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As a business, you will be required to annually report all profits earned on a tax return statement. How you file your reports will depend on the type you business you have or the type of legal entity you have incorporated under. Once submitted, the federal government will check tax returns in order to verify all information.

There are over thirty different types of tax returns that can be filed, and each will have unique rules and requirements. Failure to correctly file taxes can result in severe penalties and fines. Hiring an accountant to assist you with tax reporting may be a good idea to ensure that your business’ taxes are completed correctly and on time.