving time for clients and giving them their information available at their fingertips.”
To learn more about K.K. Chartered Professional Accountant and the services they offer, visit their website, kkcpa.ca.
About ThreeBestRated®
ThreeBestRated® 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.
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