SOURCE: Garcia Financial Services

Garcia Financial Service

March 18, 2015 13:53 ET

Garcia Financial Services Offers Free Consultations for New Business Owners

KITCHENER, ON--(Marketwired - March 18, 2015) - Garcia Financial Services offers free one-to-one consultations for new business owners and those who earn rental or self-employment income. Early consultation is critical for those in their first year of business. Garcia Financial Services walks new business owners through their tax installment payments, potential deductions and Canadian Pension Plan.

Business owners, property owners and the self-employed with a net tax obligation of over $3000 per year must pay their taxes in installments. Business owners have three options for calculating their tax payments, no-calculation option, prior year option, current year option. Garcia helps business owners choose the most accurate option so clients have to pay as little income tax as possible come tax season.

Tax deductions and obligations are often overwhelming to those beginning to earn income outside of traditional employment. According to Garcia Financial Services, it's important to meet with an accountant when you start your business, not when it comes time to file taxes. That way, potential deductions are recorded throughout the year. When they start recording expenses at tax time, new business owners often lose out on deductions because the expenses are long forgotten or the paperwork is missing.

Many newly self-employed do not realize that they must contribute to both the employer and employee portion of their Canadian Pension Plan (CPP) (9.9%; 4.95% for each). Regular employees split their CPP contribution with their employer. Contributing 9.9% of net income is a significant cost for new business owners, so it's important that they include it in their budget from the start.

Garcia Financial Services offers a wide range of financial business services including bookkeeping, payroll, government remittances, and forecasts. "I treat everyone that I work with as a partner," says founder Mark Garcia. "I'm basically their personal accountant helping them grow their business."

To schedule a free consultation, call Garcia Financial Services at +1.5198971531 or visit their website at www.garciafinancial.ca.

About Garcia Financial Services

Garcia Financial Services is dedicated to serving small businesses and entrepreneurs with all of their accounting needs. From tax planning to company forecasts, Garcia Financial helps business owners save money while organizing their finances with fast, accurate service they can depend on.

You can find out more at their website, www.garciafinancial.ca

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Contact Information

  • Address: Garcia Financial Services
    19 Highpark Ave Kitchener ON
    N2C 2C1 CA
    Tel: +1.5198971531
    Email: mark@garciafinancial.ca